7 money tips for married couples
Sticking to your budget is already hard when you are single.
But it is not easier either when you are married.
When you get married, all your assets will be conjugated, among other important matters.
The financial aspect is only one of the many facets a couple will take into utmost consideration as they go on with their married and family life.
So how to stay for richer or poorer? Or for better or worse, finances wise?
Here are 7 tips to manage money matters as a married couple:
1. Respect each other’s money personality.
There is a big chance that you differ on handling money or one is better than the other. One can be strict and one can be vigilant, that is fine. Do not resent this, instead, try to learn from each other’s flaws and strengths and combine your methods which work for you both.
2. Keep all communication channels open.
Always keep the channel open and make sure that you are comfortable talking about money, though it will take time. Make sure you have a clear understanding on each other’s financial standing and cash flow like huge debts or bills. Not just because you need to know but also to help each other when one could not make it. Nothing beats an open communication between you and your partner. It is a good way to build trust when it comes to money matters.
3. Take note of your goals as a couple.
Do you want to work until your 60’s? Do you want to venture into business? Do you want to retire early? Is such attainable with your present situation? Line up your financial goals. Explore and examine your plans as detailed as possible as it will be helpful in your present and future financial state.
4. Share costs.
Talk about who-pays-what in your household. It is a good thing to share costs so that both of you will have your share of responsibilities. It is also nice when you put your money together so that you can allocate your budget accordingly.
5. Support each other’s financial ups and downs.
Money is essential but do not put it in the center of your relationship. Decide as one and win and lose as one most of the time. But still, you are 2 different persons. There will always come a time that you will experience your own ups and downs. Dealing with money should be a way for you to grow as a couple.
6. Maximize your employee and government benefits.
Talk about each other’s company’s health plans and how can you maximize it. Most health maintenance organization (HMOs) in the Philippines comes with family packages so use such as needed or for maintenance. The same goes for government-mandated benefits such as PhilHealth when you or your dependents are hospitalized or confined. Check also your benefits from Government Services Insurance System (GSIS) or Social Security System (SSS) as mandated by the Employees' Compensation Program.
7. Always track your finances.
Make sure you always stay within your budget. Adjust your spending based on this budget. Try to come up with your own budgeting system to track your finances if this will make it easier for you to stay on target.
Money problems are one of the things a couple must learn how to handle well to help their relationship last.
Handling money as a married couple can be a challenge, but the best thing to do is to be open and honest with each other.
How do you and your spouse handle money? – Rappler.com
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