Money Management For Couples

Money Management For Couples



Money Management For Couples
Foremost among the​ reasons that lead to​ marital discord are financial issues .​
Most couples are unable to​ or​ find it​ extremely difficult to​ broach the​ topic openly and honestly .​
Although the​ reasons may be different for each couple,​ being disorganized and unable to​ communicate are common.
In order to​ avoid serious consequences it​ is​ necessary to​ for couples to​ implement the​ art of​ budgeting and money management .​
Couples should avoid conflict over purchases made by each other and learn to​ respect each other’s opinions.
The initial step is​ to​ sit down and discuss the​ income and expenditure .​
If there is​ a​ lack of​ communication,​ which is​ the​ case most of​ the​ time,​ this discussion could end in​ a​ heated argument .​
It is​ important to​ decide on​ a​ strategy before hand,​ to​ prevent an​ ugly situation .​
For example,​ get up and drink a​ glass of​ water,​ take a​ few deep breaths and go for a​ short walk and then resume the​ dialogue or​ invite a​ friend to​ be a​ part of​ the​ discussion.
Make a​ list of​ all the​ bills that are pending and the​ amounts,​ highlighting the​ dates on​ which they need to​ be paid .​
Compare this with the​ joint income and in​ case of​ inadequate funds,​ try to​ find ways to​ reduce expenditure or​ increase income.
Document all facts and figures so that they are easily available to​ your partner .​
Make a​ separate file for documents and papers related to​ insurance payments,​ credit card statements,​ car installments,​ monthly mortgage,​ utility bills and expenses .​
Remove them from the​ file only when they are paid .​
Decide on​ a​ common place accessible to​ both,​ to​ keep checkbooks,​ receipts and all relevant financial information .​
If there have been withdrawals from the​ joint account,​ each partner should let the​ other know the​ reason.
Such discussions should be scheduled regularly .​
Financial planning should be an​ essential part of​ the​ discussions .​
Financial issues become stressful if​ not handled with care .​
Make a​ plan to​ ensure that both of​ you take turns to​ maintain checkbooks,​ file taxes and track investments .​
This will allow each partner to​ be aware of​ the​ financial details .​
Discuss and create a​ budget to​ suit both of​ you.
Try to​ visualize finances for the​ next five or​ ten years .​
Large amounts of​ money are required for buying a​ house or​ a​ new car .​
The different ways in​ which you could save for these purchases should be discussed openly.
When you set your goals,​ devise a​ strategy to​ achieve them .​
The plans would mainly comprise of​ eliminating debt and setting up a​ savings plan .​
One excellent way would be to​ save a​ certain percentage of​ the​ monthly income in​ a​ tax deferred account .​
You can also save and invest in​ securities and bonds.
Financial mismanagement is​ generally a​ key factor in​ wrecking a​ happy marriage .​
In order to​ keep finances on​ the​ right track,​ proper communication is​ essential .​
Regular discussions and mutual decisions on​ the​ family budget and savings are sure ways to​ maintain the​ harmony among couples.




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