Lots of people say that love conquers all, but emotion isn’t always enough when it comes to managing family finances. Most of the time, this requires rational thinking, common sense, and plenty of compromise.
Although some prefer to keep their finances separate, a lot can be said for merging accounts together and adopting a singular approach. But this is a cause for concern among countless couples.
Of course you could take some time to study a master of science in accounting and bring some finesse to your finances; however there is no need to worry – you can start balancing your books with a bit of careful planning.
Understand Each Other’s Attitudes
Despite the fact arguments might arise if one of you is a spender and one of you is a saver, you will be able to overcome this issue by understanding each other’s unique attitudes towards money.
By identifying the areas where you agree and disagree, it will be much easier to set specific budgets for certain expenses and avoid bigger problems further down the line.
Set-up a Joint Account
If you truly want to adopt a single-minded approach, you should pool your money together and set-up a joint bank account. Both of you will have control over this single pot, which also means you can see what the other person is spending your mutual money on.
For this reason, you might want to agree on a spending threshold for more expensive items. That way, when it comes to paying for household bills, you won’t have insufficient funds in your account.
Establish Some Financial Goals
Compromise is the key here, as your financial goals could well be completely different. But if you sit down together, write a list of what you’d like to accomplish with your money and establish some shared objectives, you will be more likely to achieve financial harmony.
Keep your feet on the ground and be realistic with these intentions, as the pressure of trying to reach something unattainable could put a tremendous strain on your relationship.
Discuss Money on a Regular Basis
It might seem like a waste of time or a boring exercise, but if you set aside a regular time to discuss your finances, both of you will benefit from greater control and more happiness.
Share the workload of budgeting, paying bills, and handling your finances, because this burden of responsibility could create unnecessary and unwanted tension.
It is fair to say money is the source of many arguments in most households, but if you take a sensible and well-reasoned approach to shared finances, a single budget can work in a two-income family. Check out this related article on one-income families. Have a query on budgeting? Leave a comment below.
Images by kenteegardin, frankieleon, used under Creative Commons license.
3 comments
Keeping the money conversation open and discussing money on a regular basis can definitely help prevent future misunderstandings. Thanks for sharing!
My fiance and I don’t live together, but we plan on opening a joint account soon so we can save towards a couple of our common goals. Also when we do get married I want us to be able to have a monthly sit down, that way no one is in the dark when it comes to our finances.
Common understanding can really take husband and wife in good terms. I and my wife assure that we have this in every matter such as family planning, finances, budget, etc. This has made our relationship successful. When there’s misunderstanding, we talk and find solution so that we arrived at common understanding.