Did you and your partner decide to live together? Do you not know how to carry out your finances? Follow these tips to manage money at home and forget about constant arguments. healthy finances as a couple
In Mexico, 54.2% of the population is married or lives in a free union, according to figures from the 2017 National Household Survey prepared by the National Institute of Statistics and Geography (INEGI).
If you are newly married or live in a free union, it is very important to know how to manage money at home to avoid arguments over money issues. We invite you to implement these 7 tips to manage your healthy finances as a couple.
How to manage money as a couple?
- Maintain clarity on income and expenses
- Establish a shared cost economy
- Make a strategic plan
- Create a budget
- Have an emergency fund
- Avoid compulsive shopping
- Invest in your wealth
Maintain clarity on income and expenses
To maintain healthy finances as a couple, it is essential to know how much real money each receives and then subtract the expenses that are generated. Keeping the latest receipts for water, electricity, predial, internet, cable, and pantry is essential, as well as contemplating the payment of rent in monthly expenses.
This will serve to know what the fixed monthly or fortnightly expenses are as a couple and recognize if they are spending more money than they receive.
Establish a shared cost economy
It is very common for couples to not clearly define who will pay subscriptions, rent and utilities. Therefore, a shared and equitable economy must be established.
To have an economy of shared expenses, they must be clear about what the fixed and extra expenses are, which will be divided into proportional parts, that is, 50% each. While personal expenses must be covered individually. However, there are relationships that decide to help each other and it is completely valid in healthy finances as a couple.
Make a strategic plan
Establishing a strategic plan is essential to manage money as a couple, for this you will need the following:
- Set short, medium and long term goals.
- Be completely honest about individual goals.
- Make clear the fixed, extra, personal and ant expenses.
- Allocate financial responsibilities equitably.
- Make regular contributions.
Defining a detailed plan will serve to manage money at home in the best possible way.
Create a budget
Having a weekly, fortnightly or monthly budget is essential to manage healthy finances as a couple.
In this way, debts will be avoided for not calculating the monthly expenses and they will not have to resort to the use of credit cards to be able to pay them.
Have an emergency fund
In finances as a couple, a percentage must be set to create an emergency fund within the budget. Having this savings in a bank account or deposit will allow access when something unforeseen happens (unemploymentaccident or illness).
Likewise, to avoid financial problems or arguments, money should not be kept at home or in a personal account for any reason.
Avoid compulsive shopping
When you live as a couple, it is very common for there to be ant expenses, which are all the purchases and outings that were not included in the budget.
Therefore, there is no room for compulsive or last-minute purchases, however, from time to time you can indulge in certain luxuries such as going to dinner at a restaurant or going on a weekend trip.
Invest in your wealth
Buying a house can be a possible dream if finances are managed correctly as a couple, so you have to be constant in saving in order to qualify for a spousal mortgage loan.
Before contracting a mortgage, investigate what is the best option in the market, as well as decide with your partner if they will request an Infonavit or bank loan.
Be sure to implement these tips for managing money as a couple, they will be very useful for managing finances at home.
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