Arguing about money with your other half isn’t fun. But talking about it is important. Learning to manage your money together can make your relationship stronger and help you realise your joint goals faster. For ambitious couples seeking advice to help them work towards this, read on. Here’s how to manage money together as a couple to achieve your one big goal.
How to manage money together as a couple
1. Set one big goal
Working on a big goal together is a great opportunity to learn how to manage money as a couple. Why? Because most of the big goals in life require good financial health and a lump sum of cash. And that means building your credit score, paying off debts and saving money. For inspiration on choosing a goal if you don’t already have one in mind check out this blog. And we also share tips to help you on working on joint goals together here.
2. Agree a joint budget and save money together
Once you’ve chosen which big goal to work towards together, it’s time to understand what you need to do to achieve it. Inevitably it will require saving money. Whether to go on a holiday, to buy a house, or to pay for a wedding — you two need to save up some cash. So work out what you can afford to save on a monthly basis by creating a budget, and commit to it. Then decide how you’d prefer to save your money. Will you open a joint savings account and set up automated payments to transfer your savings into your account on payday? Or is there another option you’d prefer? Choose what works for you.
3. Celebrate the wins together
Of course big goals take time to achieve. So to keep it fun and help yourselves to stay motivated, be sure to celebrate the little victories along the way! This will make it easier for you to keep going in the long term. Just be sure not to go mad and blow all your savings at once. Moderation is key.
4. Talk openly and honestly
There are two things that are really important to understand about one another when learning to manage money together as a couple. And these are completely unique to the individual people involved in the relationship. The first is about money attitudes, beliefs, expectations and behaviours. And the second is about your current financial positions. Yes it can feel awkward to discuss these things, but you need to. If you’ve got debts that you need to pay off, or you’ve gotten into trouble before financially, then your partner can only support you in working through it if you tell them the truth. Further understanding each other’s attitudes towards money will help to avoid a lot of arguments, and if necessary, provide the opportunity to explore ways to evolve your beliefs to build a brighter financial future.
If you’re learning about how to manage your money together as a couple this year — good luck! And I hope this post has been useful for you. To find out how Loqbox can help you build your credit score easily and help you to get the best deals on mortgages, credit cards and loans, visit our website now.