How To Manage Money Successfully As A Couple
No matter how many times you have been celebrating Valentine’s Day with your partner, it remains a special day for the both of you each year. Admittedly, the moment you got together or got married, you should think each day is a celebration of your love. But there is something exceptional about Valentine’s Day where the world celebrates love all over.
Some couples spend it by having a special dinner together. Some would pull off surprises with chocolates and flowers. Practical couples choose to stay at home and cook their favorite food. Regardless of how people celebrated it, the most important thing is you get to spend it with the person you sincerely love.
As you spend time together for this occasion, take time to look back on the journey that you have walked through as a married couple. Look at how far you’ve reached already. The successes and failures that you experience might have tested you several times, but these have built a strong foundation for your relationship.
One of the everyday struggles that couples face is about their finances. Money can be a problem and a difficult topic for two people living together. Couples fight over these things every single time. It can tear your relationship, and you won’t even notice that at first.
While it is normal to have differences of opinion, it would be great if you know how to manage money as a couple.
But, don’t worry, you don’t need to go through destructive financial issues because you can prevent them from happening. The first thing that you have to do is to sit down and figure things out. While you are on it, here are a few essential money and marriage tips that will help you:
- Be transparent.
Transparency is a big word. If the two of you will not keep secrets from each other, you will not have anything to be mad about. Your partner would not feel good when you are lying about money matters. When we say be transparent, you have to declare your financial situations to each other. Salaries, debts or loans, and investments should not be confidential, especially when setting your goals.
Always remember that you are a team. As a team, you work together to find out ways to manage money and how you are going to put it into practice.
- Open a joint account but maintain separate checking accounts.
Using separate accounts is the best way to manage money since it is the easiest way to combine income and track expenses. The situation here is that your income goes into the joint account, and everything else that is spent in the family will be managed jointly. When you have a joint account, you don’t have to open a separate bank account for bills.
If the two of you are working or earning per month, sharing expenses in a relationship is a must. Bills, groceries, and other spendings, when computed, will give a total that might worth more than the salary of one person. Therefore, you should know how to split household expenses. In case you already have your joint account, things won’t be that complicated.
Moreover, having a joint account does not mean that the change will deprive you of buying the things you need or want. You can still have your separate accounts and maintain a reasonable amount enough to spoil or reward yourself with something you see online or in a mall. If this set-up works well, conflicts would be prevented.
- Set aside a specific portion of income to pay off debt.
If you divide your financial responsibilities, everything becomes easy and manageable. When dealing with debts, the simple way you can do it is to cut a portion of your income. You can opt to use the money to pay off your liabilities.
Don’t ever blame each other for ending up taking out loans, mostly if you have done it for an important reason. A couple fighting over money will take longer to solve the problem if the priority is to debate issues without looking into the root cause. Debts are commonly the main reason why couples don’t get financially stable. But with proper planning, you will both learn how to manage finances as a couple.
- Save money.
As a couple, you might have specific plans as you build your family. To ensure that you can create a great future ahead for your family, there is no better idea than saving money as a couple. When you start saving, you will be amazed because you start being financially wise as well.
There are many possibilities when you prioritize saving money rather than spending it on something that isn’t necessary at all. If you want to leave the workforce and start your own business, then it will be possible. If you’re going to treat your family and go on a trip or vacation, you can freely do it as a couple. These are all possible as long as you strictly follow your financial goals.
- Live within your means.
Sticking to a budget is connected to saving money. There is nothing wrong with not having the designer shoes and bags yet. If commuting is still acceptable for you, then don’t rush into purchasing a car. There’s always a perfect time for your plans. In the long run, you would see how it feels to be rewarded by the results of your decisions.
Make rules and then stick with it. The couple budget that you have for the month should be planned carefully. Ensure that it is sufficient to meet your expenses, not too big or too short to purchase the necessary goods at home.
- Invest your money
Here’s a trick you can do so you can have more money to save is to invest more money. There are quite a few ways to do this, like investing in stocks, bonds, or mutual funds. But if you are looking for an easy way to start, you can try out Peer to Peer Lending, an investment opportunity you can do online, at the comforts of your home.
Financial planning for married couples is one of the secrets to maintain a healthy relationship. Communication and trust will make things work out. Start talking about your financial goals and save yourselves from a lot of arguments. Nowadays, couples splitting bills is not a funny and degrading thing. The more practical you are as a couple, the more you get closer to success.
These are the best ways you can practice to flourish your partnership. Feel free to add more or customize it depending on your situation. However, if you think you need to take up financial classes for couples, which would be a great idea. Keep learning how to manage money to achieve your goals and be successful as one.
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