Money is a definite source of stress in many relationships. It’s really difficult to decide if you should have a joint account or keep your finances separate. Furthermore, deciding who pays for what may really be difficult. Read on to find out how to manage your finances as a couple.
Manage your Finances as a Couple
Normally, married couples are one financial entity. Sharing finances is sort of a tradition soon after getting married or moving in together. So, how can your romance stay untarnished by financial woes? Do you even have to share your sports betting winnings with your partner? Do you always have to account for every penny that you use?
Be Open about Your Debt and Current Financial Status
You must be open about your current state of finances. Your partner must know about your debts, credit history, loans and money goals. This creates an honest stream of communication. Also, it ensures that there are no surprises in the future. After that, create money goals together and work towards them.
Divide Your Financial Responsibilities
Listen, you MUST share financial responsibilities. Decide who pays for the rent. Decide how much you both contribute towards utilities. In fact, be clear about who pays for what and how much they pay. This will minimise late payments, surprise expenses as well as fights in the future.
Set Financial Goals as a Couple
Remember earlier we mentioned setting financial goals together and sticking to them? Yes, it allows you to communicate as well as save together. It’s so easy to save together for big things like a house using casino games jackpots or saving for that trip to the Bahamas or retirement. Sitting down together planning and anticipating the good things to come will actually strengthen your relationship.
Establish a Joint Budget and Track It
Decide how much you want to spend daily. This avoids unnecessary squabbles in the future. This allows you to plan and save accordingly and you won’t overspend on things you don’t really need.