Money and relationships: 5 tips to budget and manage finances as a couple

Managing finances together can be a bit difficult in the beginning. If you’re just starting out with your partner, here are some simple steps to keep in mind.
Money and relationships: 5 tips to budget and manage finances as a coupleMoney and relationships: 5 tips to budget and manage finances as a couple
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“Money never made a man happy yet, nor will it. The more a man has, the more he wants. Instead of filling a vacuum, it makes one,” Benjamin Franklin said. Money matters must be handled with care. If allowed to get in the head, they can cause a lot of trouble.

When you’re single, managing finances can be difficult but when you’re in a relationship, it can get even more challenging. It is a tough nut to crack with all those questions whizzing around in your head. Should you go for a single joint account or keep things separate? Who pays for what and when? Stuck in the same muddle? Don’t worry. Here are some simple tips you should keep in mind.

  1. Be open about your debts or financial matters with each other. Trust them with loans, credit history and money goals so that they can help you go ahead with it.
  2. Divide financial responsibilities among each other. Have a clear communication on who would take accountability for what.
  3. Keep both of your budgets in mind when making a big purchase. Discuss with them on how it would affect their money cycle if you both buy the item you’ve been wanting to tick off your list.
  4. Work as a team but also give the other one space to handle their expenses themselves. Don’t go out of your way to check their bills or question what they would like to buy at the end of every month.
  5. Save some money in a separate bank account for a rainy day. Whoever is in need should be able to withdraw from that money kept aside.

Be wary of money problems right at the beginning of a relationship and talk it all out. Otherwise, as Groucho Marx said: “While money can't buy happiness, it certainly lets you choose your own form of misery.” 

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