Effective Money Tips For CouplesNOVEMBER 18, 2019
Whether you are newly weds, married or partners for 10 years, there are certain matters that couples always need to address. One of the major ones is handling finances.
MAGCOOP lists some helpful money management tips for couples to avoid arguments, stress and burden involving money matters.
1. Know each other’s money personality.
As a couple, in order to effectively manage your finances, you need to determine who’s great at budgeting and who’s not. The two of you should sit and discuss who is the spender and who is the saver.
In fact, understanding each other’s views and perspective about and towards money leads to financial health and marital bliss. By determining each other’s strengths and weaknesses, you will be able to address your financial concerns.
2. Share the household’s expenses.
As soon as you are under one roof, decide on how you will spend, split and share your expenses.
One tip is, you may decide to share most of your money and set aside some of it for personal needs and wants. Many financial advisors recommends this technique because it allows the couple to spend on some personal stuff without being questioned and without consulting the partner.
3. Be transparent to each other.
No matter what your financial situation is, you need to be honest and open with your partner regarding finances.
Don’t ever dare to keep secrets because lying may incur deeper problems such as trust issues and feelings of betrayal.
A good example is the iconic movie of Popoy and Basha called “A Second Chance”. Many Pinoys have learned so much about this movie. Popoy was secretly struggling with debt after he took out bank loans to revive their business without Basha’s knowledge. Their marriage greatly suffered because of two s: secrecy.
4. Go on a regular money dates.
Aside from the fact that you’ll be spending quality time with each other, you will also be able to discuss your financial status, track your financial progress and talk about your financial goals in the months or years to come.
Do this at least once a month. Talking about your finances may not be the sweetest thing to do but it will save you from fighting over money.
5. Consider your partner as your teammate.
As a couple, you need to work as teammates all the time. Instead of fighting over money, who needs to adjust, or who needs to spend less, you need to always build each other up and take each other’s burden. Always encourage each other on how to become more financially disciplined in order to achieve your financial goals.
For more financial tips, head on to our website www.magcoop.com and let us know what you think.