5 Secrets to Successful Money Management for Couples

5 Secrets for Healthy Money Management for Couples

FAQs about Money Management for Couples

How to decide who handles what part of a couple’s finances?

When it comes to managing finances, you should take the major decisions together. Moreover, you can divide the responsibilities of looking after everyday bills and major investments depending on who does what better.

How to curb frivolous spending habits?

Create a system where if you feel like your partner is over-spending, you can talk about it without hurting each other’s feelings. It is also a good idea to agree on a monthly amount that you can each spend in individual ways. This will give financial freedom to your relationship.

How to handle financial situations if only one partner is earning or earning more?

You should appreciate your partner for the roles that they play which are beyond monetary value. If one person earns more, they should empower their spouse so that it does not create a power imbalance.

Is it okay to open a joint account with a partner?

If one of you has a bad credit history, it is advisable not to open a joint account. Furthermore, if you decide to have a joint account, set some ground rules about what you can use it for, how much money each of you can withdraw and how frequently.

What to do when one partner has debt?

You and your partner can work together to pay off the debt if you find it feasible. However, before combining your finances, carefully review the debt as it can affect your credit score.