TIPS ON HOW TO MANAGE MONEY AS COUPLE

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In the society today, financial issue is one of the causes of marital conflicts and majority of couples find it very difficult agreeing on how they can manage their income in a positive and productive way. Managing money as a couple is a way of making use of available resources (in terms of money) in a way that will yield a better outcome.  Although, it can take a while for couples to be on the same page when it comes to finance, it is expedient for them to work as a team in managing their income for better outcome so as to avoid frequent tantrum. Every relationship differs and couples can develop suitable ways of handling their finances, but above all here are some suggested tips on how to manage money which couples can follow:

·         Openness

·         Discussion

·         Shared financial responsibilities

·         Make it happen

OPENNESS

This is one of the tips you can use as a couple to manage your finance.  Couples must be open and honest about their financial status - let your partner know about your debt, loans, spending habit and money goals.  Being honest about these will prevent unnecessary arguments.  Any couple who really desire to manage money must not keep secret when it comes to finance.  To achieve openness, couples must have heart to heart talk (deep communication) without retraction.

DISCUSS ON YOUR GOALS

Couples can manage their money well when they talk about their shared goals and what they can do as couples to achieve their goals.

These goals will be their focus and working together as a couple towards a shared (common) goal will not only foster cordial relationship but will also make their goals to become a reality for them.  However, financial goals for couples can be:

1.       Using joint account which is always monitored

2.      Using individual accounts

3.      Joint Budget

Joint Account

A joint account may be a great idea in managing finances as couples but couples must be accountable to each other whenever money is withdrawn from this account by any one of them.  Couples should strive to establish a joint budget and track it.  Both of them should decide on the following:

i.                    How much they will be spending on foodstuff, groceries, housekeeping

ii.                  How much they will be spending on Children Welfare

iii.                Miscellaneous, etc.

They can also set up expenses for monthly bills so as to cover their essentials.

SHARED FINANCIAL RESPONSIBILITIES, IF POSSIBLE

This is also a way of managing money as couples.  Couples can converse about sharing financial responsibilities especially in a situation where both are working class.  Also, those who are not in this category can also support each other in which the financial pressure will not be too much for one partner.

MAKE IT HAPPEN

Once couples have developed a way of managing their income, they should make it intact.  Although their expenses may increase as season changes, they should make sure their financial goals and plans are still on the right track.

Conclusively, managing money as couples may seem difficult.  Couples should try their possible best to be open, frequent and accountable to prevent unresolved conflicts.  It is a gradual process and they will surely get there if they keep believing.

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©2020 Ògúnsolá Olúwasayò