Couples Sharing Relationship Costs
‘Money issues’ is the second top reason that leads to divorce. Money really touches everything. It impacts people’s lives. Here are some tips on how to overcome the money bit.
1. Talk Openly About Money
It’s amazing how couples assume that because they both like a certain type of music, they believe they will have the same opinions about money.
To be honest, money is still a taboo topic in society. And the recipe for a great marriage is great communication. So talk about your financial objectives, and where you today and think of strategies for getting to where you want to be. Discuss responsibilities such as bills, rent/mortgage and things you'd like to do, such as ‘treat yourself’ activities.
2. Set a Monthly Budget
Once you have discussed what you want to do with your money, create a budget to see where you are financially. This will be a great eye opener and real conversations will be had after this as it will reveal whether you are you living above or below your means. Let’s be honest, most people googling how to share money as a couple have noticed more month at the end of your money, and are now looking for ways improve your current situation. Most people find they both have annual gym memberships yet they have only been there four times in the last nine months!
· Allocate funds to the budget
· Go through a detailed review of the budget at the beginning of every month
· Check your credit card spend and make sure you are still in the budget
· Make sure all the money you have is accounted for
· Keep a close eye on your personal budget and spend as well.
3. Opt-in Direct Debits and Savings
Today’s technology allows you to simply give your bank an instruction and let the bank do the work for you. Bantu is an app that helps couples share expenses more easily. It allows you to get together as a pair and create various shared accounts called Tribes for saving and spending money together. It allows you to simply categorise incomings and outgoings with only a few taps, and it is significantly less expensive than a standard joint bank account, and once you are done with that phase in your life you can easily delete the tribe.
4. Take Individual Charge
Give each other responsibilities on things that need to be paid for. While the direct debit will handle most things, there are always those bills that seem to sneak up on you like the annual bills. So if you both take responsibility for a certain bills it is easier on the budget because you are prepared and not caught off guard. Bantu will send a notification of the bill about to come out, but it may be a day before, so stay on it. Another amazing thing is that you can each spend money on the things you are responsible for from a selected tribe that you want to use.
For example, if you have two Tribes – one for the house and the other for holiday – and if you are in charge of the holiday accommodation you can select that tribe and spend money on an accommodation from that specific tribe and not the whole account.
5. Keep Your Eyes On The Money
Split the bills according to what works for you at the moment and continuously come back discussing your finances and your situation from time to time without missing a beat.