Financial harmony in a relationship is very important. Study after study has shown that financial problems are a huge issue in marriages and can even lead to divorce in many cases. It is important to try to find financial harmony in a relationship so that your relationship is not at risk. These 7 tips for managing money as a couple can help you to do that.
1. Pay the Bills Together
One of the best ways to have financial harmony in a relationship is to pay the bills together. It is not a good idea for this to be the responsibility of only one person. It leaves too much stress on them and is unfair. It is also best that you are both involved so that you both know the state of your finances. This works out best when it is a joint responsibility.
2. Don’t Keep Secrets
Don’t keep secrets from each other when it comes to money. It might seem like the thing to do because you get to purchase what you wish in the moment, but it will probably bite you in the end. It can cause an argument when your partner finds out, or even hurt feelings. Worse yet, it can set a pattern for hiding secrets when it comes to money for both of you. Your partner may retaliate against you by doing the same thing.
3. Set Financial Goals Together
You need to have financial goals. What financial goals do you want to reach this year? What about in five or ten years? It is important to consider these things even if it is just paying off a small loan or something more major, such as saving for retirement or your children’s college education. Financial goals keep you motivated to be smart with money.
4. Set Aside Some Spending Money for Each of You
It is not a good situation when one of you has no access to spending money and the other person does. It is best to set aside some spending money for each of you. It doesn’t matter if you can only afford ten dollars each or a thousand dollars each. The point is that you both have some cash to enjoy on things you wish to spend it on. This one tip alone takes a lot of stress out of dealing with the finances.
5. Have a Budget
A budget is a spending plan. A lot of people do not like the word budget because it makes them feel like they will have no money for enjoyment, ever. That is simply not true. A budget is a plan of what money needs to go where, including money set aside for enjoyment. It makes handling finances much easier.
6. Plan for Emergencies
One of the best pieces of financial advice is to save for a rainy day. Emergencies will come up in your life. Cars break down, appliances die and people get sick. Having an emergency fund set aside for those instances assures you that there will not be nearly as much stress to deal with when those things occur. It is also a good idea to have a larger emergency fund set aside in case of a job loss, but at least have a smaller one for more immediate emergencies.
7. Avoid Unnecessary Debt
Debt is a part of life and a part of the American way. That does not meant that debt is a good thing. Debt is unavoidable for most of us and is the only way we can purchase many things, but don't seek to take on unnecessary debt. Only borrow for things that you truly must.
These 7 tips can help you to reach financial harmony in your relationship. What financial advice has helped you in your relationship? Please share those tips with us!