Issues faced by couples are not just because there’s no love or respect. They are not even about sex. Instead, most of the issues arise due to poor financial management.
1. Determine your priorities
Determine what will benefit both of you is something you both need to sit down and decide. What exactly are your priorities? For some couples, having a house before buying their own car might be their priority, others might consider their mobility and go for a vehicle before considering a plot of land in their financial life. Determining your priorities help you to save and achieve your financial goals.
2. Simplify your lifestyle
Check yourselves. What do you spend your money on? Do you spend it on things you really need or wants? If you spend too much on certain items you rarely use, cut it, there is no point in wasting your money on things like that.
3. Make wise financial decisions
As a couple, making a wise financial decision will help you spend your money the right way, protect you from debt and guide you from impulse spending.
Talking about money is not always the easiest thing for some couples, especially when it has to do with debt and the current financial status of each partner. However, it is important that you try as much as possible to be open and honest about such things, so as to avoid unwelcome surprises in the future. Debt, loans, money goals, and credit history should never be kept secret.
Be clear with each other about your feelings, concerning how you would like money to be handled. Also be open about what you would like to invest in, and what your financial goals are.
When you understand each other’s financial philosophies, you will be better suited to create effective plans and agreements. Your philosophies reveal a lot about your characters, so you can find the best way to live together and avoid problems.
It’s also very important never to take any action, when money is concerned, without consulting with your partner first, especially when a budget has been agreed upon.
5. Know each other’s money weaknesses
Each individual had unique experiences growing up. These experiences influence the choices we make, including how we spend and manage money. Some people spend money as soon as they get it, while others hoard theirs. Some are used to getting into debt all the time, while others abhor debt.
By knowing and understanding your partner’s money management weaknesses, you can work together to help each other overcome or manage them. This way, you build together in love, trust, and understanding.
6. Create a budget
You should create monthly budgets as a couple and track them. When you decide on how much the both of you will spend each day on things like food, house supplies, and more, it will be easier to keep track of your expenses and make more savings.
7. Have a piggy bank
This is an interesting one, especially for newly married couples. Keep a box, in which both of you will throw in a certain amount of money every day. The amount you decide on depends on what seems insignificant to you (could be N100, N200, or even N1000). At the end of the month, deposit the money into a designated account and start afresh for the following month.
This is a fun way to save for a rainy day. It should be done separately from the normal setting aside of a specified amount from your monthly salaries. If the two of you take this daily ritual to heart, you will be surprised at how little drops soon form a mighty ocean.
8. Split the bills
It may feel convenient to allow your partner pay every bill and make all significant investment decisions. But it’s not the wisest thing to do since it leaves you uninformed. In the unlikely event that your significant other leaves or is incapacitated in some way, it will be challenging for you to handle things on your own. Debts may accumulate and bills may be left unpaid.
Also, splitting the bills will make you more organised since each person knows what he/she is responsible for.
At the end of the month, go over financial events together, so as to be well informed. Weekly meetings are important as well. You can discuss how close you are to achieving certain financial goals, if there are obligations soon to be due, and any other financial matters.
When you create time for such serious discussions, you become more at ease with your partner and also worry less about money matters, since you both know that you’ve made all necessary arrangements.
9. Plan for your retirement
The earlier you start investing towards your retirement, the better. Whether you are self-employed or a stay-at-home spouse, you should also have a solid retirement plan. Each partner needs to have one, so as to ensure that both of you are financially prepared, no matter what challenges you may face in the future.
As a couple, you should work together to create a strong financial base that you can look back on with pride. It only takes a day at a time to ensure your financial happiness. Taking things for granted can bring consequences you never expected.