Here are some useful and practical tips on how to manage your cash well together as a couple.
- Have open and transparent communications – This is the first step and an important one. This is the first step and an important one. As a couple, you should let your partner know about your financial status and what you think about money. Let each other know about any debts, loans, and money goals.
- Set your boundaries clearly- Let your partner know what you expect right from the very start. Set a spending limit and make a joint decision before every significant buy. Have a plan for everything and stick to the rules you have set. This is essential to avoid any disagreements or arguments later on.
- Divide financial responsibilities – Based on your income and expenditures, divide the financial responsibilities. You should be clear as to who pays for what and be fair enough for the bills and payments. Make payments on time and feel responsible for each other. You need to be clear on your finances and what you think is fair.
- Set up a joint budget – It is a good idea to set up a joint budget for day-to-day spending like groceries, eating out and other expenditures. That can help you stay on track and keep away from petty money squabbles. Each partner can put in an equal amount of cash for weekly or monthly expenses.
- Have separate bank accounts- While it may seem an inevitable choice to have one shared account, there are risks involved. It is never a good idea to let one partner have full control over the funds. One should always have more control over their finances, and if one is open and honest with each other and finances, there is no harm in having separate bank accounts.
- Be equal partners with shared responsibility- As a couple, you should understand your finances and your responsibility towards each other. No matter how much you love each other, the financial habits of the two individuals are different. Avoid a situation where one partner feels that he is being taken for granted when it comes to money.
- Primary earner and an allowance – It is rare that both partners will have equal salaries or income. It may also be possible that one partner is not earning at all or has a meager income when compared to the other. In such cases, both can keep separate accounts, and the main earner can give an allowance on an agreed amount to the other partner. Just make sure that both feel comfortable with the idea.
