Money is a very touchy subject in a relationship. It encompasses issues of pride, of being able to provide for one another, and of working within your given limits. It can make or break moods and situations, or worse, cause feelings to dwindle when issues are not properly addressed.

Successful couples make money work for them, not the other way around. Whether you’re starting out or already have several decades under your belt, it’s important to always be in the know when it comes to finances. Be a pro with these tips that will make you and your partner not just stay afloat, but actually be stable and happy.

1. Be transparent.
Before you can even plan for anything, you should first be honest with each other about your spending habits. This will help both of you manage expectations down the road.

2. Set financial goals.
If you are to succeed financially together, then it’s important to look at the same direction. Is your goal to have stability in three years? Are you thinking about a huge investment? Knowing where you want to be in the future can help you plan the present.

3. Have both separate and shared accounts.
Having a joint account means you have a communal pool savings that you can draw from for things that can benefit you both. However, it’s not a resource for your daily expenses. For those, you’ll need accounts of your own. This way, you’ll have the freedom of having your own money aside from managing to save for your common goals.

4. Create your budget together.
Sitting down and talking about your finances is something that needs to be done especially if you live together. This will enable you to anticipate the things you need to spend for.

5. Make sure to return borrowed money.
Just because you’re a couple doesn’t give either of you the right to loan money from one another without returning it. Giving back what you borrowed, no matter how long it takes, is a sign of respect – something that you need for the long haul.

6. Monitor your finances.
Do you best to religiously jot down your expenses, no matter how trivial they may seem to be. Seeing your spending trend over a number of days or weeks can help you adjust your budget and your lifestyle accordingly.

7. Make sure to have an emergency fund.
Totally separate from your conjugal savings, an emergency fund is something you use in case of any unexpected life event that will cause you to shell out a huge sum on short notice. Whether or not it covers the entirety of the expense, having an emergency fund can help you defray costs, making it easier for you to bounce back.

8. Pay in cash.
Swiping your credit card way too often can cause your credit to accumulate to the point that you won’t be able to pay your monthly fees in full, causing them to compound. For small transactions, make sure to pay in cash. Not only will this lessen the bills that you need to think about, but also keep you away from debt.

9. Take advantage of installment promos.
For huge purchases that are hard to pay in cash, look for establishments that offer installment promos. Make sure to go for zero interest schemes so that you’ll only pay for what you bought, without any other bank charges.

10. Take note of payment schedules.
Put your phone’s calendar to good use and jot down bill deadlines, especially those from the bank, as late charges can be a total pain.

11. Live within your means.
Knowing your financial limits gives you more freedom, so spend only within the boundaries of your budget.

PHOTO: Pixabay

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