The finances of most couples are complicated subjects which ruin relationships.
To achieve a balance in relationship and finance, you need to combine assets, discuss each other’s debts, figure out how much to save, how much to invest and determining who is responsible for particular things.
Let’s look at some helpful tips to balance finances and relationships successfully together as couples;
1. YOU NEED TO FULFIL THE RESPONSIBILITY OF HELPING EACH OTHER OUT
Having and making shared expenses is a great idea as couples. You might want a factor that’s higher than your minimum payments into your percentages when figuring out contributions. In a case where one of you have a loan debt? Or high credit card debt? It’s beneficial to the both of you. if one of the partners is financially healthy as then you can always be there to support each other.
2. PUT INTO CONSIDERATION TO START A JOINT ACCOUNT
A joint account set up will allow you to have access to money, that you can use on whatever you wish, without guilt the that you’re using your partner’s money.
Shared expenses are best paid with a joint account. But however, it’s also key you keep your own separate accounts.
3. AS COUPLES YOU NEED TO COME UP WITH A SAVINGS PLAN
If one person likes to save more than the other, you can always designate that person as the saver (they contribute more money to your savings fund), while the other person is the spender (they pay more of the expenses). Apart from shared expenses, you’ll also want to have a savings fund. This can be for emergencies, vacations, retirement or anything you both could like. You can figure out a percentage of your income you’re both comfortable saving.
4. MAKE CONTRIBUTIONS BASED ON PERCENTAGES
In order for both of you to keep a joint account, you’ll need to fund it. Chances are you’re not both making the same income, which means a 50/50 split wouldn’t be fair. However, you can figure out what the total amount you owe in bills and base contributions on the percentages of the amount each of you nets. After you do the math and figure out what each of you needs to contribute, you can then move on to set up direct deposit for the joint account so it happens automatically.
Having a join account as couples also boost an open and honest communication about money as well a love and relationships success.