Sunday, January 31, 2016

Romance and Finance: How To Properly Manage Money As A Couple

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Love brings the best out of many of us. We find that we become more tolerating and forgiving of actions we never could tolerate. The sky looks bluer and the music of the birds sound more melodious, we even start to feel like we have springs in our feet. It is just so amazing to know that there is someone who is always going to be there for us through our flaws and all. As our relationship grow, we find that love is not all milk and honey, and there are things that can become deal breakers when not properly managed. Turns out many people can fall in love but it takes a large dose of maturity and emotional intelligence to stay in love.

Not many people start relationships hoping for the end of it but things happen along the way that make people get less fond of the love that used to be.

One of such things is finance.

Having the talk about money is never so easy but it is one of the most important things as it can decide whether a marriage will thrive or not. Many of us claim to be very in love but we won’t even divulge how much money we make to our significant other (this is a post for another day ).

Time has really changed from what it used to be. Men and women used to have traditional roles. The man was known as and also assumed the role of the sole provider while women were better known for home keeping. These days, roles are no longer limited to particular gender as husbands and wives work. Issues like who pays for what and how money should be spent are quite common. There are households where the woman earns more than the man and there are still some where one of the couple stay at home with the children while the one working gives allowance.

The thing is, marriage doesn’t automatically erase our differences in style, so a man might think getting good gym equipment is a good buy while the woman would rather money be spent on a great juicer. Also, the question sometimes arises as to if same burden should be borne by each person in the marriage. Should one account be kept or should couples have separate accounts?

To reach a consensus, adequate communication and planning is needed. The situation need to be approached based on its peculiarity and the parties involved have to be reasonable and open about their fears and weaknesses. This is to avoid grudges which can lead to deep resentment between couples.

Many experts recommend for a joint account to be opened where couples keep money to be used for the upkeep of the house. Agreement should also be reached on who pays for vacations, children’s school fees etc. it is also advisable to keep separate accounts that can be used in funding personal needs. We all deserve to be happy individually so while looking out for the family, a little personal treat doesn’t hurt.For couples who are in marriages where one person has sacrificed career to look after the home, more tact is needed as the one without the money can fast become bitter especially when the one making the money seem insensitive to his/her plight.

Whatever formula you employ as couples, what matters is understanding.

God bless.

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