Power of Partners
Calling all couples, partners, spouses, and even folks considering a committed relationship! Financial goals are easier to achieve and much less daunting when approached as a pair.

As a couple, you have the power to combat the “Black Tax” by leveraging your partnership to improve your financial management, combine your efforts for debt elimination, and set joint goals.

The Black Tax

It’s true that many young, Black couples are delaying wedding plans and purchasing expensive items to invest early in assets that accrue value instead, such as property. Why is this shift happening? The prevalence of the Black Tax is a strategic issue for Black households.

As many young, Black professionals and business owners prioritize financial assistance for their families, the compounding effects of the racial wealth gap—or the Black Tax—start to take their toll. From education inaccessibility to limited entry into highly compensated careers, the Black household is often shortchanged in its ability to build #GenerationalWealth.

A quarter of Black households have zero or negative net worth, compared with a tenth of white families, according to the Economic Policy Institute. A recent survey also found that only 24% of Black couples feel confident in their ability to handle their finances as a team. This makes financial planning all the more important for achieving financial stability and security.

Together – Teamwork!

Plan and Budget

One of the key benefits of couples working together on finances is the ability to plan and budget more effectively. Planning small things in advance, like buying groceries in bulk or sharing costs on services, allows for more money left over. This extra money can be used to pay down debt, add to savings, or fund investments.

This can be especially helpful as a 2020 study found that Black households have an average of $5 in liquid assets for every $100 in white households. By working together, couples can identify areas where they can cut back on expenses and redirect those funds toward building wealth.

By using our Money Management tool and Spending Insights in OneUnited Card Command, couples can leverage the intuitive dashboards to help them track spending, establish saving goals, and more.

Create Shared Goals

Another important aspect of managing finances as a couple is setting shared goals. Whether it’s saving for a down payment on a home, paying off student loans, or planning for retirement; having a shared vision for the future can help keep both partners motivated and on track.

For example, by setting a goal of homeownership and working together to achieve it, couples can increase their chances of becoming homeowners and building wealth through property appreciation.

Managing Debt

It’s no mystery that managing finances as a couple can be a point of stress and anxiety. By leading with transparency and holding each other accountable, we can combat the Black Tax.

A significant fear among Black couples is falling into debt. Sit down and discuss any outstanding debt or any debt expected to be incurred for future goals like starting your own business. By working together, couples can take steps to reduce their debt and improve their credit scores, making it easier to qualify for loans and other forms of credit.

Build your wealth for the next generation using our 6 Step Action Plan:

  1. Sit down and create a financial plan and budget together.
  2. Identify shared financial goals such as homeownership or retirement.
  3. Be open and honest with each other about any financial fears or concerns.
  4. Take action to reduce debt and improve credit scores.
  5. Continuously check-in and adjust your plan with each new season.

Remember to use our Money Management tool and Spending Insights in OneUnited Card Command to help track spending, establish saving goals, and more to achieve generational wealth.

OneUnited Bank

OneUnited Bank, the nation’s largest Black-owned bank and FDIC insured, understands we have to focus on money and technology to close the racial wealth gap. With your support, by simply opening and actively using a OneUnited Bank account, we will continue to accomplish our mission!

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