Managing your money when you’re in a couple is key, not only for maintaining financial stability but also for the health of your relationship and achieving shared goals.
Whether you’re saving for a home, planning a holiday, or simply managing daily costs, working together to monitor spending can prevent financial stress.
Around a quarter of adults in the UK report money as being a significant stressor in their relationship. By openly discussing your joint finances and planning ahad, you can help prevent smaller issues snowballing into dealbreakers. Here are some of the key ways to effectively monitor and manage your expenses as a couple.
Set a Joint Budget
Establishing a clear and realistic budget can help you to manage your household expenses. While it might not be everyone’s idea of romance, it’s important to set aside some time as couple to go over your joint income and outgoings. This will help decide how much you’re willing to spend on everyday expenses and overheads, and set a regular savings goal.
Track Everyday Spending
It’s easy for small spends to quickly mount up to significant outgoings. Using money tracking apps and spreadsheets to log daily expenses, such as rail tickets, car parking, lunches and takeaways can help you identify unnecessary costs and savings opportunities. This is also a great way to get to know your partner better and understand what’s important to them.
Reduce Household Bills
Reducing your household bills can help you cut costs without feeling as though you have to sacrifice the things that are important to you as a couple.
Reviewing your energy tariffs, ongoing subscriptions, and comparing broadband deals can help reduce your joint spending and increase your savings.
Plan For Your Future Together
When you’re in a relationship, it’s vital that your financial goals are aligned. If one of you wants to live for the moment, and splurge on payday and the other is focused on short-term sacrifices for long-term savings, this can be a source of conflict or lead to resentment.
Don’t be afraid to talk about your financial future together and where your priorities lie. Are you saving for a specific goal like a house deposit, a wedding or retirement? Perhaps your focus is on clearing debt? Or maybe you want to free up cash to travel or start a family?
Without a financial plan or goal in mind, it can be easy to drift from one payday to the next, or to assume your partner has the same objectives and motivations as you so it’s important that you feel able to talk to one another openly and honestly about money without judgement or shame.
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