Many factors lead to misunderstandings in marriage, but none has the same severe implications as money misunderstandings.
Never-ending disputes that can ultimately lead to divorce and separation will be the bread and butter of your relationship if you and your partner can't find common ground on how to make money, spend it and save it.
Learning how to manage your finances together as a couple will help you know how to split bills, make investments and save for your future. And this can be hard to achieve, especially when you are just starting your relationship.
So how do you get rid of money conflicts, stay on the same page financially with your better half and live happily ever after? This article dives into the steps you should take to manage your finances as a couple successfully.
Also read: How to Build Wealth as a Couple in Kenya
Everyone has their own goals and dreams to accomplish. But when you get into a long-term relationship, compromises have to be made. To achieve financial prosperity as a couple, you should compromise by shelving some of your dreams or taking them off the table altogether.
The only way to align your goals is to decide which goals should be prioritized. Write a list of all your dreams down and start knit-picking. Choose the goal that matters the most to both of you, like the type of house to buy and where to retire. Settle for the choice that makes sense to both of you, and when you can't, find a middle ground.
Some other decisions that might put you at loggerhead as a couple are
You can't learn to manage your finances without having a budget you and your partner follow. The benefits of having a budget are unmatched; let's list some.
Many apps are available to help you and your partner create budgets, track, and stick to them and they are available on both Play Store and Appstore.
You should make it a tradition to sit down at least once a week to track your budget, modify, and update it depending on your shifting needs.
Financial transparency is the bedrock of every marriage that is to succeed. This is why it is essential to be on the same page with your partner before taking the holy vows. Transparency and honesty about money will allow conflicts to be solved amicably and avoided.
How do you open up about your finances to your partner?
Unexpected bills, loss of income, and the fear of losing wealth that you have accumulated for years can't be underestimated. To manage your finances, you should prepare and protect yourself from financial emergencies.
Here are some tips to prepare for unexpected events:
Arguing with your partner about a purchase they made can be derailing and cause resentment. This is why you should afford each other some breathing room and not be too hard on one another when it comes to spending.
You can do this by creating a section in your family budget that gives everyone a small amount of money to spend on things that make them happy without facing criticism. You can take a step further and have a different personal expense budget.
If you and your partner are running a budget surplus or have developed a new source of income, you can allow one another to follow their individual goals that were shelved for the common good.
Managing finances is an ongoing event; new compromises might have to be introduced, goals scrapped, or new goals introduced. Depending on where you are financially as a couple, you will have to change strategies and adopt new ones.
Always stay ahead of these changes by communicating and reviewing your finances frequently. It can be daunting, but the benefits outweigh the risks associated with a lack of proper management.
Financial management can be hard, more so when the opinions of two people have to be considered. If this proves difficult, you can hire a financial advisor to help you create management plans that can help you as a couple.