In this situation, experts recommend fluid and sincere dialogue. In addition, they indicated that it is of the utmost importance that both have similar criteria on how to manage money. Otherwise, the mismanagement of one of the parties and the lack of understanding could lead to a definitive rupture of the bond.
How to detect the most common mistakes in shared finances
If the bond presents a lack of knowledge on the subject, a great imbalance could be unleashed in the family economy that is further aggravated when trying to manage it in pairs.
In this context, Vale Laco, adviser, educator and expert in Financial Emotional Intelligence, said: “The key is to develop financial emotional intelligence to have the necessary skills and tools to bond healthily with money and make it a resource for living. the lifestyle we want.
Some examples of bad habits:
- When one of the members of the couple does not work or earns little money, and the other reproaches him for not contributing what is necessary for the home.
- Frequent use of credit cards for unplanned purchases.
- Systematic indebtedness for events such as trips, family celebrations, appliances or personal tastes that are out of budget.
- Lack of economic planning in the home.
- Investments in businesses made impulsively, without knowing the possible viability or profitability for that common money.
Finances as a couple: 5 tips to start saving
Create a budget
By organizing your money, you can ensure that your expenses are less than your income.
apply control
It will be necessary for you to control the debts to avoid over-indebtedness of one of the two, since it will end up harming the other.
Allocate a percentage of income to savings for short, medium and long term goals. The individual contribution must be related to the level of income of each one.
Create an emergency fund
The money, in this case, will be used for contingencies.
Distribute tasks
The agreement will be based on the objectives, income and expenses of both.
For example, it should be made clear whether the accounts are shared or separate, who is going to record the expenses, who is going to pay for the services, the children’s school, the house mortgage, among others.
listen and empathize
Respect is the key to face a problem, without harming the other. Above all, if one of the two is cautious or a spender.
So you can also keep up to date on the economic situation and you can make better decisions.
Source: Ambito
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