Making Sense of Finance for Couples

Relationships have all sorts of different hurdles presented to them. As the couples grow closer and that trust begins to permeate, this can eventually involve money. Money is one of the biggest reasons that couples fight.

Unfortunately, when there are financial issues in a relationship, it takes a toll on both parties involved and can cause a substantial amount of stress. Thankfully, there are things that couples everywhere can do to make certain that money matters won’t ruin what is likely a good relationship.

Show All Your Cards

One of the biggest fights between couples when it comes to finances is that one person did not disclose everything about their finances. This can include obligations, debts, sources of income, property owned, various account types, etc.

Have full disclosure with your significant other. That full disclosure leads to building trust and encourages working as a team. Depending on your situation, it can be a scary endeavor, but hiding the truth is never a good idea and it will only lead to further complications.

Set Goals

For couples that find themselves with big plans in mind or are looking to pay off debt, having both short term and long term goals can greatly benefit the drive towards those goals. Maybe you’re saving for vacation or a house; this can allow you to set a savings budget going forward.

Maybe instead the both of you are trying to pay off significant debt. Knowing what your target is gives you both something to strive for and allows for savings goals to be set so that the original goals can be obtained.

This type of strategy will not only allow you to reach your dreams but get to know one another’s financial temperatures and styles, creating a bond over those finances instead of a division.

Build a Simple Budget

There are some couples that try to plan everything out to the penny and it rarely ends up working out for them. This is because certain bills or expenses can fluctuate on a month to month basis, leaving discrepancies that neither party was ready for.

Go through and look at everything you are spending your money on. Round up wherever possible because if you pay less, that’s just more money for you, whereas paying more can take you by surprise. Knowing where your money is going can make it easier to plan and budget, setting you up for financial stability in the future.

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