WRITE DOWN GOALS
It is important to know what you are working towards as a couple. This step avoids pulling to different direction and end up spending more than necessary. Goal setting gives your spending ability a direction and a sense of good financial planning.
Write them down and arrange them according to which ones you would like to tackle first looking at your financial capability. As a couple try to work on financial priorities and avoid pressure form people that surround you. This May be hard to do since couples are made up of people who are individuals before anything else an have their own personal dreams and priorities. Try to come up with goals goals that support both your dreams and there are no major compromises.
DESIGN A JOINT BUDGET
After setting up goals and knowing what you will be working towards try to come up with a budget to help you navigate your spending patterns and come up with ways of also getting rid of spending that is not needed.
As much as we might have individual budgets this one is important too. This means you are not just throwing in money into joint goals and not controlling how it is spent. Creating a budget will also allow you to know which items are more expensive than the others. Budgeting makes it easy to know how much to contribute towards making things happen.
DISCUSS JOINT BANK ACCOUNT
Here comes the important part about joint financial decisions as a couple. Having a joint account makes it easy to spend on things you both need or just any joint activities that might require money e.g You can plan to have night out every Friday and spend from the account instead of wondering who pays the bill or the other partner feeling like they are always footing the bill.
Every joint activity will have a budget and an account to spend from. This also makes the couple feel comfortable about their spending since it is effort from both sides. The account can cover vacations and house renovation or anything that has “couples” written on it.
TRACK YOUR BUDGET
Budget tracking is so underrated and often time not used at all. Budget tracking helps with knowing what could be taking most of your money and how you can find another alternative to replace the big spender if it is a need.
Keep an eye on expenses that are on the budget but they do not serve a huge purpose in your lives.
You can find a budget/expense tracker in my store Expense Tracker
HAVE AN EMERGENCY FUND
Though you might have a joint account make sure you set a minimum amount that has to ALWAYS be in the account. Make sure you minimum can cover a lot things in along period of time.
Your can set your minimum to be a total of 3 months of what you spend monthly. E.g. if you spend $1200.00 monthly set your minimum to $3600. This means this account also serves as a saving account. This means your budget has to include this money. You can plan to start spending for other fun activities after you reach the minimum.
You can also plan to have a separate account for emergencies. This means there will be a certain amount put in that account monthly and no money can be spent from it unless it is an emergency.