Practical Ways for Couples To Set Financial Goals Together

This post was originally posted on Planner Bee.

Managing money as a couple is about more than just numbers—it’s about building a stable and happy future together. Setting clear financial goals helps you align your priorities, reduce stress, and work towards your dreams as a team.

In Singapore, where living costs can be high, it’s especially important to manage finances together. Whether you’re saving for a first home, paying off debt, or planning for retirement, working as a team can make a big difference.

This guide offers simple, practical steps to help couples in Singapore achieve their financial goals and create a stronger, more secure partnership.

The benefits of setting financial goals as a couple

1. Strengthening your relationship

Setting financial goals together helps you build trust and improve communication. It gives you insight into what’s important to your partner—whether it’s saving for a dream home or splurging on that coffee machine they’ve been eyeing. Working through challenges and celebrating milestones as a team can also bring you closer.

2. Maximising financial efficiency

Managing money is easier when you work together. Pooling resources and creating a plan helps you save more effectively and avoid unnecessary expenses. Whether you’re saving for a BTO flat or dividing tasks like handling bills and investments, teamwork can make your financial goals feel more within reach.

3. Feeling more secure about the future

Planning finances as a team gives you both greater confidence in the future. Being prepared for unexpected expenses, job changes, or other challenges reduces stress. Addressing risks together lets you focus on building a secure and fulfilling life.

Steps to start setting financial goals together

1. Have an open conversation

Begin with an open and honest conversation about money. This is not about blaming or judging—it’s about understanding where you both stand. Set a relaxed tone, whether it’s over coffee or bubble tea, and dive into the important stuff.

Ask each other:

• What are your top financial priorities right now?
• What worries you most about money?
• Where do you see us financially in 5, 10, or 20 years?

Think of it as a brainstorming session. Discuss monthly expenses, debts, savings, and income to get a clear picture of your financial situation as a couple.

2. Take a financial health check-up

Next, review your combined financial position. Treat it like a health check-up for your money. Look at:

• Debts: List everything you owe, such as credit cards, personal loans, or car loans.
• Savings: Check how much you’ve saved for emergencies, investments, or future plans.
• Income: Add up your combined earnings, including salaries, bonuses, or rental income.
• Expenses: Track where your money goes each month—it can reveal patterns you might not have noticed.

Helpful tools to stay organised:

• Goodbudget: A digital take on envelope budgeting—simple and great for couples.
• Spendee: Syncs accounts and tracks spending in real-time to keep you both aligned.
• EveryDollar: A no-frills budgeting app that’s easy to use.
• Google sheets: Budgeting template provided by google sheets

These tools can simplify the process and even make financial planning feel more manageable!

3. Define and prioritise your goals

Now it’s time to get specific about what you want to achieve together. Think of this as your “money bucket list.” Start by writing down your financial goals and ranking them by importance.

Examples of financial goals:

• Short-term goals: Save for a staycation, pay off credit card debt, or build an emergency fund.
• Long-term goals: Buy your dream HDB flat or condo, save for your child’s education, or plan for a comfortable retirement.

Once your list is ready, add timelines and costs to each goal. For example:

• Buying a home: The property market in Singapore is competitive. As of January 2025, the average resale price for a 4-room HDB flat is around S$636,259. To cover a 20% down payment, you’d need to save about S$127,252.
• Planning for retirement: With Singapore’s long life expectancy, planning for a retirement is crucial. To receive a monthly payout of S$1,421, you’ll need approximately S$428,300 in CPF savings.

Read more: How To Save Up For Your Short-, Mid- and Long-Term Financial Goals

4. Create a joint budget

A good budget is essential to turning your goals into reality. It helps you give your money a clear purpose and ensures every dollar is accounted for.

Break your budget into categories:

• Fixed expenses: These include consistent costs like rent, utilities, and insurance.
• Variable expenses: Groceries, transport, dining out, and shopping, which may change each month.
• Savings: Contributions to emergency funds, investments, and retirement plans.

Creating a joint budget helps you stay organised and ensures you’re working together to meet your financial priorities.

5. Conduct regular check-ins

Don’t let your financial plan sit untouched. Make it a habit to check in with each other monthly or quarterly to review your progress. Use these meetings to celebrate successes, address challenges, and adjust your strategy as needed.

How to keep check-ins engaging:

• Make it feel like quality time. Have coffee, cook dinner together, or treat yourselves to dessert while discussing finances.
• Celebrate small wins, like paying off a debt or reaching a savings goal. Acknowledging your progress keeps both of you motivated.

These check-ins should be light and positive. Think of them as an opportunity to stay connected and focused on your shared goals.

Building a financial future together

Financial planning as a couple is about creating the life you want to share. It’s about building security, achieving dreams, and strengthening your partnership.

Start with an open conversation to understand where you both stand. Then, assess your finances and set clear goals together. Once you have a plan, stick to it and make time for regular reviews to track your progress.

With teamwork and consistency, you can achieve your financial goals while deepening your relationship. Together, you’ll create a future that’s not just secure but also filled with possibilities and joy.