Couples get into arguments all the time over the best way to handle money and finances. It’s enough to cause strain in even the strongest and healthiest relationships. Both need to take the time to sit down and learn about financial planning for couples.
One of the things that all experts agree on is that the biggest issue with couples is lack of education. Another issue is good communication about expenses and income. Both sides need to understand not only their own personal budget and assets but the other’s as well. Then they need to determine which assets to share.
You need to draw lines about how to spend the money, exactly. Accusations and judgments about spending can lead to a lot of conflicts. This happens especially if one side accuses the other of hypocrisy with their spending habits.
One way to cut confusion and arguments overspending is to get an advisor for financial planning for couples. You don’t have to hire an actual “advisor” these days. Instead, you can use Robo-advisors and financial planning software and calculating tools.
Financial Planning for Couples With a Designated Software
Budgeting software helps couples track all spending. Using it takes out a lot of guesswork of the other is doing with the money. It’s a starting base for financial planning in the future. They will see if any expenses are showing up that they can reduce or even cut out (both sides need to agree). It’ll help to save money in the long run.
The #1 priority for any couple, particularly those planning on starting a family, is to have an emergency fund. Always set aside a bit of money whenever you can. Even if it’s trying to set aside $5 a week. You never know when something huge might happen that will require a lot of money to deal with. It’s recommended that you aim for approximately 6 months’ work of bills and household expenses in your fund. That will let you live off the fund until the situation begins to straighten out.
Budgeting software can be great. But nothing beats talking with an actual advisor at least once a month. It helps to have an objective voice help both of you determine any possible mistakes you might be making. A good advisor will show you what to do to improve your finances.
One place to begin getting the best financial planning for couples is MaxiFi. The Household category includes three levels of planning: Standard, Premium, and Pro. You can always expect to receive helpful and responsive customer support.