Financial planning can be difficult when you only have yourself to care for, but when you throw in a second person, a second income and a second set of expenses, it can become downright daunting. Don’t despair! Here are some financial tips especially for couples:
Identify the spender and the saver in your relationship. Don’t point blame or argue over this step, just be honest and accountable. You are a team now.
Discuss what aspects of financial planning you enjoy and which you don’t. Also, discuss your strengths and weaknesses.
Devise a plan. Appoint one person to pay the bills. Decide who will keep track of income and out-go and who will make investment decisions. You may decide to do these things together. If so, make sure you are consistent and you don’t put these important steps off for more enjoyable activities. Meet together often to go over the budget and where you stand.
