Couple’s Finances 101

Elaine King

As many people know, living with your partner can be a great thing because you’re filled with love and understanding. But the truth is that there are a lot of variables that threaten coexistence every day. Most of them involve finances.

Finances are the activities related to the exchange of various capital goods between individuals. Everything becomes a part of our finances: paying for electricity, water and gas, paying for entertainment and the rent, among others.

When starting a life as a couple, dealing with finances as a team can be hard work (mostly because nobody knows everything). However, with a little education and patience, I assure you that you can restore the peace and harmony in your home. Take a look at these tips:

Make decisions as a team, 80% of couples see themselves as financial institutions. Remember that two heads think better than one.
Make sure that you have the same philosophy in terms of money, and, if you don't have a philosophy, make one up! 76% of couples feel that they share the same philosophy as their partner when it comes to money matters, such as saving and consumption habits.
Try to have a practical balance in terms of living as a couple. Perhaps a financial balance isn't possible, but there are ways to achieve a balance in terms of the resources that are invested into maintaining a healthy home. According to Pew Research, both partners work outside their home in every 6 out of 10 households (59%). Also, they found that women are the highest source of income in 30% of cases, and men in 67% of cases. Only 3% of newly-weds earn the same amount of money.
Do not fall into financial infidelity, try not to lie to your partner in terms of finances. Be honest and remember that you should keep a united front.
Have an emergency fund and a savings fund.
Love is above all things: remember that loving someone deeply gives us strength and that feeling deeply loved gives us courage (Lao Tzu)

Do you apply any of these things in your life right now? And if not, why don't you try them out? Tell me about your financial experiences with your partner in Facebook or Twitter.

Subscribe to the Family & Money Matters Institute if you're interested in more tips. See you there!

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Elaine King - Family and Money Matters™ 2021