5 Ways to Effectively Manage Money as a Couple
As a couple, sharing a life with your partner means sharing their highs and lows and all the mundane bits in between. While talking about finances might not seem exactly romantic, having a stable financial base is definitely one factor that can help your relationship go the distance. A couple that manages their finances together grows together. Therefore, to maintain a healthy relationship, it’s important that you both manage your money as one.
Here are some tips that can help you and your partner:
1. Be open about your debt and current financial status
Honesty and trust are integral to every relationship. Hence you and your partner must be honest about the current state of your finances. Being open with your partner about the details of your debt, loans, credit history, spending habits, and monetary goals will ensure that no one is in for a surprise in the future. It can help you evaluate which expenses you should share and which you should handle individually. Discussing money matters is a sure-shot way to solidify your relationships.
2. Talk about your money goals
When you work together to manage money, you can embark on bigger and better goals. Whether it’s paying off your loans, travelling or buying a new car or house, talk about your short-term and long-term goals and plan your finances accordingly. Communicating shared goals is an impetus to save up together and achieve them faster.
3. Consider having a joint account to manage shared expenses
While having separate accounts as a couple is absolutely essential to maintain your independence, it is advisable also to have a shared account. Here, both of you can put in money each month to take care of regular household expenses such as rent, bills and groceries. This also makes it easier to track the expenses you make individually and as a couple.
With HDFC Bank SavingsMax Account,, you get lifetime free Platinum Debit Card for the primary account holder with a daily cash withdrawal limit of Rs. 1,00,000 and shopping limit of Rs. 5,00,000. And free lifetime Woman's Advantage/International Debit Card for all account holders. You also get up to 1% CashBack on every Platinum Debit Card transaction.
4. Divide your financial responsibilities
Another important way to keep money problems at bay is by sharing financial responsibilities. You both must know answers to questions like how you will divide payment for utilities, who is responsible for making the rent payment in time and more. Minimising late payments and sharing money-related tasks is a great way to ensure harmony in your relationship.
5. Jointly Review finances periodically
With changing income levels and increasing responsibilities, it is important to review your savings and goals periodically as a couple. Doing so will ensure that you are always on top of your finances and can keep up with everything in life together; whether it’s saving up for your child’s education, a home renovation or a holiday to your dream destination.
Managing money as a couple can be challenging, but it doesn’t have to be painful. And with the right banking partner, you can easily focus on the things that matter. HDFC Bank offers a range of Savings Accounts to attend to your every need. What’s more convenient is that you can instantly open a Savings Account through the InstaAccount feature. It is an online process that allows you to open an amount within minutes; enter your details, upload relevant documents and complete video KYC.
With HDFC Bank SavingsMax Account, you get lifetime free Platinum Debit Card for the primary account holder with a daily cash withdrawal limit of Rs. 1,00,000 and shopping limit of Rs. 5,00,000. And free lifetime Woman's Advantage/International Debit Card for all account holders. You also get up to 1% CashBack on every Platinum Debit Card transaction.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.