Money Tips - How You can Manage Money As a Couple

Four Keys to Success

1. Learn to talk calmly about money.

There is wisdom in consulting together. Depending on your background, you may feel awkward when consulting others, especially your mate, about money matters.

Even so, wisdom dictates that you learn to discuss this important subject. For example, why not describe to your spouse how you think you might have been affected by your parents’ attitude toward money? Also, try to understand how your mate’s background has influenced his or her attitude.

You do not have to wait until a problem arises before you talk about money. If you set a specific time to talk about financial issues, you lessen the likelihood of conflict resulting from misunderstandings.

TRY THIS:
 Pick a regular time to talk about family finances. You could have the conversation on the first day of each month or each week on a set day. Keep the discussion brief, possibly lasting about 15 minutes or less. Choose a time when you are both likely to be relaxed. Agree not to talk about money at certain times, such as at the meal table or when relaxing with the children.

2. Agree on how income will be viewed.

If you are the only one who earns a wage, you can honor your spouse by viewing your income, not as your personal money, but as family money.

If you and your spouse both earn money, you can honor each other by disclosing your income and major expenditures to each other. If you hide either from your mate, you may well undermine trust and cause damage to your relationship. You do not necessarily have to consult your mate before spending every cent. But if you discuss larger purchases, you prove that you value your mate’s opinion.

TRY THIS: Agree on an amount that each of you can spend without having to consult the other.  Always consult your mate if you want to spend more than that amount.

3. Put your plans on paper.

If you plan and work hard, you will have plenty.  One way to plan for the future and avoid wasting your hard work is to create a family budget. 

Your method of budgeting does not need to be complicated. Place the money for the week into different envelopes. For example, we had food, entertainment, and even haircut envelopes. If you ran short in one area and borrowed from another, always make sure you pay the money back into that envelope as soon as we could. it is especially important that you have a plan and keep track of your expenses.

TRY THIS: Write down all your fixed expenses. Agree on what percentage of your income should be saved. Then list your variable expenses, such as for food, power, and phone bills. Next keep track of your actual expenses for several months. If needed, adjust your lifestyle so that you do not sink into debt.

4. Agree on who will do what.

“Two people are better than one, because they get more done by working together. In some families, the husband cares for the finances. In others, the wife capably cares for this responsibility. Many couples, though, choose to share the load.  Whatever your method, the key is to work together as a team.

TRY THIS: Taking into consideration each other’s strengths and weaknesses, discuss who will care for what responsibility. Review the arrangement after a couple of months. Be willing to make adjustments. To help you appreciate the work that your spouse does, such as paying bills or shopping, you might want to swap roles occasionally.

The Real Message in Money Discussions

Your money discussions need not stifle love. When couples discuss how they want to spend money, they share their hopes and dreams and confirm their commitment to the marriage. When they consult together before making large purchases, they show respect for each other’s opinions and feelings. When they allow each other freedom to spend a specific amount without consultation, they express trust in each other. Those are the ingredients of a truly loving relationship. Such a relationship is surely worth more than mere money, so why argue about it?