Managing Money As a Newly Married Couple
Going into a marriage or a long-term relationship can be overwhelming because once you experience that, it’s time to enter the world of reality. One of the most asked questions is how to manage money as a newly married couple. Gone are the days when women only stayed at home and men worked outside to handle all the bills. Now due to inflation and more expenses to expand the family, both of the partners contribute. It is important to discuss financial matters before you spend life with someone. In this blog, we will discuss the secrets to managing money as a couple
Why Should Financial Matter be Discussed
Many marriages or relationships break due to the financial stress that couples face. It can be due to less contribution or overspending of money from one side. Not managing money in a relationship is the second leading cause of divorce. No matter how much you love your spouse, managing money together can be an exhausting experience but don’t let this ruin your relationship. You need to take care of the following Shaadi
Be Open Before
Both partners need to be open about their income, their expenditures, and how much percent of money should they contribute to the family after living together. Make a financial budget plan that will allow you guys to spend on luxury and also to save in a savings account. It is also important let each other know that who will buy grocery, pay for utility bills, insurances, etc. Open discussion like this can prevent alot of future fights concerning money.
Bank Accounts
It is important to make a joint bank account because remember his money isn’t his and her money isn’t hers. This is not a business agreement but a long relationship. There shouldn’t be ”I” but ”We” and ”Us”. Separating the money and splitting the bills is a bad idea because it will only cause problems in future.
Aside from the bank account, you can also have your own personal savings account. This way you can spend money as a couple and also save it.
You Are On Same Team
Don’t let the salary difference come between you two. There is a higher chance that one might earn less than their better half. Fighting over money is not worth it because it only damages the friendship that couples have.
Many housewives leave their careers for the sake of their family and house chores. They also feel guilty as they are not earning and have no right to say anything concerning financial matters. Keep in mind that your wife or partner is already saving so much money by offering free services like cooking food, cleaning home and taking care of kids. Remember there is no ”winning” in a relationship as you two are one team now.
Be Flexible
There will be days when you will be on track concerning spending and saving money. However, nothing is consistent in this life. You might encounter the tough days when expenditure exceeds your savings e.g. your car just had an accident or your family member got sick, etc. In such rough days, one should be open-minded and flexible enough to spend the money that is needed.
Bottom Line
There is no right way to handle the finances as a couple. Trust, communication and a little bit of planning can go a long way. Plan your finances together and stick to it with full dedication. If you are still facing money management problems as a couple, you are always welcome to get in touch with any financial coach near your vicinity.
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