Honey, How About Our Budget? (Couple’s Finances)

Nope, I don’t have a partner yet, but I have before and in the future, I’d like to have some ideas of delegating expenditures with him. I seem to be futuristic but as I have observed, most of the couples are ruined or destructed by finances. My mother always reminds me to go for a guy whom surrenders money to their wife, which is rare nowadays. Well, I have made some research on tips on how to manage finances with your partner. I hope this will be helpful for us and for couples out there. [caption id="attachment18016" align="aligncenter" width="300"] Photo from http://bargainbabe.com[/caption] It must be scary thinking of being cheated by your partner over money so first and foremost, the things that you must have is TRUST. Then know your goals, it must jive or at least if anyone of you has a different, know your priorities. Lastly, assess you financial capabilities, it won’t always be equal but your mutual decision will count. If you have thought of these, then you can decide and choose among these methods on how to both manage your finances. 50/50. You must talk and compare your income without the feeling of outwitting each other’s ego. After that, compile your expenses and make sure that you both participate equally on the amount. It is applicable if the income is almost equal so that there will be no frustration on who spends more. Allocation. This means there will be allocated expense on each partner. For example, if one makes better than the other so the assigned expense is bigger than the other partner. It is just fair when you are considering the digits and capabilities of Each other. One Way. In this case, there is only one person handling the expenses. Mostly are the mothers because they know better on what is needed in the family. The income is joined or there is only one provider while the other takes care of the budgeting and allocation. It is similar to bread winner where only one works for the income. The Push and Pull. In most cases, there is always one big spender and the other pulling to thrift. I say this type is compatible. They may argue over spending and expense but in the end they complement each other. It is not a negative situation if they both know how to handle each other’s temper. Mutual Understanding. Your incomes are joined; you help each other plan the budget. Both suggest the needs and wants and make it a point to have an agreement on how to achieve their monthly financial goals. Meaning, they both decide on their finances. If you can achieve this, then it will be a harmonious spending month. Whatever style you dare to try, it is very important that you do not focus your relationship based on finances. Wouldn’t it be happier if you finances will be based on your relationship? Have a happy relationship! Sources : http://www.thedailymuse.com/money/paying-together-is-staying-together-combining-your-finances/ http://www.learnvest.com/2012/02/how-to-split-expenses-with-your-partner-4-different-strategies/ https://www.sorted.org.nz/life-events/relationships http://budgeting.about.com/od/budgetingfor_couples/a/Pros-and-Cons-of-Seperate-Accounts-In-Marriage.htm

Mark Hugh Neri

Looking for financial planning workshop or for life and/or health insurance with investment options? Got questions related to personal finance? Feel free to message me at Money Gizmo (see link below)

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