Financial matters are a sensitive issue that can lead to a misunderstanding between the couple when savings are not being managed correctly.
Relationships are based on trust , and even more so if, apart from living experiences together, you also share expenses. Financial matters are a sensitive issue that can lead to a misunderstanding between the couple when savings are not being managed correctly. In these situations, we usually try to blame the problem on the other person and try to justify our whims as necessary expenses. Now that Valentine’s Day arrives, a good way to take care of your relationship is to solve the couple’s possible financial problems.
Family finances should not be a taboo subject . The couples who talk the most about finances are the ones who have the least arguments about money, according to the ‘Love and Money’ survey, prepared by TD Bank. Discussing money is not always easy, so the HelpMyCash comparator has compiled 7 tricks to have healthy finances as a couple .
Talk about money
In the world of finance, the personal is usually separated from the business, but when it comes to the family economy, it is best to talk about the possible problems that may arise . Being aware of the concerns of each of the members of the family unit can help us solve financial problems with greater solvency.
Financial Freedom
If you control your expenses, run away. In a couple it is very nice to share everything, but when it comes to money things change. Experts recommend having a joint account for family expenses , but having a personal account for more financial freedom . The ideal is to open a shared account that does not charge commissions, allows free transfers and issues a free debit or credit card for each holder, they explain from HelpMyCash.
Set goals
Saving allows us to live with greater peace of mind if our financial future causes us anxiety. The ideal way to save as a couple is to set common goals , such as buying a home, a car, a trip or ensuring a good retirement. At this point personal whims should be left out.
Prepare budgets
Developing a plan that includes all joint expenses is key to knowing how much money we can save. Once we know the fixed expenses, such as rent, mortgage, electricity, gas or food , it will be easier to be aware of the whims that we can indulge in (leisure, restaurants, etc.). Digital banking is the ally to classify expenses, since it allows establishing each of the categories to know where our money is escaping.
If you have a joint account, the ideal is to discuss how the expense is distributed . That is, if it is paid in half or a proportional distribution is made based on the income of each one.
Do not commit infidelities (financial)
Hiding an expense that we do not want our partner to know is not healthy for the relationship or for the economy. If one of the members of the relationship cannot meet the family expenses due to a personal expense that she has hidden, the trust of the couple could be affected.
Transparency and sincerity
In general, in relationships between people, transparency and sincerity are vital. In the field of love it is extremely important to be transparent and not lie , for example, in what is charged or in personal debts. Financial secrets could make it difficult to achieve common goals.
Emergency fund
If we live from day to day, it is much more complicated to fix a breakdown in the car, change an appliance if it has broken down, or face a dismissal. Having an emergency fund is basic to avoid despairing when things get ugly. Experts recommend transferring extra money each month to the joint account and, thus, building a common savings base. Another alternative is that each member of the couple has their own savings and can contribute in case of possible financial difficulties.
