You have found your soul mate and you finally decide to move in together. Everything is going well, however, the question of the budget should not be overlooked. It is indeed a sensitive subject for young couples. Manage the budget, buy common goods, pay for vacations, etc. Here are some financial hurdles that young couples are likely to face.
Discover 5 essential tips to make the right economic decisions for the future of your couple. By following these tips, you will even have enough money left over for a romantic evening on occasion.
1 - Manage the monthly budget
To start, living together means managing the couple's budget. To avoid encountering financial difficulties, it is essential for the couple to establish a monthly budget for daily expenses such as shopping, leisure, holidays, outings, etc. It is also important to learn to limit your expenses: it is for example entirely possible to make your loved one happy at Christmas without accumulating debts; small savings here and there will help you finish the month better. Take stock of your accounts regularly and based on your income, agree on the ideal budget for each expense and for each period of the year.
2 - Divide the costs
Settling with your partner also means cutting costs in half. What is the best solution for your couple? Is it fair to do half and half or rather to calculate according to the income of each? Sharing costs equally is a quick and easy way to set up. For some, it is fairer to share according to their income. Find the solution that suits you best to avoid tensions.
3 - Open a joint account
Many couples make the decision to open a joint account to pool a certain amount of money each month to pay common expenses. A joint account can be the ideal solution to manage your accounts. Indeed, thanks to this, you have a global vision of the financial situation of the home which allows you to anticipate future expenses, to make the appropriate financial decisions and to find together possible savings. It is however recommended to keep a personal account to preserve financial autonomy and thus make personal expenses.
4 - Borrow for two
Moving in represents a significant cost for a young couple. You have to buy the first furniture, the household appliances, the essential goods for daily living, etc. This requires the couple to spend a significant amount. Some do not have sufficient resources aside and apply for a personal loan. Don't worry, the reasons for refusing a personal loan are clear and there is a good chance that at the start of your working life, you will have no problem borrowing from your banking institution. This amount of money can therefore help you finance your joint projects.
5 - Save for two
Settling together is an important step in the life of a couple. This means that we project ourselves into the future. It is therefore important to think about future projects such as having a child or even buying real estate for example. To finance these projects, you can put money into a savings account every month. The gradually formed capital can be used to carry out your future joint projects.
When you move in with your partner, the best way to avoid conflicts over money is to choose the ideal financial solutions for your couple, and thus protect against financially expensive mistakes. that could jeopardize your union.
If you find a partner who shares your vision of the economic future, consider yourself lucky: you may have found the perfect man!