5 Secrets to Managing Finances as a Married Couple
Money makes the world go around. It's the primary resource that keeps households running successfully, but it's also one of the main reasons why some spouses fight. In fact, studies show that nearly 70% of all married couples have argued about funds at least once.
That's likely because managing finances as a married couple is difficult even if your relationship with a spouse is perfect. When you combine more than one budget and a handful of contradictory goals, things can get really messy. So, the best way to prevent fights about money management is to formulate a plan.
The Pros and Cons of Sharing Money with Your Spouse
Having two incomes in one household is a great thing. After all, it helps make ends meet, and it allows the trust in your marriage to flourish. Couples with more than one paycheck have a far greater chance of staying out of debt too.
However, with great privilege comes even greater responsibility. As a married couple sharing money, you must be thoughtful of your spouse's input. As a general rule, you shouldn't purchase anything significant without discussing it first.
Tips for Managing Finances as a Married Couple
Besides being respectful of your partner, there are at least five more secrets to making marital money work. So, use the following tips to save your face, cash, and your marriage too.
1. Open up a Joint Savings Account.
Most married couples have at least one joint bank account into which they pool their surplus money. And while that's a smart move for any employed adult, it's beneficial for families as well. The account becomes an open resource for unexpected expenses, romantic surprises, and whatever else life throws at your vows.
NOTE: Usually, the spouses will have their own personal bank account as well.
2. Create a Flexible Family Budget.
Managing finances as a married couple is pointless if you don't have a budget to follow. Plus, that budget needs to be flexible enough to accommodate the ups and downs of life, yet still rigid enough to hold everyone accountable for their spending. Figure out what the family typically makes and then try to cut costs as much as possible.
NOTE: Family budgets can often change, sometimes even several times per year.
3. Agree on Specific Spending Caps.
Spending caps are the limits that both spouses must abide by at all times. And only when both spouses agree can this glass ceiling shatter. Not only does this method help keep the budget intact, but it also prevents many fights and can save some money in your bank.
NOTE: The typical spending cap for married couples is less than $200.
4. Limit Your Spending on Non-Essentials.
Many people who don’t know the secrets of managing finances as a married couple spend an inordinate amount of money on unnecessary goods, services, and subscriptions each month. Add in recreation, leisure, and creature comforts, and you've got a recipe for massive overspending. Instead of breaking the bank like that, shave down your monthly expenses to something more manageable.
NOTE: Try to give each person between $25 and $100 per month for non-essential purchases.
5. Use Title Loans to Cover Urgent Expenses.
A title loan uses your car, truck, or SUV ownership documents to secure a line of credit. Applicants can get money fast through a simplified process that requires very little paperwork. Best of all, you can usually keep possession of your vehicle while the underwriter holds the title, and payment plans are extremely flexible.
NOTE: Be sure to choose a vehicle with the greatest value and a lien-free title.
Managing finances as a married couple can be challenging. But if you're smart about it, you can make it through the hurdles without filing for bankruptcy or divorce.
Title Loans for Illinois Residents
If you are an Illinois resident and looking for ways to cover your urgent expenses, such as unexpected home or car repairs, medical bills, or unforeseen important travels, Illinois Title loans, Inc. is at your service.
Taking out auto title loans with us is really easy and hassle-free. The entire process can take as little as 30 minutes, you don’t need to gather piles of papers to be approved, and you can get your cash the same day. The list of required items include:
- Driver’s License or State Issued I.D.
- Lien-Free Title to Your Vehicle
- Your Vehicle for Inspection
How to Apply for a Title Loan with Illinois Title Loans, Inc.
- Fill out an inquiry form on the home page of our website.
- Wait for a loan representative from the nearest Illinois Title Loans location to give you a call.
- Bring the required items to that location.
- Wait for the verification agent to inspect your vehicle, review your documents, and determine the amount you qualify for.
- Fill out a few more papers.
- Get your cash.
The best part about working together and managing finances as a married couple is that you never have to face challenges or make important decisions independently. So, start sharing money with your spouse in a way that's beneficial to your marriage.
Money management is hard, but two heads are always better than one. That means working with your spouse to develop a comprehensive plan and then doing your part to see it through.
And if an emergency ever hits your family, Illinois Title Loans, Inc. is always ready to help you meet your urgent cash need. Contact us for more information about title loans and their benefits.Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.