Manage finances as a couple can be tricky. In this video, I’ll share the different ways you and your partner can manage your finances, and also give you some tips on how to do it safely. Enjoy!
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0:00 – Introduction
0:45 – Statistics
There has been many studies which found that money is one of the leading causes of stress in relationships. And you need to talk to each other about it. Because a study found that the more you argue, the more you are likely to be divorced. For example, couples who fight about money once a week, are over 30% more likely to get divorced than couples who disagreed about finances a few times a month.
1:37 – Keeping Finances Separate
It’s more and more common to do so. In the past only 11% of family keep finances separate, now it’s 28% instead.
That’s because in the past, a lot of families had only 1 breadwinner, while the partner stays at home to take care of the house and kids. But now, more and more couples have their own job.
Benefits of keeping finances separate include, keeping financial burden to yourselves, avoid messy financials, and want their own independence.
On the other hand, it comes with some problems, like you’ll be less prepared in emergency situations, make a partner feel their worth is linked to how much they earn, and it’ll be hard who’ll be paying for stuff.
4:04 – Combine Finances
A better way would be to combine finances. It has benefits like align your goals like retire early together, have a safety net to fall back own in case anything happens, and it keeps finances simple.
However by combining finances, couples might feel constrained when they want to buy something for themselves, or risk the family’s finances if one of the partner is a gambler or spender.
5:31 – Partially Keeping Finances Separate & Combine Finances
By partially keeping finances separate and combining some of your finances, you will benefit from both method. You can contribute a percentage of your salary. Now, you will work together as a team, have shared goals, both will contribute equally to expenses.
At the same time, you will have your own money to spend, and won’t feel guilty about spending it. Combining finances will also create a stronger sense of equality. This is also how I do it with my wife, so far it has worked well.
7:05 – How To Discuss Finance
The most important thing is to be transparent to each other. If you have married your partner, you guys are a team now.
A study found that couples will actually feel happier when they discuss about money.
That’s why in any relationship, communication is key. Be open to each other and talk about money in a relaxed environment. Listen to each other, what’s their thoughts, how do you guys feel is the best way to manage money? Where do you want to be in the next 10 years, 20 years?
Either way, don’t try to force your ideas on each other, because it will lead to more arguments. So, find out what each other wants, and come to a consensus that both of you are happy about. When you are more open to each other, you will have a stronger relationship.