Continuing our latest mini-series on how to win with money as a couple, we’re bringing Part 2 today!
Who is the ‘Saver’, Who is the ‘Spender’?
Find out who is the Saver and who is the Spender. Maybe this changes each month? Either way, each person provides a valuable place when considering your monthly budget. Spender’s help provide the ‘fun money’ in the relationship and Saver’s think about the future while maximizing the present. You need both.
Who pays what and when?
Designate which bills each person will be responsible for paying every month (using the same bank accounts). This prevents confusion or duplicate payments.
Communication and Money; go hand and hand
Keep lines communication open. If there’s an unexpected expense, big or small, make sure the other knows about it. This will prevent concerns that someone’s debit card was compromised if someone doesn’t recognize a particular purchase.
Monthly Budget Meetings and Tracking Expenses
Monthly budget meetings. Are boring, but necessary. Tracking expenses is key if you are looking to get out of debt. It’s also necessary if you are saving up to buy a home, save money for a child’s college, etc. I’m talking about using spreadsheets, apps like “YNAB” or “EveryDollar” and “Expensify” to keep track. Not simply just monitoring your banking history online.
Fun Money is a Necessity
Setting money aside as “fun money” or “I want this money”. This is important. You can stay laser focused on your financial goals if you set aside some money each month to treat yourselves. Whether it’s date night, a concert, movie, bowling, etc. Winning with money doesn’t mean abandoning the things that make you happy.
Your Savings Isn’t For Spending
The money in your savings is there for a reason. Leave it. If anything falls outside the budget respond to people Like comedian Kevin Hart says, “I would, but you see, the way I got my bank account set up, I got a checkings and a savings, but all my money is in my savings, so I gotta switch it to my checkings, but it’s gonna take 3 business days…I don’t think it’s gonna go through”.
Money is both Security and Empowering
Guys, understand that money equals security for women, & ladies understand that having money empowers Men. Balance each other out. Exactly like your budget….balance.
Stay tuned for Part 3!