Finding the balance between money and love is usually extremely difficult. Although we often hear that money does not bring happiness, we know perfectly well that they are the standard and lifestyle of every human being. The situation becomes even more complicated when we have to learn to manage and respect not only our own, but also the money of the partner. Many couples are reluctant to discuss the subject of joint finances, which ultimately leads to frequent quarrels and problems. To prevent this from happening, there are a few best practices to manage your shared budget.
1. Knowledge of the partner’s expectations and beliefs
Managing and planning shared expenses and savings can prove to be a real path of torment if we don’t know the partner’s approach to financial issues. Each of us has some habits and beliefs about home finances. When planning a shared future, it is worth getting to know the partner’s expectations and possibilities related to earning and spending money.
2. Common financial goals
Talking and setting common goals (including financial goals) are the absolute foundations of a successful relationship. Analysis of the current situation related to the earnings and expenses of both partners will allow you to take appropriate steps that will allow the implementation of joint plans and dreams. A good idea might be a finance schedule, by which it will be possible to collect money for joint holidays, renovations, purchases or larger investments, such as buying a flat or a car.
3. Honest conversations
Open and honest conversations about joint finances should not be taboo. The more often we ask a partner what he thinks about personal and joint finances, the greater the chance of a successful relationship. Talking about money is usually difficult, so remember to listen carefully to your partner’s opinions and not jump to conclusions. All issues related to joint finances should be well discussed before we make any decisions. In addition, every self-respecting couple must know that honesty in a relationship is key. Hiding from the partner any expenses financed from the common budget heralds an imminent catastrophe.
4. Adjusting living standards to earnings
The ability to adapt your lifestyle to your earnings is a challenge these days. Most of us dream of a well-paid job that would allow us to implement all plans and live at the highest level. Unfortunately, not everyone can boast of such a good income. Often, even joint savings do not allow you to meet your goals, so you should wisely define your requirements. If you can’t afford a luxury car or elegant furniture, you can think of slightly cheaper solutions or temporarily postpone some expenses. It is much easier to do without a sofa with a massage function, than with a view to giant installments of credit, taken out of mindless whims.
5. Avoiding debts
Loans and credits give you the opportunity to finance every purchase, but applying for it is not always a wise move. Of course, every decision to incur joint debt comes down to financial goals. There are needs that make sense and for which you should think about a loan (e.g. buying an apartment or investing in your own business). Sometimes life itself requires us to take such steps due to sudden illness or other unfortunate accidents. Nevertheless, sometimes it is better to delay your purchase, save and pay in cash instead of charging yourself with any debt. In addition, in the case of joint financial obligations, mutual trust is necessary, and in the event of financial problems of one of the partners, it is necessary to take independent responsibility for the debt.
Quarrels and quarrels about money affect almost every pair. Nurturing a solid relationship takes time and work. Joint finance is an important and often problematic issue, but properly planned should not be a source of problems, but the ability to meet specific goals. Joint talks, decisions and compliance as to managing the home budget is a prerequisite if we care about good relations with the partner.