Couple life and personal finances can sometimes be a complicated mix. Each person clearly has different experiences with money and each person can have completely different philosophies about how money should be spent.
This often creates problems in couples but these problems in general are reduced to a lack of communication and poor organization .
Couple Life vs. Personal Finance
In short, if you want to have a healthy life as a couple and also well-financed finances, overcome your blockages of talking about money with your partner . Never be afraid to sit with your partner and review the financial situation of both.
Be sure to define your financial goals together , as a team, and not separately. And make sure you have compatible or similar philosophies in the way you spend money. If your partner spends much more or less than they would like this will cause some discomfort and you have to clarify things.
As I said most of the problems in this area between life as a couple and personal finances are about communication problems. Although both of you are usually in the same ” wave ” in terms of financial problems there is no communication in the way of managing and organizing your bonds and in the way of spending.
It is very common that one of the members of the couple wants to save something else and another thinks that it is not necessary. If you are the one you want to save more or improve the management of your finances we will see some possible solutions to this problem, some are correct and others are perhaps too radical and can cause future problems of another type.
Solutions to Financial Problems in Couple
Forget it for a while : If the extra amount you want to save is not very high, this may be the best way. Allow your partner to have a little more extra money to spend. The only problem with this is if spending is growing over time and savings are reduced, which is a fundamental problem.
Hide money elsewhere : This solves the financial problem but does not solve the problem of lack of communication at all. And it can cause more important ones. Over time this money will come to light and create a problem.
Why? By doing this, you are demonstrating a total lack of confidence regarding your partner. This solution is only for extreme cases in which your partner is unable to control the expense and spend a lot of money jeopardizing the financial situation.
Talk about the issue : This is the completely opposite situation as it solves the communication problem and also hopes to solve the financial problem. The conversation can help solve some of the communication problems and really help you get your financial perspectives.
Establish a maximum expense for each : Another possibility is to establish a maximum expense for each. Start the conversation on the subject with this proposal. Although this does not solve the problem it really is a possible temporary solution.
How I Organize My Finances as a Couple
To close the topic I will explain how I organize my finances as a couple in case more people help.
My partner and I have separate accounts where we enter and spend our money and a savings account each, we also have a common account of where we pay joint expenses.
The money we enter each one is separated into three parts:
- 30% for savings . Everyone has their own money saved.
- 35% for the joint account where we pay common expenses.
- 35% to spend on what each individual wants.
In this way we have never discussed whether she or I spend more or less. Everyone has their money and can spend it on whatever they want. If one day I devalue Steam and buy me 15 games I do it with my money and if she goes crazy buying 10 bags, she will do it with her own.
Another important aspect is that we contribute to the common account a percentage of money and not a specific amount. In this way the economic weight that we both have is the same (each 35% of their money). If they were fixed amounts (250 euros, 500 euros, etc.) it is possible that one of the two is making an envelope is economic force. This point is important especially if the salary differences in the couple are important.
Before choosing the percentages you have to calculate as much as possible the expenses that you have in common. Mortgage / rent, supplies (water, electricity, gas, etc.), leisure expenses, etc. to choose the correct percentage that covers all expenses. Of course to do this correctly it is very important to talk with your partner and decide in common.