Ask the average married couple what topic causes the most stress in their relationship and money is likely to top the list. Whether it's paying bills or saving for big-ticket items, managing personal finances may lead to disagreements. The good news is there are several effective ways for loved ones to get on the same page. Citizens Bank in Byhalia, MS, prides itself on helping customers find a happy medium with its array of deposit account options. Here, the community bank shares several ways couples can work together to manage their cash flow.
Couple Money Management Tips With Deposit Accounts & More
Establish Financial Goals
Whether it's saving for a down payment on a new home or building a nest for retirement, couples should discuss their short- and long-term goals. Once they agree on what their priorities are, they can talk about tangible ways to meet them.
Create a Realistic Budget
Come up with a manageable budget. This includes establishing how much each person will spend on a daily or weekly basis for everyday expenses. A budget helps eliminate financial surprises—and arguments—while tracking how much money is coming out of a deposit account.
Instead of one person in the relationship overseeing finances, couples should divide the duties. Determine who will pay which bills each month from a deposit account. This eliminates misunderstandings and helps avoid late payments and other fees because someone assumed the other person would take care of a bill.
Commit to Honest Communication
Couples should agree to be honest about their individual financial statuses. Tell your partner about outstanding debt, any credit problems, and other personal finance scenarios. Doing so will help identify any trouble spots early on and how to work together to repair them. Being honest with each other also eliminate surprises later on down the road.
Whether you're newlyweds or have been in a relationship for some time, Citizens Bank is your trusted source for products and services designed for customized financial needs. To learn more about the local bank's suite of deposit accounts and other offerings, visit the website today. Call (662) 838-2146 to reach a friendly representative.