How to Financially Plan for Couples

Financially planning can mean a world of difference for couples. Relationship experts agree that the main reason married people fight is due to differences in how they handle their money concerns and beliefs. By agreeing from the beginning on how to plan and handle finances, you are actually upping the chances for a successful relationship.

Instructions

Difficulty: Moderately Easy

Plan for Couples

1. Work out how finances will be handled. This is unique to each couple and their own capacities when it comes to spending and handling money. If one of the two people in the couple is better at handling finances, she should be in charge of paying bills, making contributions and keeping track of the budget.
2. Choose which type of bank account works better for your relationship. Most couples have joint accounts, but don't assume that's the only financially acceptable option. You may decide on a joint account plus separate accounts, or you may simply decide that you want to keep your finances separate. This is a common source of conflict between couples and something that must be worked out well in advance.
3. Decide on a spending plan. This means agreeing on how much money you will spend and how much you will save or invest. You also need to decide how much of the joint money can be used for personal things without having to consult the other person.
4. Open a savings account together. This is an investment for your future and something that will benefit your children later on. Set up rules regarding how and when this account can be accessed--for example, both of your signatures could be required to withdraw money. While trust is important when it comes to financially planning your future, you also want to make sure that you are both a part of all the big decisions regarding money.
5. Decide what happens with personal debt that is brought into the partnership. Ideally, both partners should start debt-free, but this is often not the case. College loans, credit card debt and small business loans are often carried into the relationship. When this happens, you need to make clear from the beginning how the debt will be handled and where the money to pay for it will come from.

Tips & Warnings

• If your partner has ideas about money that are completely opposite to yours, you may have a hard time finding a middle ground to agree on. Try to work on the big issues first and then slowly resolve the details as you go along.