5 Tips to Manage Finances for Couples

Money can be a tough subject, especially for couples. Find out how to discuss money and manage finances for couples with these tips.

When couples decide to make their relationship permanent, either by moving in together or marriage, it’s often a joyful time. Because of all the excitement, people may try to avoid discussing the more stressful part of the new stage. That stressful factor is finances for couples.

If you’ve been handling your finances alone for a long time, sharing them with another person may take time to get used to. To help you get started, we want to provide you with the best personal finance for couples.

In this guide, we’ll offer five tips for financial planning for couples. Let’s jump right in!

1. Talk About Your Financial History

When you entered your relationship, your finances and debt probably didn’t come up on the first date. Understandably, you were too busy discussing favorite colors, shared hobbies, and many other topics.

Now, though, it’s time to talk finances. Tell your partner about your financial history.

How much college debt do you still have? What kind of car payments do you make each month? How does your credit look?

Once the two of you have come clean about your finances, you can begin planning a life together. This step leads to the next tip, which you can read about below.

2. Finances for Couples Begins With a Plan

When you and your partner decide to build a life together, one of the first steps is devising a financial plan. Once you know each other’s monetary history, expenses, assets, etc., you can set goals together.

What might those goals look like? You may set goals about when you’ll have a down payment for a house. Alternatively, you may set goals about when to pay off your car or your student loans.

3. Making a Joint Account and Separate Accounts

Many couples make the choice of merging all of their finances into a single account. While this can work, other possibilities exist. 

The trouble with having only one account is that people may feel their partner controls their finances. Instead, it may be more freeing to use a joint account for fundamentals like rent, mortgage payments, bills, etc.

However, you can also have separate accounts for discretionary spending. This way, the two of you can still make smaller purchases and have financial freedom.

Another type of joint account includes Joint and Survivor Annuity. Learn more about this option as you approach your wedding or move-in date.

4. Talk to a Financial Professional

It’s always wise to speak with a professional about home finances for couples. These experts can give guidance about how your money situation looks. From there, they can give advice on how to approach and accomplish your goals.

5. Finance Books for Couples

Lastly, it’s helpful to keep clear and accurate records of your spending and budget plan. To help with this, consider using budget software. Several options exist, each of which can help you manage your finances well.

Take Steps to Manage Your Finances

When you and your partner discuss finances for couples, it’s essential to do more than talk. Take steps to merge your finances wisely and openly today!

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