Learning how to manage money as a couple is like learning how to manage money all over again. The process can be stressful, especially when you and your partner are not on the same page about personal finances. There are practical strategies that might help you and your partner find better ways to manage finances together rather than in conflict. However, if bankruptcy becomes a concern, then talk to a Chattanooga bankruptcy attorney to explore other strategies.
How to Compromise on Money
Compromising on money sounds stressful for many couples who are learning how to agree on financial matters for the first time. This often leads to money arguments. Part of managing money arguments is finding out where each of you is coming from.
Each person carries different beliefs about money, most of which come from how they were raised by their parents. How they grew up can also affect this. Being open with your partner about what your beliefs about money are can be a great way to start. Find out what your partner believes about money.
Some people are natural savers while others are spenders. Do not be afraid to communicate these issues and concerns directly with your partner. You might be able to better understand where your disagreements come from after exploring this.
Once you explore each other’s financial beliefs and concerns, you can start exploring practical tips for working together on money management. There are a variety of practical strategies to manage money as a couple.
Practical Money Tips for Couples
A marital balance sheet is a great place to start. You can use this to see an overview of your combined finances with your partner. This sheet should show you and your partner’s combined income, financial assets, bills, debt, and average monthly expenses. Include both of your average monthly spendings.
Financial assets include owned properties, bank account balances, and investments. Use your combined financial assets to measure how much you have compared to your total debt. Compare this to your combined monthly bills and spending. Calculate how much money is left or not left over each month after all monthly payments are made.
This is the hard part. In some states, married couples might be responsible for joint debt compared to separate debt. Find out what your local laws say about this. Either way, compromising on how to pay off your combined debts could help you become debt free significantly faster.
Do this by agreeing with each other on a budgeting plan. Choose a way for both of you to track spending and budgeting. You can do this on paper, through phone apps, or through online budget tools. Commit each other to financial goals and then start working together to achieve those goals with budgeting.
Call Tom Bible Law for Legal Aid Today
Going through a financial pitfall alone can feel overwhelming. Start by contacting us at Tom Bible Law by dialing (423) 424-3116 today for a consultation about potential options for bankruptcy. Our dedicated team of Tennessee bankruptcy lawyers is ready to help you navigate the complex bankruptcy filing process. We are located throughout the Tennessee cities of Chattanooga and Tullahoma.