Couples and Money: Strategies on How to Manage Money Together
Money can be a constant source of disagreement and discontent in a relationship. That said, managing money together is essential to the success of any relationship. There are many ways couples can manage their finances that’s healthy and beneficial to both parties. We’ll take a look at a few of these practices below.
Know Your Partner
We all come from different backgrounds and have distinct personalities. This can determine our lifestyle choices when it comes to money. That said, it’s important to recognize your partner’s financial similarities and differences. Talk openly about how each of you views money, and develop a financial game plan together. There are several ways to manage your finances as a couple: joint, separate, and hybrid budgets. Although many financial experts recommend joint budgets and accounts, only you and your partner can decide which works best for your situation.
Set Financial Goals
Once you’ve gained an understanding of your partner’s financial habits, it’s time to discuss your relationship’s money goals. Who will manage what accounts? Who will pay what bills? These are questions that need to be answered and jointly agreed upon. Avoiding such discussions can lead to miscommunications and upsets. Once financial goals are set, it’s important to schedule regular money check-ins to ensure each of you is on the same page. These meetings should be ones of love and respect, not hostility. If you or your partner dread financial check-ins, consider making it a “money date” with a nice dinner or bottle of wine.
Be Open About Purchases
According to a survey from Bankrate, about 40% of Americans in committed relationships keep financial secrets from their partner. One of the best ways to avoid conflict in a relationship is to talk to your partner about how you’re spending and saving money. Hiding purchases or accounts from your partner is deceitful, so it’s important to discuss your spending and saving habits with them. While you should have some financial independence in a relationship, it’s important to discuss large expenses before making them. Setting ground rules and being open with your partner about money can lead to a happier relationship overall.
Acknowledge Salary Differences
Salary differences shouldn’t get in the way of your relationship’s financial goals. That said, the individual who makes the most money is not entitled to the most say when it comes to finances. Despite income, each person in a relationship should get an equal say. It’s not just your money, it’s your partner’s money, too. If you make less money than your partner, don’t feel guilty for making financial decisions as an equal. After all, you’re in this together!
The topic of money is bound to come up in a relationship. Therefore, it’s critical to know how to manage it together. A relationship is only as strong as its goals, and financial goals are a part of that.
Want to learn more? Check out our blog about handling finances in a relationship.
Hunter Morrison
About Hunter Morrison
Hunter has freelanced for various print and radio publications across Northwest Florida, including The Bay Beacon, Navarre Press, Inweekly, Crestview News Bulletin, and WUWF. He was also the Editor in Chief of the University of West Florida’s student newspaper, The Voyager. In 2023, Hunter moved to Kenai, Alaska to take up a news reporting position with KDLL Public Radio. For fun, Hunter enjoys cross-country skiing, hiking, photography, thrifting, traveling, and looking for the best Thai food around.