A great way for couples to manage their money effectively is to routinely set up money dates. Pick a time when you are both alert and set aside about 30 minutes to discuss your current financial situation. Be sure to touch on any outstanding or upcoming bills and evaluate your current debt situation. It is also important to talk about how much you are saving as a couple each month and what your goals are for the short and long term.
Couples who set up money dates on a regular basis find it much easier to manage their money. It is important for both parties to understand where the family is at now and where they are headed. Both can contribute to the discussion and can have input into where changes need to be made.
If you haven’t had a money date with your spouse in the past, you will likely want to have money dates on a weekly basis for a while, until you both are on the same page and you feel you are on track. Then, once a month should be enough. Communication is key to successful money management as a team, so be sure to be open and make sure that each party also gets a little spending money each month.
As well, don’t be afraid to dream big together. Set goals and create accounts specific to those goals to make it seem more real and attainable. Figure out between the two of you how much you think you can contribute towards each of these goals. By saving together, it will bring you closer together.
After having frequent money dates you will find that your money management skills will continue to improve. Celebrate your successes as a couple and learn from your mistakes and all the while enjoy the journey.
1 Comment
I actually took this advice last week! My wife and I sat down to discuss our phone bills and decided there wasn’t any reason for us to continue to pay for a home landline phone when we both have dependable cell phones with unlimited plans. After we got married last year, we got rid of our individual contracts (that totaled about $190 or so between the 2 of us) and gave Net10 prepaid a try based on a friend’s advice – their $50 unlimited plan combinded saves us nearly $100 a month. Between the prepaid phones and the cancelled landline, its easily $140 we’re saving a month.