6 Easy Ways to Manage Finances for Married Couples
Managing finances is an important aspect of a married couple’s life. After marriage, there are many purchases and savings to look forward to. So here is a quick guide on how you can manage your finances to prosper as a family.
1. Set a yearly target of a big purchase that you both want to make
As a married couple, you may aspire to buy many things. It could be a new home, a new electronic appliance or plane tickets to an exotic holiday destination. But instead of leaving these aspirations as mere thoughts floating around in your head, make a solid plan to achieve them. Set a goal every year for a new grand purchase that you want to accomplish and work towards it. This will keep you motivated and by the end of a few years, you will have acquired a lot of new things.
2. Use apps or simple Excel sheets to keep track of your expenditures
There are many tools available through which you can keep a daily log of your expenses. Use apps or a simple Excel sheet to track your daily expenses and savings. By doing this, you will be able to get a bird’s eye view of your finances each month. You will instantly be able to highlight the areas in which you need to reduce spending and increase savings.
3. Audit each other’s accounts
How about playing each other’s accountant before you get your finances scanned by a real accountant at the end of the year? Auditing each other’s accounts will help you both make an objective analysis about the way you spend or save money. You can exchange tips or advice regarding your finances and point out areas of improvement to each other.