Newlyweds immediately apply these 6 financial management tips

Money can be stressful when you’re single, but it can be even more stressful when you’re married.

Wondering whether to combine everything into a single joint account or keep your finances separate as you did before marriage? Who will pay for what expenses?

Gone are the days of a thatched hut with two golden hearts, instead, good financial security in a family will largely contribute to that family’s marital happiness.

Arguing over money is the worst and, unfortunately, it’s something that happens to most couples every week. Is there a way to be honest with your partner about money without feeling too stressed?

By being open with your partner about finances and developing a money management system together, you can not only keep your relationship in good shape, but also strengthen it. This is getting better and better.

While every relationship is different, here are 6 tips for managing money with your spouse positively and effectively.

1. Be open about your current financial situation

The single most important thing you can do to effectively manage money with your spouse is to be as open and honest as possible about your current financial situation.

Tell your partner about your debts, loans, credit history, spending habits, and future financial goals.

This can keep both of you honest from sharing and without any unwanted surprises in the future.

Sharing your views on money will help you understand each other’s spending histories and find solutions to your irrational spending and areas where you can grow together. develop.

Don’t be shy or feel insecure, you’re both learning and the more open you are, the better you can learn with each other.

If you are planning financial management With your partner, this is not the time to keep it a secret. You will need to share everything about your spending habits.

If you know you tend to overspend when you’re stressed – don’t hesitate to share it with your husband or wife.

Be frank and open about your finances with your partner. Illustration

2. Set common goals for both of you

Talking about your monthly expenses and debt can sometimes feel a bit overwhelming. But there is a very interesting part of money management as a couple that is the shared goals of both.

These goals can be short-term, long-term, or any “deadline” that interests you.

For example, paying off debt, going on a trip together or buying a few new items or replacing old furniture for your home. Or do you want to retire early? Going abroad to settle down? Changing careers? Renovating the house? Paying filial piety to parents on both sides?…

Setting goals for what you want to accomplish with your partner will not only help you plan for the future, but also help you save together.

Growing together and working towards a common goal can help strengthen your relationship and turn your goals into reality faster.

Set weekly, monthly, and yearly goals for both of your financial plans. Illustration

3. Joint or separate account?

Opening a joint bank account is a great idea when you’ve decided to share your finances, and it’s the step many married couples choose after moving in together.

However, giving control of all your money to someone else can not only be risky, but it can also cause inevitable battles.

So consider opening a shared account and still keep a separate account to spend on personal things not related to your partner.

This can ensure that you work together towards common goals while still having your own space, keeping you open about money, while also retaining your individuality and control over your finances. each person.

Let’s have a joint account so that both of you can save and spend together the family’s expenses. But have separate accounts to spend on your own things and avoid being too tight or frustrated in the financial problems of both. Illustration

4. Set up and track a shared budget

Deciding how much you will spend on everyday things like dining out, shopping, family, taking care of your health, etc. can not only help you stay on track with the money you save. but can also help you avoid arguments about money.

5. Divide your financial responsibilities

Another way to ensure that financial sharing is smooth and free of controversy is to share the financial responsibilities of each person. Who will pay the utility bills, service fees, rent, …

Being clear about who pays – and who supports – each bill can help you figure out what’s fair and who is responsible for each.

This can help reduce late payment of bills and help both of you be more responsible for spending and contributing to the family.

Instead of having to worry about paying the bills every month, you should have a clear division from the beginning so that both of you are more responsible. Illustration

6. Change the financial plan from time to time

After you develop a system, everything becomes a lot easier to manage. But always remember, your expenses, income and goals can also change at each stage of your life, so it’s important to check in regularly to make sure your financial plan is in place. still on the right track.

Managing money as a couple can be difficult. But if you focus on sharing openly, honestly, and often, and preventing problems before they happen, you’ll find that they’re not so difficult.

The plan is always fluctuating depending on the situation of income, expenses and unexpected items, so always stay calm and find ways to change accordingly. Illustration