Managements of the money in couple!
Money cannot buy happiness but having money we have less headache for our future!
Some tips on financial happiness!
Talk about your expenses
You may have had been spendthrift as a single person, but in the life as a couple it is best to talk before about your spending. We would suggest to share your wishes so that you do not have any discussion of where your money will go at the end of the month and to compromise on joint expansions.
Also, is better to set a day of the month (usually the salary day) to discuss about financial situation, the steps you have made on savings and the future investments.
Understand and evaluate the partner's obligations.
Before joining your money, and then looking for a joint investment, evaluate your partner's obligations. It is very important to understand how much are the previous obligations that you will have to pay during your couple life in order to plan future investments.
Save in advance
At the time you announce the engagement you have foreseen a time when you will marry and maybe you will also have a marriage ceremony, so it is time to save!
Open a savings account as account holder both of you, where you have the right to operate both simultaneously and start saving. It is commonly thought that you need to save a minimum of 10% of your income in order to have some cash advance for the wedding ceremony, honeymoon or even a bigger investment. Although you may have help from your relative, we suggest to save together, this is a step that helps you to better understand your partner's financial behaviours.
Create your own budgets
Firstly you have to evaluate the total amount from all your source of income
- rent that you can profit (from a previous investment)
- Keep in mind that supplements (such as diets or bonuses at work) are not always part of your monthly income so do not consider them as monthly income.
- Then collect the sum of all the obligations you have, for example
- Rent obligations (if you are renting a home)
- Utility bills you have to pay (water, dirty, fuel phone etc.)
- Credit cards
- Any previous credit
- limit of overdrafts
- eating expenses
Once you have deducted from your income all the liabilities determine the amount of money that everyone will have as a monthly budget, not forgetting the 10% of the savings mentioned above.
Determine who will manage the money
In couple each of you need to have a task assigned to manage money, and that does not mean that one have to bring money and the other have you spend them. One can handle daily payments of utility bills or making necessary shopping for the home and the other can handle the creation of funds as well as assessments needed to make the investments.
Inform the bank about changing the surname.
If you have agreed that after marriage you will change the surname then it is very important that you should definitely notify your bank about this change.
By presenting in personal to the nearest branch the “Marriage Certificate” where it is highlight your first surname and the changed one, as well as a valid identification document (passport or ID) with the newest surname, from the branch will be taken the steps for the necessary changes after fulfilling the respective documents for changing the name in the account and the bank card that you own.