12 Money Habits of Highly Effective Couples

Money Habits of Highly Effective Couples

Being a financially effective couple has nothing to do with being rich. It has to do with managing the money you have and allocating it effectively toward the things you value and want to do in life.  Here are 12 habits that can help you become one of those couples that “have it together” when it comes to their money — and tips on how to get there.

Understand You’ve Shared Vs. Personal Expenses

This can help you eliminate spending on some things you’re both paying for (it happens!) and get a sense of your actual shared bills to utilize your joint account better and start spending as a team. Get out a spreadsheet or pad and paper and start making a list of your shared and personal expenses. 

Know Your Strengths and Weaknesses

Let’s face it; not everyone comes into a relationship with all the financial know-how. Rather than expect the more free-spirited person to become the master of spreadsheets, think about how they can best contribute to the financial relationship. Figure out how each one can own a financial role that feels joyful and not a miserable chore.

Understand Your Needs, Wants, and Goals

Couples that manage their incomes effectively juggle their short-term and long-term goals and allocate their paychecks into the near and distant future. By creating buckets, for example, using the 50/30/20 rule (50% on needs, 30% on wants, and 20% to savings), you can start effectively planning with your money rather than just saving and spending sporadically.

Learn Each Other’s Money Stories

We enter into our relationships with a lot of baggage when it comes to our money. Our parents may not have taught us good values or how to handle personal finance. Maybe they just weren’t good with money and weren’t role models. One or both of you may not be very financially literate.

Set Up Monthly Money Dates

Most couples would rather take a dentist trip than sit down and spend an evening talking about their financial situation. And who can blame them? Conversations about money can be really stressful and end with fights and recriminations. A solution is to set up a monthly money date to soften the tough topics’ blow and make them more regular so that there are no jolts or surprises.

Start Automating Your Finances

Couples who let automation take on the burden of paying bills and certain shared expenses have more time to spend doing things that are actually, well, enjoyable. Automation allows us to reduce what behavioral economists call ‘the pain of paying.

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