Romance and Finance – AICPA’s Money Tips for Couples
Washington, D.C. (February 11, 2025)– While money may not buy you love, it can sometimes serve as a down payment on heartbreak. Avoiding the topic can have negative consequences, rendering your relationship status “complicated.” This Valentine’s Day, experts from the American Institute of CPAs (AICPA) have some advice for couples that can help.
Countless studies and surveys done over the years show that money is one of the top reasons couples argue. Disagreements over money often center around wants versus needs, spending priorities, making purchases without discussing them with a partner first and paying off debt.
“Couples will constantly encounter financial decisions throughout their lives together, and financial compatibility and conversations are essential for a strong trust-filled relationship,” says Dan Snyder, CPA/PFS, Director, AICPA Personal Financial Planning.
The AICPA recommends the following steps for couples looking to better manage their money, together:
Start talking Whether you have decided to combine finances or not, it’s important to have open conversations about where each person stands on financial matters. Partners should discuss their current and potential assets and liabilities as well as credit scores, debt and savings.
Determine your short- and long-term financial goals Make a list of your short-term goals (those you would like to achieve in less than a year) and long-term goals (those you would like to achieve in five years or more). Short-term goals may include saving for a vacation, purchasing a new phone, or paying down a small debt. Long-term goals may include saving for a car, a house or for retirement.
Create a spending plan (budget) Think of this as a guideline to align the spending of your income with what is most important to you and your partner. Start with take-home pay (not total annual salary) and divide it across both anticipated expenses such as the cost of housing, food, utilities, childcare, insurance, loans, as well as savings for planned and unexpected future costs like vacations, car repairs, and home improvements.
See what’s left If your monthly expenses are more than your monthly income, revise your spending habits so you can live within your means. Review your list and see if it’s possible to cut back on items like eating out or consider spending less on vacations or costly hobbies.
Pay off debt Try not to focus on the total amount of your debt but how much you can both pay off comfortably, each month. Paying off the highest interest rate is usually the most cost-effective, but starting with the smallest debt first can provide more immediate gratification and motivation to continue. The most important thing is to be consistent in your approach.
Schedule monthly check-ins Putting a plan in place to take control of your finances as a team takes work and commitment. Don’t just set it and forget it. What has changed in the last month? Have your goals shifted? Make the appropriate adjustments to make your money work for you both.
Celebrate your milestones, large and small Even if your plan hits a few snags along the way, celebrate your successes. By rewarding those accomplishments together (within budget!), you create a reason to continue meeting your goals.
“Speaking with a professional can help couples get better aligned on money matters,” says Snyder. “Having an unbiased resource to talk through financial issues with can be quite beneficial. A knowledgeable professional, such as a CPA or CPA Personal Financial Specialist (PFS) credential holder, can look at things from a different angle and assist in getting couples to see eye to eye.” Find more AICPA financial literacy resources here.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with 400,000 members in the United States and worldwide, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. AICPA sets ethical standards for its members and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives continuing education to advance the vitality, relevance and quality of the profession.
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