As a couple, you overcome many different challenges throughout your relationship. Some make you stronger, and some might threaten to end it all. When it comes to money, we all have a different outlook towards it, and so when it comes to managing it together, it might be one of those challenges you need to work through. Here are four ways of managing your money better as a couple.
Be Open About Any Debt
Firstly, it’s always good to be open about any debt that either of you has. Those who have just got married will often look at financial planning for newlyweds because they’re planning for different life events in the future – children and perhaps a new home. It’s good to be honest about debt because if you’re keeping it from your partner, then they might start planning things that you can’t financially afford but still continue to spend out of fear of letting them know. It’s always best to face the fear, show your debt, and then you can both work through getting you or your partner out of that debt. The sooner you pay it off, the better it will be for you both.
Set Up A Joint Account If You Don’t Have One
A joint account is a great way to have everything in one place. From any rent or mortgage payments, you have to your mobile phone bills. As long as you’re comfortable with sharing the responsibility of paying half of everything you share, then there’s a lot of greater benefits that come from having a joint account. The effort of doing it all from separate accounts can make it stressful. A lot of couples will differ in when they get a joint account, some before marriage, and some after, so there’s no right or wrong time of when you should get one.
Learn How To Budget Better
Budgeting your money is important, and there are ways to go about it where you could end up saving a lot more per month. That extra money can be helpful as a couple, especially if you’re trying to save towards significant events, like a wedding, your first home or a holiday away. When setting up a budget, it definitely takes practice, and that can be difficult when you’ve not done it before. However, simply setting up a spreadsheet and noting down your expenditures and income can be a great start to just seeing your finances.
Have A Financial Controller
A financial controller is something you can decide between us. One of you is likely going to be better and managing the money and stopping the other from spending too much. It’s good to have one of you who can take this role, and the other can perhaps focus on handling the aspect of the bill of your expenditures.
Managing your money as a couple is a big step in your relationship, so make sure you’re both ready to take the plunge or perhaps discuss how much you want to commit to it right now.