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6 Money Management Tips for Young Couples

Friday, 15 April 2016
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Returning home, reminiscing moments from the romantic honeymoon is truly magical. However, waking up to daily routine could be dreadful, especially with the chores, bills, property mortgage, and debt slowly creeping inside.

That’s exactly when you hear the stinky old money management monster, snooze right under your bed, ready to create ruckus in your marriage at the slightest nudge. To avoid sticky financial situations and emotional rip-offs, follow these 6 practical tips of money management.

Money management for couples

Be Open and Share Responsibilities

Be honest about your goals, income, spending habits, debts, taxes and bank accounts. Share responsibilities in paying bills and handling investments based on your respective aptitudes. Nevertheless, make sure you work with your partner’s personality and not against it.

Budget Your Expenses

Budgeting is a great exercise to ensure you don’t go into debt. However, don’t be too hard on yourself. Allocate enough money for your hobbies, eat outs and fun activities. These are happiness indicators that ensure your life is well lived.

Go the App Way

Smartphone simplifies everything. Use mobile apps such as Better Haves for easy budgeting and monitoring, and Expensify to capture your daily expenses and of course to keep a tab on your partner’s expenses as well.

Create a Joint Account

Yes, joint account works! In addition to strengthening the trust factor in your relationship, joint account creates an easy mechanism to automate bill payments and investments.

Start Investing

Begin now, you’re late already! Invest for the future in financial instruments that suit your needs, lifestyle and goals. Don’t forget to save for your rainy retirement days.

Cover Contingencies

Always stash up cash for emergencies. Unexpected woes such as job loss, illness, and natural disaster may pop up any time. Hence, it is wise to be ready at all times.

Whether it is money or marriage, give it your 100%. Now the tamed money monster will return to his blissful slumber, not even snoring this time!

Tell us how you manage finances with your partner.

Last modified on Friday, 15 April 2016 14:01