A few days to celebrate Valentine’s DayFinanzasAlToque.pe, the financial education program of the Bank of Peru Association provides some recommendations to manage the finance in couple.
Encourage each other to talk about it in a positive way. The first step for any change is to put the issue on the table and be transparent. They can meet as a couple at a special time and place where this is the main theme of the meeting. Approach the conversation naturally, prioritizing knowing your spending profiles, your common objectives and goals. The clearer and more orderly your finances are, the fewer sources of problems there will be.
Get to know your partner’s financial personality. Knowing your partner’s financial personality allows you to delve into the similarities and differences that each one has regarding financial management, complement each other to have better financial management, have clarity about your future goals and plan to meet objectives together. Approach the conversation with honesty and transparency.
Create a budget together. In order to have an orderly management of finances, it is very important to have a budget that allows you to identify how much money you can allocate for each type of expense. It is advisable to prepare a household budget as a couple to take better control of your finances. If you live together, you must list your income and all your fixed expenses (rent, electricity, water, etc.) and variables (outings, purchases, etc.). Calculate how much money you have at the end of the month and identify if you need to make adjustments. Remember to try to allocate money for savings. It is recommended to save at least 20% of income.
If you still live apart, identify what expenses you have in common and define honestly and transparently how much each of you can spend on the things you like to do.
Look: Valentine’s Day: How much do lovers spend on flowers and chocolates?
Evaluate the proportionality of expenses. Not all people have the same income, and consequently it is logical that not all people can spend the same. Being clear about how much each of you can spend and reaching agreements will help to have a healthier relationship. An alternative is that each allocate the same proportion of their income to the expenses or goals they have in common. For example, that each allocate 15% of their income in housing. The most important thing is that they reach a clear agreement that satisfies both of them.
Save. Savings allow you to meet future goals and cope well with emergencies, which will occur sooner or later. Set a monthly joint savings amount in your budget and set it aside as soon as you can. There are options, such as term deposits, that offer a higher interest rate and allow those savings to grow. Evaluate the options offered by the financial system, and choose the one that suits you best.
Leave space for yourself. We all have different tastes and interests. Consequently, there are expenses that are individual and do not necessarily have to be shared as a couple, such as buying clothes or a new cell phone. It’s okay if these expenses come out of everyone’s income. What should be sought is to comply before that with the obligations that have remained with your partner.
