administra lFinances as a couple can be more beneficial than you think, especially if you have trouble keeping up with your bills individually.
Asking your partner for support in financial matters is not a sign of weakness. On the contrary, this action shows the importance you give to shared accounts.
However, both parties must commit to the process and work together to achieve the long-awaited financial freedom.
Learn to manage accounts with your partner:
If they want improve financial health as a couple they need to take concrete actions, from a numerical and personal point of view.
Honestly, this decision may make you a little uncomfortable at first, especially if you weren’t used to sharing expenses, or justifying the use of your money.
However, the management of finance in couple could strengthen your relationship like never before, or take your assertive communication to the next level.
Below we will share ten important recommendations to manage your money with someone else, without failing in the attempt:
1. Identify your financial personality
Identifying each other’s financial personality could save you a lot of trouble, or headaches.
It may be that you are very familiar with the culture of saving, but your partner makes compulsive purchases.
Clearly, your financial personality is more serene and mature, while your partner’s is riskier and more reckless.
Additionally, for your finances as a couple work correctly, they must identify what type of spenders or controllers they are. These are the most common:
compulsive spender
He is a person who spends excessively and recurringly. That is to say, that he does not usually analyze his purchases, nor keep a sensible control of his expenses.
Overspend Controller
This is a person who avoids expenses to the maximum; so much so that he does not dare to treat himself, in order to save his money.
Elusive personality with money
These are usually the most dangerous personalities, since their carriers dislike having contact with money. Consequently, they do not pay attention to their finances, nor do they take actions to diversify your sources of income.
generous spender
If you are too generous with the people around you, and even with those who are outside your closest circle, (and therefore, you buy non-stop in favor of them), then you fall into this category.
Spender with a millionaire’s life
Do you know people who prefer to pretend wealth instead of building it?
These are the individuals who spend exorbitantly, to the point that they exceed their financial means with a lot of recurrence.
Basically, he is a person who spends more money than he has available, and therefore is always in financial trouble.
According to a report from MasterCardKnowing their personalities is crucial before managing finances as a couple, since this allows them to:
- Have greater clarity about your plans or goals for the future.
- Find out what they think about important financial issues, such as applying for a mortgage creditor make investments in the short, medium or long term.
- Knowing the importance that each one gives to saving, or knowing how they spend money.
2. Converse constantly and assertively
Assertive communication is fundamental so that finances in pagrate are kept in good standing.
It is best to communicate with clarity, respect and sincerity. It is not healthy to hide things, or avoid conversations, no matter how difficult or uncomfortable they may be.
You should also remember that it is valid to have your own goals or desires, and that it is not about suppressing the interests of each one, but about combining efforts to achieve common dreams.
During your talks you should ask yourself the following questions:
- What is your income?
- What value do you place on Financial intelligence?
- How important is it to save money? If so, for what purpose do they save money?
- What are your goals, in the short, medium or long term, in financial matters?
- Are they interested in invest money?
3. Organize your individual finances
Before you start sharing bills, payments, and responsibilities, it’s important to evaluate your finances individually.
It is also important that they catch up with their Credit cardsand also that they keep their checking or savings accounts.
After doing these analyzes and tasks, they should establish the amount of money they can spend, without incurring debts, and the percentage of money they need to save monthly.
Once they individually break even, they are ready to welcome you into finance. in partner.
4. Confess your debts
Confidence is essential for financingace as a couple are healthy and sustainable over time.
Therefore, when you are talking about your finances, you must be honest and disclose if you have debts, or financial setbacks.
If either of you is going through a difficult time, or needs to settle your bad debtsboth must design a payment plan and respect it to the letter.
For this you can check the Zero Debts ebook and its entire system to eliminate debts as a couple, without the need for additional income or being a financial expert.
5. Keep order and be planned
Organization is the key to success for almost everything, and of course, this also applies to finances in couplea.
If they have decided to share accounts, it is recommended that they share their details, as well as the contact numbers of their financial advisors (if they have them).
In the same way, it is necessary that they organize common expenses and income periodically. If you want to do it in a simple way, you can use an Excel template.
Another important tip that can help you with your financial planning and organization is to file all payment receipts by category, whether physical or digital.
recommended books
6. Set budgets
Both of you should set budgets for shared expenses. In this sense, each one will determine their contributions for the payment of food, services, mortgage, entertainment activities, etc.
This will allow them to carry a cost control more accurate, along with knowing how much money they are saving as a couple.
7. Plan your projects
Planning is the key to achieving goals in life, both individually and as a couple. Talk about the projects you have together and then plan and think about how you could execute them successfully.
For example, if you want to buy a house in five years, it is best to research the market and determine:
- How much money do they need to become homeowners?
- What possibilities exist to apply for a mortgage loan.
- How long will they have to save to have a home of their own, etc.
8. Preserve your personal financial freedom
Although they are a couple, each has an independent income. Therefore, it is important that they set limits for themselves when it comes to money management and that they are comfortable with them.
Sharing accounts does not mean saying goodbye to each other’s financial freedoms, but rather joining efforts and money to achieve specific goals.
A good idea is to open a joint account that you can use both to manage your family expenses and your savings.
In this way, everyone will continue to have access and control over their personal accounts, which will make them feel safe and comfortable.
9. Share responsibilities
Life as a couple involves many shared responsibilities. In fact, knowing how to share obligations, savings and expenses is a critical success factor.
It is unfair that a single person assumes all the burdens, and therefore, the healthiest and most consistent thing to do is to share them.
Ideally, they define a system that favors both of them. For example, each one could contribute 50% of their income to cover the common expenses of the month.
Although the traditional expenses of the month could also be divided, such as special or larger expenses, such as:
- Investments.
- retirement plans.
- Entrepreneurship.
10. Implement a savings plan
It is important to organize finances and distribute expenses, but it is also necessary to implement a savings plan as a couple.
Don’t underestimate the importance of saving, especially if you are planning to acquire assets, enlarge your family, or build your estate.
Advantages of sharing finances
These are some of the benefits of carrying finances in pagrid:
- They will have a greater capacity to save.
- The distribution of expenses will be fairer and more equitable.
- They will be able to consolidate their financial security.
- You will reach your joint goals faster.
- Your relationship as a couple will be strengthened, as long as you communicate assertively, respect each other, and make decisions together.
In short, managing accounts between two people is more bearable than doing it individually, both in the short, medium and long term.
financial success as a couple
so that finances in Pareja to be successful there must be respect, communication, trust and commitment between both parties.
Otherwise, the relationship could be affected, and not only financially, but also personally.
However, if you dare to follow the advice that we have just presented, it is very likely that you will get the most out of your shared accounts.
Continue reading: To accumulate great wealth, choose your partner wisely
