Tom Mathews is author of the book “How Money Works” and a Certified Financial Educator. Today he is here to make sure that finances and money don't spoil your relationships.
He has several tips for couples.
His/Hers/Our accounts: For most couples, it’s a joint checking and saving account as well as some shared investments. However, one recommendation that seems to benefit couples is having separate accounts with small amounts of cash so each person can do whatever they’d like at times. This helps prevent arguments over purchases made with joint funds.
Know your partner’s money personality: Is he a spender? Does she like to save? If you are still in the dating stage, this is important to figure out before things get more serious because it can cause problems for even the strongest relationships. If you are married, have a heart-to-heart conversation and outline what your “must-haves” are and prioritize accordingly.
Talk it out on big purchases: Spending a few bucks here and there on little things is one thing and doesn’t require your partner’s approval. But when it comes to a big purchase like a car, for example, talk it over with your spouse and make a decision together. Nobody wants to be blindsided when a new BMW shows up in the driveway.
Set goals together: What are your long-term goals? Is it a bigger home? The dream vacation? Having enough money to retire comfortably? Whatever it is, make sure and work on reaching your goals together. Motivate each other to keep the proverbial eye on the prize. Support each other in good times and bad ones.
Budget in the fun: You may have heard some financial advisors recommend skipping out on vacation or other fun activities. While it might help save money, it’s also unrealistic. You can have fun – whether that’s eating out, going to concerts or taking trips together – just make sure and budget for these things ahead of time.