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7 commandments of money as a couple

Among the three main grounds for divorce in Mexico are economic problems.

4 min read

The opinions expressed by employees are personal.

7 commandments of money as a couple
7 commandments of money as a couple

We are in the month of love and friendship , everything seems to be joy, gifts and happiness, but there is a very important issue when living as a couple: money; which could even end the relationship. This is indicated by several statistics, among the three main grounds for divorce in Mexico are economic problems. The worst thing is that these conflicts do not arise due to lack of money, but because of lack of communication and transparency in finances.

If you are close to living as a couple or already sharing the same roof with your loved one, it is always good to talk about money before problems of this kind arise.

So pay attention to these seven commandments to keep healthy finances with your partner:

1. Do not hide information

Culturally it is frowned upon to talk about income, but it is important to discuss these issues with our partner and not hide information about debts, income and financial plans (buying a house, car, undertaking, studying, among others), being as transparent and honest as possible.

2. Share expenses

Share the general expenses of the house (fixed- electricity, rent, water and variables, entertainment, children, pets), but in a proportional way, that is, depending on the income of each one, a proportional part will be provided, (30, 35, 40% for each salary) this in order to achieve a balance of expenses.

3. Make a budget

Jointly prepare a budget, taking into account expenses, income, financial plans, debts. Do not forget to keep a record, this is essential to be aware of finances as a couple. They can also share the expenses contributing proportionally to the income of each one, that is, identify that the percentage they contribute is the same and that this covers the total expenses in common. In most cases it will not be fair to pay half and half because one's income will be less and will involve contributing much more in proportion.

4. Talk about money

The ideal time to talk about money is before having problems. Communication and clarity are key, do not wait for conflicts to escalate, so it is important to make things clear from the beginning.

Making a special meeting-date to talk about finances is vital. Assign a fixed date and hold the meeting on a regular basis, in this way, they review the expenses of the last month and plan those of the following month.

5. Have an emergency fund

It is important to create an emergency fund, this will allow you to face any unforeseen event and avoid borrowing and falling into unpayable debts. It is advisable to have a joint account and the most managed person is responsible, in addition to replenishing the money spent and maintaining the entire emergency fund.

6. Do not spend in secret

Be transparent with finances, avoid impulse purchases and, above all, do not use the emergency fund in secret.

7. Honor personal expenses

Once all the adversities of the financial planning have been overcome and the percentage of contribution to the general expenses of the household has been agreed, it is essential that each one manage their individual expenses. While living together as a couple and sharing expenses, everyone must be free in their personal expenses.

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