5 Personal Finance Tips for Couples
More couples end up in divorce court over money issues than any other reason. Couples with financial difficulties argue far more frequently than those who are financially stable and have less debt.
But just having money and less debt does not keep couples from disagreeing over financial priorities.
More than 2/3 of all couples have money disagreements, whether it is about credit cards, spending habits, household budget, unimportant purchases, or other money-related issues. So, some financial advice for couples is definitely in order.
Here are 5 finance tips for couples that should not be ignored.
Track Your Spending
Start by tracking your spending. Find out where the money is going before arguing about where it is going. You will be surprised both at the frivolous expenses as well as assumptions you made about how you spend.
Set Financial Goals as a Couple
This is critical! Sit down and go over where you are spending and establish a budget you can both agree to. Having an agreed-upon plan will lower those money disagreements a lot.
Save Money Every Month
Most people intend well but lack discipline when it comes to saving money every month. One of the easiest techniques to use when starting to save is to set aside $25 (or whatever amount you both agree on) as soon as you get a paycheck. Just transfer it to the savings. Consider it “gone”. Then you can use the remainder for your expenses.
Reduce Your Debt Together
When in debt, you need to work together to reduce the debt as well as not increase debt too. No use lowering a credit card balance if another one is going up. Start by taking the lowest balance and paying it off as fast as possible. Then work on the next one and so on. Reducing debt increases your credit scores and saves you a ton of money over a lifetime.
Compromise vs. Fight
You have to be willing to compromise to make any marriage work, and money is not an exception. If there are some ‘needless’ expenses, make sure each of you gets an equal share of what you do not want to cut or pare back. Maybe less coffee shop trips, 1 less golf weekend, 1 less trip to the nail salon, or whatever fits your lifestyle and newly established budget.
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