Money is the number one stressor in a romantic relationship — an unsurprising fact to anyone who has ever experienced financial anxiety. But it doesn’t have to be that way. With a few positive financial habits and a lot of communication, couples can navigate money issues and come out on the other side stronger — and maybe with a little extra savings as well.

Here are a few financial strategies to consider when working as a couple.

Combine Accounts

Though it might seem less complicated to keep your money in separate accounts, according to a recent study by Indiana University, married couples who combine their finances into one account are happier, fight less over money, and feel more content about their financial situation. Experts attribute this to greater transparency, increased communication, goal alignment and a deeper understanding of marriage as a team effort — and it also eliminates a tit-for-tat approach to spending, which can lead to resentment, defensiveness and other toxic partner dynamics.

The Separate and Together Approach

For some, the idea of one bank account for two people is too much. Another option? Establish a joint account while still holding on to two separate checking accounts. Each person designates a dollar amount or percentage of their income into the combined account, from which they can then pay bills, cover costs and plan for the future together. Then they can spend (or save!) the remainder of their incomes as they please, without necessarily having to run every purchase by their partner. This approach respects that each person has unique spending habits, and helps to avoid conflict for the smaller purchases — as long as both partners are staying on budget and continuing to communicate.

Plot Out Priorities

From saving money each month to paying down debt to buying a home to planning for retirement, getting on the same page with your partner about both your short-term and long-term financial goals will help steer you both toward the same objectives. Sit down together and make a list of your money goals for the future, and talk about how you’ll get there. Not only will having a partner help hold you accountable, but you’ll also be able to celebrate the financial successes together while having someone to lean on when times are tough.

Create a Budget

Sit down together and map out a monthly spending plan. List all of your respective incomes, and then all of your expenses, both together and any separate bills or costs, and then track your spending through the month. When you create a budget, keep in mind that everyone has different spending styles — some people are savers, some are spenders — and you’ll need to respect both approaches within reason. Just make sure you’re following up budget creation with weekly or monthly check-ins, to ensure everyone is staying on track.

Communication is Key

Whether you’re discussing each purchase or setting up monthly finance check-ins, staying in constant communication about finances is key to both short-term and long-term success. Talking about money openly and honestly helps keep you both on the same page about day-to-day money issues, but that you’re also in step when it comes to financial goals for your future. Continual communication will make sure no one is in the dark about money issues — and help avoid surprises or conflicts.

Merging bank accounts, sharing money information, and entering into a financial relationship with someone is a huge step, so it’s best to be sure about your future with your partner. Ultimately, when it comes to finances in a relationship, be honest, share your goals, and talk, talk, talk. With good communication as your foundation, you have a better chance of successfully navigating one of life’s biggest stressors — together.

DISCLAIMER – This content is for educational and informational purposes only, and is not intended as financial, investment, or legal advice.