If there is something that is complicated in the couple, it is deciding how they get along Expenses. The goal of keeping “accounts clear” can become a headache, but here are some tips that can be the key to solving a sensitive issue.
Talk about finances as a couple can be a difficult topic sensitive. In many cases, it is even the trigger for separations.
How much do you put? How much do I pay? These are questions that can lead to eternal discussions or even to a consensus if they are discussed directly, immediately settling an issue that for some is even uncomfortable, but for others it is part of normal life.
Managing personal finances for many can be very difficult, managing to manage them as a couple can be a gigantic task.
Although each couple has their own formula, here are some tips and tipsthat deliver experts so that you can apply them and achieve economic stability together, if you need it.
Monstera | Pexels
Financing as a couple: when incomes are disparate
Being economically organized can be an arduous task of discipline and commitment in the couple, especially if there are disagreements about managing finances, but reaching a consensus is always a step forward.
But how do you get to that point? Experts recommend that to talk about finances you should be transparent, the goal is that money is not a reason for discussion.
In that sense, agents and financial advisers gave a series of tips to establish clear accounts in the couple regarding common questions for this topic.
The most common thing is that couples divide expenses equally, that is, each one pays their part in meals, supermarket purchases, some bills, etc.
However, they assure that it is a solution for small expenses, but it works differently for larger cases such as a lease or a mortgage, and the remuneration that each one receives is uneven. This is when, for many, conflicts begin because this division can harm those with less income.
“I had the case of a couple of clients in which he earned twice as much as her, but the expenses were shared half and the standard of living was that of his salary, she was suffocated as is natural,” he told the Spanish media Manuel Gil del Castillo financial consultant at Inversimply.
Karolina Grabowska | Pexels
This is when they recommend that the conversation be clear and if it cannot be 50% and 50%, that the expense be proportional to the income that each one receives.
“A different formula works for each couple, but it is recommended that the contribution to common expenses be proportional to the income that each one has”, American financial advisor Maggie told the BBC German.
A joint account
Another option that couples consider to maintain their finances is to have a joint account that serves exclusively for the couple's expenses.
This generates several advantages, such as simplifying the payment of bills, maintaining transparency in payments that are generally agreed, so that they will not find surprises for the expenses that someone made.
It is also a way to save, since if the monthly budget is left over, it can go to a common fund.
As for the couple, it's seen as a sign of trust, but it's also a way that if one dies, the other has access to the mutual funds right away.
However, this way of organizing also has some disadvantages. When in the couple there is a “saver” and a “spender”, a joint account can be a big problem in the order of expenses, since there can always be differences.
SHVETS production | Pexels
There is no total independence, so if one member of the couple wants to, she can withdraw all the funds without notifying the other or also control the other following the purchase movements.
For these reasons, experts recommend that if the couple maintain an account together, they also maintain their own separate account, in order to protect their financial independence.
Excel or the application
Maintaining the correct order of finances can be easy for organized people, but a headache for those who can't even remember what they spent .
In this sense, tools like Excel can be of great support, especially when it comes to expenses such as monthly bills, lease payments, mortgages, loans, schools, gardening, supermarkets, etc.
If you can organize a monthly calendar, the tool can help you see your expenses month by month and keep an eye on what you are spending more or less money on.
Psychologist Isabel Aranda, from TherapyChat, tells El Mundo that “we all need a dose of planning in life: it is important to have a plan to enter university, save to buy a house or move to another place. And even for everyday acts such as meeting a deadline at work or preparing a trip”.
There are also applications that can be useful for those who are not fans of Excel, but can carry an application on their phones.
An example is Splitwise, an application that was created with the aim of keeping track of shared expenses not only with the couple, but also with friends, family, travel companions, etc.
The application, available for iPhone and Android, allows you to track the expenses and divide these according to who paid and who owes whom.
Expenses such as the cost of a taxi, a coffee and other major expenses such as a loan can be added. Entering expenses can be done in simple steps and in this way clarity is maintained, which helps to have a better financial organization.
Tips to improve the couple's finances
following some of the tips that we indicate later, it is possible that the couple's financial management will be much easier.
It is always important to plan, so here are some tips so you can better organize your finances as a couple:
1. Budget: It is essential to have an expense budget where the first step is that it be less than the income of both members of the couple.
2. Yours, mine and ours: Within this budget, expenses must be established based on the couple, but also on the needs of each one, avoiding discrepancies in the use of resources.
3. Keep control: although for many it can be a problem, keeping track of the couple's expenses helps them avoid over-indebtedness.
4. Encourage savings: It is always recommended that a percentage of the budget that is established go to savings as a whole, this will be used for immediate or long-term projects.
5. Emergency fund: As well as saving, it is always positive to have a common emergency fund in case of any unforeseen event that may affect a member or the couple.