MANAGING MONEY AS A COUPLE

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Money is the root of many marital problems that could be prevented. Not only can these problems be prevented, but managing money can actually be a great opportunity for building relationships.

Managing money together also helps with building relationships because it allows you to start setting goals as a couple.

Managing money will be more effective if you set these goals together as because you will hold each other accountable. These goals help in building relationships by strengthening future hopes for your relationship.

Things To Do To Effectively Manage Money As A Couple

Be sure not to hide anything

Large sums of debt may seem embarrassing or burdensome, but it is better you get things out in the open with your partner. Building relationships requires honesty and open communication. If you can’t handle being honest about your finances now, managing money as a couple will continue to be difficult.

Agree on accounts 

At the very beginning of the marriage, the couple needs to decide whether they will have joint accounts, separate accounts, or a combination of both.

Understand each others money personality 

Are you a spend thrift and your spouse a saver?  If so, you as a couple can compromise on a strategy to handle the family finances.

Accept equal responsibility

Don't put the onus of all money decisions on one person.

Decide who is in charge of managing and paying the monthly bills

However, the other party should remain actively involved and review all bills before they are paid.  Then, in case of death, the surviving spouse will be aware of the family finances and can pick up the managing and payment of bills without a lot of extra anxiety.

Don't play the blame game

Don’t bring up past financial indiscretions in your financial discussions. Each conversation should focus on what you can do from that day.

Be realistic about your financial situation

Don’t be too optimistic on what you can achieve. Have some degree of caution.

Talk regularly about money

Money is a difficult subject to talk about, even in the closest of marriages.  Couples should have frank and open discussions about money on a regular basis.  Don't wait until a problem crops up.  Set a certain time each month and review all the money coming in as well as all the money going out.

Relax and approach the conversation with anticipation for what you can achieve by putting your heads together. Take a break if your conversation becomes heated and unproductive.

All the best