How to Deal with Finances As A Couple
64% of Couples perceive money as their source of stress, according to a study conducted by the American Psychological Association. That is why it is no surprise that one of the major sources of stress for couples is handling their finances. The first question that usually enters the minds of couples is, how should they handle money matters? Should they share an account or keep their finances separate? After all, sharing is the essence of a successful relationship.
So, in a world thriving on independence, how can couples share their financial investments without feeling tired down?
Having a joint account can be a matter of convenience between life partners. Earnings and expenses are easier to track and it’s also easier to pay your bills on time and all at once. Shared expenses like food and utility bills can also be drawn from your joint bank account. For instance, if you and your partner each contribute a set amount to your joint savings each month, it would help avoid any arguments regarding “who pays what” and so on. Not to mention, building a solid savings account can be used for traveling, going back to school, buying a new home, a new car, or start your family. Joint accounts often come with additional perks like better access to sources of additional finance, including credit cards and loans.
Separate accounts make sense
There are instances when both you and your partner are better off maintaining separate bank accounts for each personal need. When either party has accumulated a large amount of debt, this could turn into the downfall of both parties. Having separate bank accounts will also promote trust in your partner as each of you can exercise some degree of financial freedom.
Tackling financial woes head-on
Financial issues are some of the things that you cannot simply put an immediate stop. This is why it is highly recommended that money matters are discussed before marriage. Encourage each other to save at least 10% of your income, to provide a buffer in the event of emergencies. Don’t resolve it by saying that your spouse’s debt is his or her problem. After all, the financial obstacles you share today can create a huge impact on your relationship as a couple tomorrow.
A couple’s ability to handle financial issues can make or break their relationship. There are many options at your fingertips. You can go for a joint account or two separate accounts. Whatever type of deposit or financial decisions you make, just remember to discuss money matters with your spouse? This is to make sure that there are transparency and a sense of trust between the two of you.