Do great minds always think alike – or do opposites attract? Those can be fun questions to entertain, but become more complex – and perhaps tense – when it comes to household finances. One person’s upbringing may lead to staunch savings habits, while the other is finally eager to be able to buy items they were denied during their college years. With gift-buying season rapidly approaching, now can be a good time to come up with some financial strategies that keep the household happy.

Open and Honest Communication

The earlier in your relationship you create a habit of talking openly about finances, the more natural it will be over time. Be honest about understanding each other’s financial values and motivations: The spender may see enjoyment and fulfillment in experiences or purchases, while the saver prioritizes security and long-term stability. Discussing these perspectives openly can help build mutual respect for each partner’s approach to money.

Set Common Financial Goals

Different approaches to money don’t need to lead to entirely different financial goals. Mutually common ones often include saving for a home or a child’s education. Retirement savings might be more important to one than to the other, but automating contributions to your Transocean 401(k) Plan can make the process painless. Transocean matches 200% of your contributions up to 5% of your eligible compensation so make sure you are taking full advantage of the matching funds. And take advantage of your differences: A saver can build an emergency fund, while a spender might focus on budgeting for family vacations.

Create a Budget That Reflects Both Mindsets

A well-thought-out budget can be key to a peaceful coexistence when financial habits differ. Whether incomes are kept separate or pooled, the budget should include both savings and discretionary spending to ensure that each partner's priorities are respected and arguments are avoided.

Compromise on Big Purchases

When it comes to larger financial decisions, compromise is essential. The saver may need to occasionally “loosen up,” while the spender may need to hold off on non-essential purchases in favor of longer-term savings.

Consider Separate Accounts for Personal Spending

One way to avoid tension is by maintaining separate accounts for personal spending. Couples can agree on a set amount each month for discretionary spending that doesn’t affect shared financial goals. This gives the spender the freedom to make purchases without feeling guilty, while the saver can rest assured that essential savings and bills are still covered.

Seek Professional Guidance

If you find emotions getting in the way, or even if you’re not sure where to start, call in professional reinforcements. Contact Fidelity to schedule a 1:1 Financial Planning Session anytime who can provide objective advice, helping both partners find balance and strategies for achieving their financial goals together – without judgment.

Keep an eye on this newsletter for information on Fidelity’s Financial Information Sessions throughout the year. With effective communication, compromise, and planning, couples can work together toward shared financial goals while respecting and even enjoying each other's different habits.