5 Money Management Tips For Couples Even If You Are Miles Away

There are many reasons why couples fight. Despite the petty quarrels over who forgot to flush the toilet or who’s turn is it to do the dishes, one of the biggest issues facing couples is the issue on money. This could get worse if you are thousands of miles away from each other. Even if you don’t want it, sooner or later, you and your spouse will be fighting about money.

Do you really have to wait for that time to come? Definitely not.

Before things get worse, here are some money management tips you and your spouse need to remember, which could eventually lead to better financial future:

Tip No. 1: Know and Understand One’s Money Personality

Before you establish ground rules, you and your spouse need to understand how you both handle money. You need to know who’s likely to be a spender or who prefers to save money so you can come up with a solid plan on how to handle everything.

Being an OFW could be overwhelming for many families since the income is higher compared to how much you are earning in the Philippines. As a result, many families are unable to save for things that truly matter because spending came first. You can avoid that early on by knowing and understanding each other’s attitude towards money.

Tip No. 2: Decide On How To Handle Money

You will more likely earn more while your spouse could be staying at home or working online while taking care of your family. Given your situation, how will you handle money?

Have a sit-down with your spouse and decide. Decide on:

  • What to do with your earnings
  • What to do with your spouse’s earnings
  • How you will split the expenses at home
  • How money will be handled, either jointly or separately
  • Whether or not you will both have personal accounts

These are some of the things you need to discuss before you leave the country. Consequently, it is something you should discuss from time to time for checks and balance. This way, you and your spouse are both on the same track when it comes to your family’s financial future.

Tip No. 3: Be Honest With Your Finances

Money is among the many issues haunting couples these days. It’s not just about who spends more or why one earns higher than others. Sometimes, it’s because couples are not honest with their finances.

Be truthful and honest. Have some sense of transparency where one knows what the other is up to and vice versa. If you have an existing loan or you feel you have spending issues, then talk about it. Let your partner know that you owe someone this big or you don’t have enough savings.

The same goes with your spouse. Make sure you are both honest with your financial situation. It may be embarrassing to talk about it but you can’t commit to a more rewarding financial path if you’re both hiding something.

Tip No. 4: Agree On Your Spending

There are many things you need to spend on – house, car, your kid’s education, daily expenses back home and where you’re working, and the list goes on. Then you have to worry about savings, retirement fund, and investment because hey, OFW life is not forever, right? Your kids might be requesting for new shoes or iPad and saying no to them is your weakness.

Whatever it is, you and your spouse must agree on where your hard-earned money will go, regardless of how big or small the amount is.

Tip No. 5: Work Together

This is a must. You will never be able to achieve your financial goals – or any other goals – if you two are not working together. Handling money for your family is a collective effort. If you don’t work as a team, then everything that you want for the family might not happen.

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