Money is one of the biggest points of contention for many couples. This is particularly true when money is tight—both people are rarely on the same page, often disagreeing about what expenses are essential and the best way to save money.
That is, if both of you are trying to save. Financial solvency as a couple depends on both partners working together to achieve a common goal, and when one person isn’t on board, the whole thing falls apart.
Approach it as a team
Depending on your relationship and how your finances are structured, there are several ways to approach saving as a couple.
The process starts with communication. Both of you must understand your finances, from how much money is coming in to how much money goes out each month. This is the cornerstone of budget creation and applies to couples as much as individuals.
Stick to the rules
This is where problems usually arise. Couples often make budgets with the best of intentions but have a hard time following through. To help, create rules for spending and saving each month. Determine a set amount of money that should be stored away for a rainy day and how much you can afford to spend on recreation.
Keep track of your finances to make sure both of you are following your budgeting rules. If your partner is sneaking in purchases without telling you, it’s time to have a talk. Hopefully both of you will be on the same page about your financial situation and won’t need much convincing, but those unused to sharing their finances in joint accounts may have problems with accountability.
Above all, couples should communicate and be respectful no matter what. Budget creation can’t be done when only one of you is committed to the process. Both you and your spouse need to work together if you want to get yourself out of debt and back on the road to financial security.
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