How to Manage Money as Couples
Relationships are wonderful. Relationships with friends, family, kids, and your partner of course.
When two enter into a relationship together, there needs to be more communication. Especially around this thing called money. Money matters are the leading cause of arguments in modern relationships. If money is tight or if a couple isn’t meeting their financial goals, there could be some unpleasant conversations which may lead to arguments. Heading down the bumpy road to bliss with your partner or spouse.
Implementing these tips may result in healthier conversations and happier relationship.
Intention setting is everything and you always want to be living an intentional life or you’ll allow life to happen to you. Intentions are set when we go out to work, we set intentions on what we expect out of a relationship, what the house should look like and now we can set an intention to live a debt free life. Certain types of debt can be difficult to avoid, such as mortgages or car payments, but other types of debt, like credit cards in particular, can grow like weeds in the summer time. It reaches this stage from overspending or improper planning and budgeting. Setting the intention and commitment to have a debt free relationship together gives you both something to work towards and maintain.
One of the most difficult conversations to have, especially if it’s not ideally where you’d like it to be is often around money. A conversation often avoided in hopes that it would magically fix it self, but a conversation that is required. Often times the ego may kick in or humility because of how it unfolded, but not speaking about won’t make the situation go away. Coming together so you’re on the same playing field allows you to work as a team and beat your opponent so you can achieve all your financial goals together as a family.
Once you establish that you and your partner are now a unit, the question is do we comingle all our funds together and have one account. As a couple, most of your financial obligations will be faced together, including housing costs, monthly utilities and food expenses, and often auto expenses. Ideally these items should be paid out of a joint account. It makes it much easier to track and when you update your budget during your money date, it’s quick and easy. In reality, it’s no fun to have to ask permission or worry about what your partner thinks every time you step into a Starbucks or want that new clutch you’ve been eyeing for a while. In addition to your main joint account, having separate accounts for each of you may help you maintain some independence. This isn’t a license to spent frivolously, and minimize communication, but to bring more peace and unity to the relationship.