Mistakes to avoid when managing your finances as a couple

Properly managing the domestic economy is a key factor for the success of a love relationship. Having the same financial goals, sincerity and trust among the members of the relationship are crucial aspects to maintain a healthy family economy. What should be avoided? According to the experts of the financial comparator HelpMyCash.com, you should avoid making the following mistakes:

1- Do not talk about money

There are couples who don’t like to talk about money. It is a little romantic subject and it is not usually very pleasant, but it is highly necessary.

The transparency and sincerity in the field of love and finances they are decisive. Ideally, both members of the couple talk openly about what their debts and income are in order to set really achievable goals.

2- Not making things clear

Everything half or whoever charges the most pays the most? These questions must be resolved in order to avoid reproaches in the future. In addition, whatever the couple’s choice to organize their finances, both must be aware of the family economy. It is not recommended that one take full control of the money, since financial decisions must be consensual by both.

3- Not having objectives or a common budget

It is perfectly logical for each member of the couple to have their personal whims, desires and goals (do a master’s degree, travel with friends or get involved in their project). However, having common goals such as buying a home, a car or a trip as a couple will help both of you commit to maintaining a better behavior with your money. Establishing a maximum budget together is the secret to saving together and reaching goals as a couple.

4- Have a single account

“Although in love you are one, in finances it is better to maintain some financial freedom,” they explain from HelpMyCash.com. Ideally, have a joint account to deal with common payments, but keep separate bank accounts at the same time.

Several banks in Spain accept two holders in their accounts without charging a euro in commissions and without requiring a connection, in addition to issuing a free debit card to each one to spend money in shops or withdraw cash. Some examples are the BBVA Online Account Without Commissions, without costs for transfers or debit cards for up to two cardholders (they must be new bank customers), and the Clara Abanca Account, another alternative with no operating costs basic or debit cards for cardholders, which, in this case, is intended for both new and existing customers of the entity.

5- Commit ‘financial infidelities’

Infidelities are not only romantic, there are also financial ones. Spending a fortune on some hidden whim and not telling your partner about it is financial infidelity and more so if that spending makes it difficult to reach the monthly budget set by both members or puts stones in the way to achieve the goals defined in common.