We won’t front - managing your own finances can be challenging, let alone with your partner in crime. To help you in your journey to winning at money together, here are 5 tips for managing your money as a couple:
When it comes to debt, it helps to be as transparent as you’re willing to be with your partner. This is especially true if you’ve merged your finances together because your debt is no longer just your own. If you both have shared financial goals - like marriage, kids, or homeownership - then it’s crucial to have an accurate overview of your shared financial situation.
By discussing what debt you’re each bringing into the relationship (including student loans, credit cards and personal loans), you’ll find yourselves coming together. Talking about debt shouldn’t be something you’re ashamed of, in fact, your partner probably is (or has been) in the same boat.
One of the key pieces of advice I give to all of my clients is to try money dates. A money date is like your typical date night, but your discussions revolve around how your money can be used to achieve your goals. It’s the ideal time to go over financial goals, look at monthly cash flow, and prep for any upcoming expenses. Make the discussion of money more normal (and romantic!) by having reoccuring money dates on the same days and times.
There is nothing worse than surprise costs, like getting your car repaired or replacing your laptop (cause who pays for the insurance anymore). To make sure you’re both covered and that bill doesn’t take a huge toll on either of you financially, build a joint savings together that you and bae can use for emergencies (AKA, an Emergency Fund). This allows for you to lean on each other in times of need as well. The best part? If you have a sufficient cushion, you can use this joint savings account as a vacation fund for when you want to take that second honeymoon!
It never hurts to be more budget-conscious when it comes to going on dates together. And just because you’re cutting back on costs doesn’t mean you have to stop doing all the things you both love! Trust us, there are so many ways to keep the dates spicy while saving money.
Ever heard of a half-date? It’s where you cook dinner together and then go out to eat just for dessert rather than spending money on a whole meal! Genius. We actually came up with a bunch of fun budget-friendly date night ideas that you probably haven’t tried before!
You’ve probably heard of Mint, or any of the alternative budgeting apps out there (YNAB, EveryDollar etc.), to help track and manage your own finances. But, have you ever tried using an app that’s designed specifically or couples? It’s a whole different ball game when it comes to managing shared expenses successfully and apps like Zeta can help to do the heavy-lifting with features made with couples in mind.
Zeta provides one simple view of your shared finances and gives a clear picture of where your money is going as a team. You can also create budgets together, track and manage bills, and a ton more. Not to mention, it’s free to use! All wins across the board.
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