The majority of successful couples have one thing in common - effective communication. Being open and honest with your partner builds trust and makes for a stronger relationship. However, money can often be a difficult topic of conversation. It might be uncomfortable to discuss at times but addressing money management could also be necessary.
To get you started, here are some money topics that every couple should discuss:
1. Joint or separate bank accounts:
Traditionally speaking, most couples in long-term relationships merge their bank accounts. It’s yet another symbolic gesture of two people becoming one. By doing so, it can be easier to manage two paychecks, tax refunds and other incoming funds. It may also be easier to pay the rent/mortgage, utilities and other bills you share from one account.
There can be drawbacks to merging accounts but many are circumstantial. For example, if one spouse wastefully overspends, it could become an issue. However, setting boundaries and discussing major expenses in advance can lead to a more stable bank account and less friction about money matters.
2. Budgeting
Bad money habits can create a divide between couples that could be avoided with a budget in place. If one of the partners has a budgeting style they found success with, it could very well work for the couple as well. Each partner usually brings their own strengths to a relationship and this notion can also apply to developing and maintaining a household budget.
3. Paying Bills
Paying bills is an inevitable task for most people. If a couple decides to combine their monthly bills, the responsibility to manage so many accounts can be overwhelming at first. Be sure to sit down and go through each bill one-by-one so that all bills are accounted for and each due date is acknowledged.
If one person does end up being responsible for paying all the bills, it is still important for couples to discuss whose income is paying each bill. This way, both partners can be clear on where their money is going and how it is impacting household finances.
When you have pointed discussions about these 3 topics not only in the foundation of the relationship, but also periodically, it will help with building trust for each other, while causing you both to feel united in working towards the same goals. Establish time and space to sit down and have these conversations so that you can plan, build and thrive together as stewards of your finances.
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