HOW TO MANAGE MONEY TOGETHER AS A COUPLE

When it comes to married couples, one very important subject is money and its management. Many couples end up having disagreements and fights because of money. This is mostly due to the fact that one or both of them is not being transparent when it comes to money.

You must however remember that you guys are married till death tear you apart. Do not let money tear you apart. Do not let money be the reason there isn’t peace in your home.

Here are 5 steps you can take together to manage money as a couple.

 

how to manage money as a couple

1. DISCUSS YOUR FINANCIAL STATUS

This is a very important conversation that you need to have even before you get married. But it is alright if you are married now and you didn’t have this take before. It’s not too late. You can still talk about it and you should talk about it. You need to talk about how much you have, how much you owe(if there are any debts) and how much you earn.

You have to let your partner know all these things about you. This is someone you want to build a life with, if you can’t trust them with your finances, then what can you trust them with? And what life do you want to build with them? If you are in debt, let them know. Don’t hide it. They are with you for better or for worse. Talk about how much you have and how much you earn. This is going to be very important for the next step.

MORE: 5 THINGS TO TALK ABOUT BEFORE YOU GET MARRIED

 

2. FIND A MANAGEMENT PLAN

Find a management plan that works for both of you. This includes budgeting for expenses, savings and investments. You have to figure out what works for both of you and use that. The plan you settle on must be okay for both of you. You don’t have to pretend to be cool with it if you aren’t okay. That is going to do more harm than good to your relationship. So come to an understanding and choose what works for both of you.

Figure out what you are going to save and what you are going to spend. Figure out what you are going to invest in and come to a decision on how much to invest in it. So if you want to invest in a property like a land or a house, talk about it together. Do not make such decisions alone. If you want to buy a car, discuss with your partner. Don’t say is my money or I earn more so I can do whatever I want. Plan everything together because you are together as one.

RECOMMENDED: WHAT MAKES A PROPERTY PERFECT FOR YOU?

3. SHARE YOUR FINANCIAL RESPONSIBILITIES

In the traditional sense, taking care of the family and finances is the responsibility of the man. The man as the head of the family is usually the only one that takes care of the bills, tuitions and everything else. When it has to do with money, you go to the man. As a result, when the woman is working, she ends up having all her money to herself. Whiles the man takes care of the kids tuition, their utility bills, mortgage or rent and even gives the woman money daily for house keep.

This puts a lot of pressure on the man. As a woman, if you are working and earning something, support your husband. A wife is supposed to be her husband’s helper. Help him. Share the load with him. Share the responsibilities with him. However you can. Even if it is a little, it still takes some of the pressure off him. This way he won’t be disturbed all the time and be thinking too much.

4. HAVE AN EMERGENCY FUND

Just as the name implies, emergency fund is money you set aside for emergencies. You don’t touch this money until there’s an emergency and you have nothing at all. So if something happens and you know you can take care of it without reaching into your emergency money, then don’t touch it. Save it for another rainy day.

ALSO: MONEY GROWING MISTAKES YOU ARE MAKING

 

5. SAVE FOR RETIREMENT

Even if you are in your twenties, start saving for retirement. Don’t wait till you are in your 50s to start. The earlier, the better. Those who work in the government agencies already have this taken care of. But if you are self employed or you are in a private firm that doesn’t cover pension schemes, now is the time to start saving for retirement. Putting some money aside every month will help a lot after retirement. Even if you are in the government sector, you can still save for pension.

So as a couple, you must talk about your finances and be honest about it. Do not let money come between you two.

how to manage money as a couple

1 thought on “HOW TO MANAGE MONEY TOGETHER AS A COUPLE

  1. I think saving and planning ahead is something a lot of people tend to forget to do. I mean it might seem like an obvious step, but surprisingly quite a few people forget this one so I’m glad you’ve mentioned it here. I think it’s partially because people get so caught up in one moment they forget to look ahead and see how what they’re doing now might impact them in the future. The same can be said for much more than just money!

    http://www.beingisabella.com

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