Managing money alone is quite a challenge, but as a couple!? It can often become a nightmare. Today, we’re listing tips to enhance money communication and organization between you and your partner. Read on to learn more about saving money as a couple. Enjoy!
Separating your accounts is the best way to avoid any complicated financial situation and arguments related to money.
Decide in the beginning of the relationship how you choose to manage personal finances. In some cultures/families, one partner is the main provider. In others, it’s 50/50. Be sure to discuss and decide prior to settling together.
Each of you can have one personal account then you can create a joint account for common expenses.
Financial transparency in a couple is important if you are to join money or make common investment. For example to buy a house, etc. You need to know their credit history, how they manage their accounts, do they have debt they must repay, do they sustain family members or children? etc.
What would you do if you suddenly discover they have more debt than expected? Financial complications are responsible of 70% of couples arguments. Just like you wouldn’t expect your partner to cheat, financial transparency should be the basis of a trustworthy relationship.
Don’t Make Money a Taboo
The best way to create lies and taboos in a relationship is to never mention certain subjects, or when you do, to always relate it to a negative experience.
Following the previous examples, if you suddenly discover that your partner is in debt, shouting at them won’t solve any issue. Instead, sit down calmly with them to try to figure out how they got themselves in this situation in the first place. Next, try to figure out a viable solution to their problem.
While a partner is not a coach, financial advisor or therapist, patience and trust are necessary. Not everybody is comfortable with money management, and your partner may be one of these people. Therefore, taking the time to actually discuss it and not making it a taboo is essential for the wellbeing and future of the relationship.
Become the household CFO
If, after following the previous advice, you figure your spouse has issues managing money, you can always take charge of that aspect of the relationship.
The Finnt App is specially designed for the main account user to keep track of various expenses and help their family members (sub account users) manage their money as efficiently as possible.
You can also set up savings accounts to help them achieve long-term goals and teach them the power of compound interests. Download Finnt today.