Valentine celebrates love and friendship. But as a couple, managing finances can sometimes be a source of conflict and discussion. Don’t let that happen and apply these tips.
Make an appointment
Express to your partner your desire to plan the use of money this year, especially due to the crisis situation. The pandemic prompted changes on the fly to move forward and it is time to formally organize finances.
Record the expenses.
Before the appointment, each one of them write down on a piece of paper all the expenses that they make each day and others that they would like to do later. Fixed expenses are probably already well known to you.
Make a budget.
Write down your net income and group expenses into basic (survival), non-basic (lifestyle), and debt. In this tool you can see the details of each one. This is the “snapshot” of your finances that will make it easier for you to make decisions.
Prioritize goals.
Talk about personal and partner expectations. Perhaps one wants to go back to study taking advantage of being at home and another to start a small business to recover or increase income, etc. Define the things that are important to both of you.
Come to agreements.
Decide how to manage money based on objectives. One can cover certain expenses and another pay for other things. They can divide the fixed expenses into two parts – equal or not – and each one take care of their eventual expenses. One makes the payments and another keeps the savings, etc.
Each individual has personality traits that influence money management: cautious, spending, saving, risky, etc. This is not a problem as long as the financial stability of the two is not compromised. Listen, be empathetic and respectful of the other point of view to make satisfactory decisions for both of you.
