For Richer And Never For Poorer: Financial Management Tips For Couples2 min read
Itâ€™s all fun and games for couples in the honeymoon phase. However, the novelty tends to dwindle once they get tired looking at life through rose-colored glasses. While there are a lot of things that will test a newlywedâ€™s relationship, one aspect that will definitely stretch their resolve as a couple is handling their finances. How will you and your spouse tackle on financial challenges as a couple? Here are a few tips on how to deal with moneyâ€”til death do you part.
Talk about your money-handling styles
Since youâ€™ll be charging towards life as a couple, it is best that you must know your partnerâ€™s financial personality. Who is stingier when it comes to money? Who has the tendency to spend more every payday? By knowing your strengths and weaknesses in handling money, you can start a united front and create a sound financial plan that will benefit the both of you and your future.
If you have debts, talk about it
If one of you accumulated debt before entering marriage, you must both create a strategy on how to deal with it as a couple. While it is tempting to simply let the one in debt pay it by himself, this can actually hurt your relationship and financial health as a couple. Talk it out and solve the debt as a couple. After all, youâ€™re a couple now.
Itâ€™s okay to have separate accounts
If you feel like keeping a portion of your monthly income to yourselves, it is perfectly fine to create two separate accounts for one another. However, keep in mind that you still have to create a joint account. Your joint account will serve as your funds for monthly expenses like home mortgage, utilities, food, and others. Furthermore, joint accounts can also be useful for emergency situations, so make sure to away something every now and then.
Stick to your monthly budget
Although chances are the two of you have different types of approach in financial handling, it is still important to have a middle ground for your regular expenses. Keeping tabs of your monthly expenses and creating a monthly budget to minimize the cost can greatly benefit the both of you. If possible, create a monthly budget with only the essentials listed to allocate more income for savings.
Do it for the kidsâ€”even if you donâ€™t plan to have any
Some couples tend to have a myopic vision when it comes to handling their finances. However, keep in mind that there is always the chance for children to come to your lives. While there are couples that will not bother having children, handling money as if theyâ€™re actually coming can give you and your partner enough breathing room for your finances. If it happens, then you will be secure financially. If not, then at least you saved money.
Becoming a married couple means more than just exchanging vows and living together; a huge part of it includes going hand in hand when solving problems. Since financial matters are a big part of our everyday lives, couples who plan their finances wisely can virtually solve any monetary hurdles in their way. After all, two heads are more than one.