How The Couple Should Manage Their Money?

 

 

Money issue in any family is extremely important as it will lead to serious problems; if it is not resolved properly. A couple whether they are married or not they should discuss their money situation. If they fail to discuss the incoming & outgoings both of them will be left in the dark and will not be able to cope up if a problem arises. They should not be hiding from each other if one of them happened to incur an unexpected expenditure, therefore sharing with your partner things like your income details, assets, credit card debts, unpaid student loans. How much you are helping your siblings and parents, layout everything on the table and do not hide anything from your partner, as all this will create an intimacy booster. It is also advisable when you are helping others financially both of you will have to agree with each other in the light of the safety of your marriage.

When you are trying to buy assets, wanting to have kids, travel plan for you as a family there should have a clear agreement and respect each other’s desire about all of it is crucial. Then never assume that your desires are known to the partner and it has to be openly discussed and when it comes to action it has to be carried out jointly.

Setting Budget

Any couple should have a personal budget to monitor their income and expenditure, having a budget set up is always a safety feature in a family’s financial structure. It helps to avoid unnecessary problems cropping up and also it keeps our overspending habit under control as long as we follow the budget set up. You also can have excel spreadsheet, and start entering your weekly expenditure and set a budgeted and affordable amount that both of you are allowed for a week, then you will definitely become aware that whether you are overspending or staying within your limit. I have been working as an accountant for a very long time and now I am not working like that but I still maintain my expenditure spreadsheet and make sure that I am not going beyond my weekly limit, that gives me a happy and contented life. In order to have a happy and peaceful life learning to manage money is crucial and will help you to move forward in financial matters.

Joint Accounts

You have to have a savings plan either jointly or separately and also it should be accommodated in the budget. In some cultures, the woman’s family is expected to finance the couple when they are newly married, and, in some cases if the woman’s family do not have the capacity to finance; either the marriage will not take place and they will be separated or the woman will face big problems from the man’s side after marriage. So, the parents have lifelong savings for their daughters in order to save their daughter from going through the grievance.

You should not look to have things which you can’t afford to have, foolishly spending money is a strong case for the problems in a marriage. It is important to have equal controls over money in the case of buying and selling assets and those are meant to be in both names that include bank accounts that hols joint money. In the accounting side of the income and outgoings, transparency is important in the event anything happens to one of the partners, otherwise you might end up losing everything. If you have secured all your assets properly or sorted all your debts and live a debt free life and if both the partners are aware of the real situation, there will be trust in each other as a result you will end up having a happy life.

If you are reading this, then you are probably thinking and strategizing about how you and your honey handle money. Congratulations! In strategizing about how you manage money as a couple, you are well and truly ahead of the curve! I won’t bore or depress you with statistics about money and marriage, or rather divorce. Instead, follow the ways mentioned above and those are the keys to thriving in the money aspect of your relationship and/or marriage.

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