Yes, love is in the air, but when last have you had ‘the talk’ with your partner? You know, the money conversation, the investment strategy conversation, the conversation charting the course of your combined financial future? Well, there is no better time than now. As the world turns its focus on the shenanigans of Cupid, it is also a good time to turn the spotlight on your combined finances and financial goals.

Research suggests that 73 per cent of married or cohabitating couples state that financial decisions are a source of tension in their relationships. So to build a strong, healthy relationship, smart couples, the ones that get ahead, have open and frank conversations about their financial state and future. I would like to propose a draft agenda for your next Couple’s Summit.

Proposed Agenda

• 10 mins: Affirmations – Set the mood. Turn off the phones or put them on silent and away from the conversation area. Pop open the bubbly. Reaffirm your love for each other with heartfelt statements and a personal recommitment to the union. Raise a toast to a deep, meaningful conversation.

• 15 mins: Goal Setting – What do you want to accomplish together and individually in the next year, five years, 10 years (add other milestones if you so desire). Be sure to include retirement and education plans for yourself and your children and of course, a plan for emergencies and eventualities.

• 15 mins: Detail Your Current Financial Standing and Financial Obligations – Examine debt obligations, current income, and fixed expenses. Because you have been a fan of this column, I know you already have your excel sheet with all of this information documented. So, you can use this time to add any missing elements and then do a deep introspection.

• 20 mins: Conduct a SWOT analysis of your financial realities: First, what are the strengths of your financial realities? For this you can consider your current income stream(s), the strength of your investment portfolio or even your capacity to fully pursue that additional income-generating opportunity you already identified. Secondly, what are the weaknesses of your financial situation? Do you have too many loans? Is your credit card debt spiralling out of control? Should you be focused on reducing or eliminating high interest debt? Cutting unnecessary expenses to allow you to save more? Then you can consider the opportunities available to help close the financial gaps identified. For example, can you increase your retirement contribution or set aside an investment fund purely for retirement? Should you be focused on identifying an additional source of income to allow you to put more toward securing your financial future? Finally, consider the threats to your financial well-being. Are you prepared for an emergency such as a health scare, or an older parent needing urgent financial assistance? Be sure to assess your insurance needs. In essence, you need to calculate the gaps between where you are today and where you want to be financially.

• 15 mins: Develop an action plan: Having calculated these gaps, now it is time to draft an action plan. What steps will be taken to ensure you both achieve your financial goals? Define the short-term action plan. This could include setting up a meeting with your insurance and investment advisor, because, let’s face it – figuring out all of this can be overwhelming. Your action plan should also include check-in points for your medium- and long-term goals. The third element of your action plan should establish and calendarise the date for your next couples’ summit, because your goals are non-negotiable, and your plans should be also. Furthermore, regularly reviewing your goals together will keep them front and centre and keep you focused on achieving them.

• 5 mins: Restate your commitments: Assuming you had a heartfelt conversation, some of which might have been frank, I propose that you close the summit with a commitment to each other and to the plans you have outlined. And if you are like me, then nothing beats a prayer together.

Finally, be sure to take detailed notes and document the minutes of the summit. Prepare an extract and set an appointment with your financial advisor at your earliest convenience. In fact, why not make this your next financial date together?