Studies show that money issue has always been one of the leading causes of divorce and separation. Marriage is a bond that binds households together under one roof and one wallet. Finances can be a cause of tension, stress, and hurt in a relationship. How should a couple be able to manage their money together while keeping their marriage intact? What would be the best way to work through the challenging ropes of finances? Are you now engaged and planning to tie the knot soon?
Here are tips and tricks to help you survive the ebbing tide of financial struggles of couples:
1. Honesty is the best policy
Be honest about your financial standing, including current debts. The ultimate prerequisite to managing money as a couple is laying your cards bare. Be honest and open about your economic status and bring up money issues that may arise before the wedding. Your partner should know of any current, unpaid debt, loans, and goals you may have that might eat up the funds that you cannot hire the Around Town Entertainment live band at the reception. Take this opportunity to learn of your partner’s status and goals. Express your expectations and views on money and financial management. Having honest and open communication with your partner, especially in this area, builds the proper foundation of trust in the relationship.
Once open communication and trust are established, dream with your partner and set realistic financial goals for your future whether it be a house, a car or maybe even setting up a business together.
2. Share growth with your partner
Aside from being honest, make sure that financial responsibilities at home are clearly defined and talked about at home. Don’t assume the burden on your partner without first consulting or confirming with them first. Assess each other’s capability of handling the responsibilities of running the home. Divide and conquer each payment on time together, by each paying what is due; thus, avoiding late fees and the associated financial penalties. Try auto-debit features with your accounts to be able to pay the bills on time, hassle-free. No more excuses, too, for missing out on payments. It would be such a game-changer in your relationship when all your ducks are in a row and put together.
3. Dream with your partner
Now that your house is up and running smoothly with no late fees or such because both of you have taken on your financial responsibilities at home, it’s time to dream with your partner and set financial goals. There may be a lovely house you want to buy, maybe upgrade for your car, or perhaps a dream vacation. The list is endless. You both can save for it together. Make it as one of your couple goals to save towards something worthy of your investments. Saving together may save and strengthen the relationship by working towards a single goal.
Try setting an amount as auto-debit for your long-term goals, so you do not forget to contribute to the money pot. Budget tools or apps can also assist in consistent contributions towards your goal as a couple. For savings, set up a joint account with your partner and see how much each of you is reaching the goals. Maybe you’ve just gotten a promotion or perhaps a company bonus. Set the rules for how much to add to your goals.
4. Budget, budget, budget
The key to any financial success and security lies in the efforts put into budgeting. Assess how much is needed to run the household. How much would you need to be allotted per month on groceries, utilities, rent, and other payables? Setting a budget and sticking to it will save you from all the unnecessary arguments. It will also test the spending and thriftiness of your partner when working with a limited budget for the home. It can be tricky and exciting as a couple to see how you can properly use the money to save towards other things that are necessary.
5. Set up a joint and a separate account
Once honesty is in place, and the budget has been discussed with your partner, it is wise to maintain your account. Although having a joint account is excellent for couples, having a separate account still gives you the freedom to be you. Giving up control of your finances by providing access to your account can lead to many unnecessary squabbles. Maintain your independence and your purchasing power, while still being honest and trustful of your partner with financial issues.
There are joys in being in a relationship and being under one house and wallet with the person you love the most. But don’t let financial woes get your relationship into trouble. Follow the tips and become financially free and stable together. Dream with your partner for a better and worry-free future.