What to Do When You’re Saving Money as a Couple
Becoming a serious couple can be difficult in certain ways, but no relationship comes without its quirks and troubles. Of course, that’s why you chose a certain person to share your life with; challenges can be hard, but they can be overcome with concentrated effort and support. One of the problems long term relationships often come with is the financial part of making it work. There’s the rent, the collective costs, and planning for the future but those can be overcome with a little planning and understanding. So before you start jumping into rash decisions why not think about these tips and find a way to incorporate them into your life?
Communication
People often dismiss communication when it comes to relationships because a good one is supposed to feel natural. That is a false assumption because no matter how well the two of you connect, talking builds stronger bridges. So, when you two reach that first serious step, start laying down the foundations by discussing exactly what the two of you brings to the table. It may not be the most comfortable conversation, but it will ensure that you both know where your shared boundaries can stretch. After that, it’s time to talk about money.
Setting up a Budget
This is a fairly standard tip for people to follow, but what makes it more difficult to follow through is that you have two sets of incomes and debts to deal with. Deal with it individually at first through making sure that you have your personal bills squared away. After that, the excess can be the first blocks of your joint account. Figure out what you can both set aside each month. It totally depends upon you two whether or not you set aside equal or varying amounts. Just as long as you are both clear about where your money is going, you two will be okay.
Joint or Individual
One of the most common challenges couples face when sharing their finances is that they have to decide whether or not to create a joint account. At the end of the day, this can be a great idea for dealing with bills electronically, but the details are what make this prospect a little harder. Do you have excess income? Are you two comfortable with sharing all of your money? Do you want to maintain a bit of independence in the form a separate bank account. If you two haven’t ironed this out ahead of time, they can be problems down the road. However, you should remember that a joint account and emergency fund can save you a ton from crisis, and that’s always a good thing.
Plan for Big Expenses
Whether it’s for an advantage or emergencies, big expenses will inevitably come and shake up your life. The best tool you can use to protect yourself against these dangers is to plan ahead. This is why an emergency fund coupled with an expense account can work wonders. You can save for either situation and if you have enough combined expenses, then you can make both a very real opportunity.
What matters in a relationship is that sometimes, you have to think as a couple rather than two units. If you’re definitely planning for a future together, then it becomes more important that you sacrifice a bit of what you have in order to get what you both want. However, that shouldn’t stop the two of you from planning for fun stuff an occasional adventure or splurge buy. Keep these tips in mind, and both of you will be just fine when it comes to your cash.
Photo Attribution:
Featured and 1st image by photostock / freedigitalphotos.net
2nd image by Stuart Miles / freedigitalphotos.net
3rd image by zdiviv / freedigitalphotos.net
