How to Be Richer, Not Poorer: Top 5 Financial Planning Tips for Couples

By Susan


Last Updated: September 15, 2021


Ask anyone - one of the most common couple fights revolves around money

Budgeting together may not be easy, but simply put; couples who figure out how to manage their money together are more likely to succeed financially than those who don't. 

Because of the global and economic crises, many of us feel that money is scarce right now. You'll probably want to preserve every penny you can for a rainy day, especially now that the global economy is doing a massive reset in the wake of the pandemic. .

Inflation, rising interest rates, stagnant wages, and a high standard of living all contribute to greater financial strain for couples everywhere. 

Creating a rigorous budget can help you navigate your funds intelligently more than ever now. Whether we are single, in a new relationship, dating, or married and starting a family, no one can dispute the importance of financial stability in our everyday life.

Research has repeatedly demonstrated that today's young families find it more difficult to save money than couples from earlier generations. The contemporary financial system just does not follow the same rules as it did decades ago, but that doesn't mean you have to lose out on major life events like marriage, starting a family, or planning for retirement.

We've detailed the five best financial tips for couples so that you and your spouse may experience financial stability without sacrificing life's little joys.


1. Make a Shared Budget with Your Partner

The key to properly managing your money is to create a thorough budget. 

Sit down with your spouse and figure out how much you'll need to spend each month to make ends meet. 

  • How much money are you both making after taxes? 
  • How much do you need for your monthly bills? 
  • How much are you spending on non-essentials? 
  • Do you have a plan or goal to save for the future? 
  • Look at your bank statements to see what you are actually spending money on

After you’ve taken a good, hard look at your financial habits and your individual and collective revenues, you may establish a fair budget for each person. 

One issue that can come up is when there is a discrepancy between your incomes. One helpful hint to avoid argument is to figure out your budget based on percentage, not a flat rate. 

For example: You make $5,000 per month and your partner makes $3,000. Your monthly bills come to a total of $2,400. If you each contribute 30% of your monthly income ($1,500 and $900), you are contributing the same percentage to the bills, even if the amount is not exactly the same. 

Once you have a clear image of how much you may spend on non-essentials each week, you may be surprised at how effortlessly you can avoid needless expenditures!

Your budget will assist you in both reducing unnecessary spending and encouraging you to think twice before using your credit card to purchase yet another pair of designer jeans or a glitzy new technological gadget. Maybe you should hold off on buying that brand-new, enticing new phone until next year...


2. Keep a Record of Your Expenditures

You'll now need to keep a record of every item you buy once you've created a budget. Every transaction, including:

  • Groceries
  • Medications
  • Gas 
  • Auto maintenance 
  • Entertainment expenditures
  • Impulsive purchases

Make a list of everything you spend money on, and save receipts in a designated location in your house or on the computer. Now’s the time to pull out your spreadsheet skills! 

At the end of each week, add your receipts to your partner's and determine exactly how much you spent each month. When you have everything in front of you, determining where to decrease expenditures is considerably easier. 

For those of you who lose receipts, using an app that allows you to input how much you spent, where you spent it, and when you spent it would be a good idea. You should endeavor to start almost immediately.

The Penny Hoarder has a great list of budget apps for couples, including: 


3. Create a Joint Savings Strategy

That rainy-day fund isn't going to save itself! Set a financial goal for the family and work together to achieve it. Discuss developing a realistic and actionable savings strategy with your partner. 

It’s also a good idea to talk about what you’re saving for! It can be easier to save if you have a goal in mind, whether it’s for a vacation fund, a commitment to pay down your debt or saving up for a new couch. Goals can also be long or short term, but the important thing is to be on the same page. 

Financial experts recommend setting aside at least 20% of your monthly payments in a savings account, but if you can't do that, any amount you can save, no matter how modest, will help.

You don't have to save the same amount every month as long as it becomes a habit. Add a little more to your account if you or your partner earn a bonus or if you have a side venture that is succeeding. This will help to make up for the slower months. This is also a potent financial tip for couples.


4. Make a Rainy-day Fund and Pay Off Your Debts

You and your spouse will almost certainly confront several financial problems as you begin on your journey together. If you're still dating, there's no better time than now to start saving for an emergency fund and paying off your debts.

Set away a percentage of your wages each month to grow your savings. Ideally, you should have between 1 to 3 months' worth of costs in your emergency fund, ready to use at any time. This money will assist you in dealing with unforeseen expenditures or events such as job loss or abrupt sickness.

Consider paying off whatever debt you may have. Financial Fitness Association, a non-profit debt relief organization, can allow you to pay off your debts in manageable, easy-to-paid installments without taking out loans or incurring over-limit fees.

Debt-related stress is one of the most difficult things to deal with in a relationship. If you can pay off your debts, your partnership and future will be financially successful.


5. Talk About Your Finances Regularly

Before you tie the knot, you and your spouse should have a clear understanding of your financial objectives, desires, and priorities. 

That being said, your financial talks should not end there. Make it a point to speak openly about your money regularly, such as once a month, quarterly, or even once per year.

Make use of these talks to figure out where you stand financially. 

  • Are you on track to achieve your objectives? 
  • Is it time to revamp your budget? 
  • Do you have any major financial problems that you need to address? 

Even if these talks are difficult at times, sticking to a routine will make it easier to stay on the same page. This has been proven to yield great results over time!


Final Thoughts on Financial Planning Tips for Couples

Whether you're married, engaged, or living together, money difficulties can cause unneeded worry and strain in your relationship. 

Budget wisely, pay off high-interest loans, and have frequent financial talks with your spouse to ensure that your economic objectives are matched. You will avoid a lot of money disputes and depression financial problems if you can prepare and also save carefully.


Photo by Ketut Subiyanto from Pexels


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