As a mobile bookkeeper, I am part of many situations on a daily basis. The issue that stands out to me the most this week is couples and money differences. Everyone has their own priorities and their own spending habits. Why fight it?
When couples begin to intermingle their finances, it is important that they each keep a separate account as well as the joint account for household expenses. To do it any other way will usually cause friction over spending habits.
What if she wants or needs a new pair of shoes. He might feel that they are not necessary and an argument breaks out. Or he wants an Ipad and she feels that it is unnecessary. Each person has a right to fulfill their wants and needs within reason.
Why not take some time to discuss the household budget. Set up a separate bank account if you haven’t already and decide how much money needs to be deposited each month to cover living expenses and savings goals. This budget should be set up as a fair percentage for each person. If she makes more than him, she would contribute more to the joint account and vice versa.
Once this has been decided, there should be extra cash for your personal account. This is where the funds for new boots or an Ipad would come from. This strategy will eliminate the fighting and control issues. If you have a passion for donating to charities but your partner does not, you will have the freedom to make your own decisions and feel good about them at the same time without judgment.
Working out financial strategies with your partner will reduce stress and arguments over money and allow you to live by your values without compromising. Sometimes compromise is good but other times, we need some freedom to make our own choices.
This is a great lesson for anyone with kids. They are always watching and learning so the better the lesson, the easier money situations will be for them when they head out into the world on their own. So track it, save it, spend it, and talk about it. Regular discussions will keep everyone on track and keep you on the path to financial freedom.
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