These easy money tips for couples will show you that financial management in marriage doesn’t have to be boring or hackle-raising. No, you don’t have to fight about money.
These financial management tips won’t just help you save money and decrease debt, they could save your love life. But remember…money does not make you happy…
Check this quip out:
“Money will buy you a pretty good dog, but it won’t buy the wag of his tail.” ~ Henry Wheeler Shaw
You can buy lots of stuff with money, but only you can make you happy. And, a good love relationship can go a long way toward making you happy, too! If you’re struggling with money and debt – and it’s hurting your relationship – read The Back to Basics Book of Money! A Couple’s Guide to Financial Peace.
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And, here are five money tips for couples…
Financial Management in Marriage – 5 Easy Tips for Couples
1. Make money decisions together, as a couple. First, I have to confess that I’m not a good example of this financial management tip for couples — my husband does all our investing and bill paying! While it’s easy for me to let him do it, I really should not hand over all my decision-making power to him, no matter how much I love, trust, and respect him. I should know about our debts, investments, and retirement plans…and I’ve just resolved to make a “money date” with him tonight.
2. Be honest about your saving and spending habits. Money problems in relationships are worse when one or both partners lie about money, hide their spending or saving habits, and avoid talking about debt problems. Lying about money is surprisingly common for couples in love…and it keeps them in financial, spiritual, and emotional debt. Be as honest as you can about your financial habits — it’ll save you money and love in the long run (though it might be painful at the time!).
3. Make sure you both understand your financial earnings and household budget. It’s important for both partners to understand their financial situation. This means creating a budget together that outlines all income and expensess, knowing the financial plans for the future, and agreeing on financial priorities. Both partners have to be involved in the finances, not just for the sake of their relationship, but also to save money and create financial abundance.
4. Keep separate credit cards and bank accounts. I have a Visa card in my own name, and I’m keeping it clear of debt. And, we have separate bank accounts — in our own names, totally separate. Some financial experts recommend having a joint account for household bills, which both partners have access to. This helps couples decrease debt by keeping them individually and jointly responsible for their financial future.
5. Make financial decisions carefully. Every couple must decide if one parent will stay home with the children, and how that affects their ability to pay off debt quicky — and save money for the future. The decision to leave work is a big one; it affects Social Security income, health insurance costs and other financial factors. But, there are other consequences of staying home with the kids! For instance, some people find a strong psychological and professional value in going to work every day. The bottom line: decreasing debt and becoming wealthy as a couple isn’t just about making enough money and saving for the future. It’s about making smart financial decisions that won’t be regretted later.
If you have any questions or thoughts about financial management for couples, please comment below…
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Managing money in marriage is a LOT easier if both partners are on the same page. My husband and I are both savers who don’t like spending money, so financial decision making is easy.
If I was married to a spender, I think we’d be fighting all the time.