Investing can feel intimidating, especially if you’re just starting out. For couples, combining two different financial perspectives into a single investing strategy can bring its challenges—but it can also set the stage for mutual growth and success. With the right tools and mindset, you and your partner can start building wealth together without unnecessary stress.

Here’s a step-by-step guide to help you and your significant other confidently begin your investing journey as a team.

1. Start with Open, Honest Conversations

The foundation of successful investing as a couple is clear communication. Before you make decisions, sit down together and discuss your financial priorities and goals. Think about:

  • What are your long-term goals? Retirement, buying a home, or paying for your children’s education?
  • What are your short-term priorities? Building an emergency fund or saving for a big vacation?
  • What does financial security mean to each of you?

Being transparent about your dreams will help align your vision and set the tone for decision-making.

Pro Tip:

Don't be afraid to talk about your past experiences with money. These stories may explain how each of you approaches financial decisions. Understanding each other's background builds trust.

2. Define Shared Financial Goals

Once you’ve had an open discussion, define the goals you want to tackle together. Shared goals ensure you both feel motivated and invested.

Break your goals into categories:

  • Short-term: Saving for your first joint investment.
  • Medium-term: Planning for major expenses in the next 3-5 years.
  • Long-term: Building a retirement nest egg or achieving financial independence.

Setting specific, measurable goals like "invest $500 per month for retirement" makes them more actionable. Plus, having something concrete to work toward can keep you motivated.

Pro Tip:

Use tools like goal trackers or apps to visualize your progress. Seeing how far you’ve come can keep you both inspired.

3. Understand Each Other’s Risk Tolerance

Every person has a different level of comfort when it comes to risk, and it’s essential to respect your partner’s perspective.

To measure your risk preferences:

  1. Take a risk-tolerance quiz together. These quizzes analyze how much financial risk you’re both comfortable taking.
  2. Talk about your investing styles. Does one of you prefer a conservative approach while the other is excited about high-growth stocks?
  3. Find a compromise. For example, allocate a portion of your investments to lower-risk options like bonds while investing in growth-oriented assets like stocks.

Pro Tip:

If there’s a significant gap in your risk tolerances, consider maintaining both together and individual investing accounts. This allows you to experiment within your comfort zone while contributing to your shared goals.

4. Build a Budget Together

Investing is important, but it shouldn’t derail your day-to-day financial responsibilities. Before you start, review your finances and figure out how much you can realistically afford to invest as a couple.

  • Start by tracking your joint income and expenses.
  • Define how much to set aside for essentials (bills, groceries) and discretionary spending.
  • Allocate a portion of the remainder to investing (this can be as little as $100/month to start).

Remember, even small contributions add up over time, especially thanks to compound growth. Don’t feel pressured to invest huge sums right away.

Pro Tip:

Set automatic transfers to your investment account. This ensures consistency and takes the guesswork out of the process.

5. Choose the Right Investment Accounts

The type of account you open depends on your goals. Here’s a basic breakdown to help you both decide:

  • For retirement saving: Consider accounts like a 401(k), Roth IRA, or Traditional IRA.
  • For short or medium-term goals: Look into brokerage accounts for flexibility.
  • For your child’s education: Research 529 college savings plans.

If these terms are unfamiliar, don’t worry! Many financial institutions offer guidance to help beginners choose the best options.

Pro Tip:

Research platforms that cater to novice investors. Robo-advisers and low-fee investing apps are great entry points for couples.

6. Start Simple with Low-Stress Options

If complex investment strategies seem overwhelming, keep it simple at first. Popular options include:

  • Index funds and ETFs: These track market performance and are often low-cost.
  • Target-date funds: These automatically adjust risk over time based on a future date, such as retirement.
  • Robo-advisers: Automated tools that create diversified portfolios based on your preferences.

These options minimize the time and effort required, making investing feel less daunting.

Pro Tip:

Stick to diversified investments to reduce risk. “Don’t put all your eggs in one basket” applies here more than ever.

7. Schedule Regular Money Check-Ins

Stay on the same page by reviewing your progress together. Choose a schedule (monthly or quarterly) to assess your investments and discuss any changes in goals or strategies.

During these check-ins:

  • Celebrate wins, like reaching a savings milestone or seeing investment growth.
  • Reevaluate your portfolio and contributions.
  • Make adjustments based on life changes, like a new job or having a baby.

Pro Tip:

Treat check-ins as an opportunity to connect, not argue. Approach them as a team working toward shared success.

8. Don't Hesitate to Seek Professional Help

If the idea of investing still feels overwhelming, or you simply want expert guidance, consider working with a financial adviser. A fee-only fiduciary adviser can help you:

  • Draft a custom investment plan.
  • Manage your portfolio.
  • Navigate complex tax strategies.

While this comes at a cost, it can save time and effort, especially as your investments grow.

Pro Tip:

Even if you don’t work with a pro full-time, a one-time consultation can provide valuable insights to get you started.