Managing finances in any relationship can be challenging but this simple way can make everything a lot easier.
With the cost of living increasing every day, it becomes crucial to learn to manage one's finances properly. This is especially relevant for married couples as it helps them keep better track of their expenses and avoid unnecessary conflicts. The Coffee Breakup, a podcast that focuses on relationship-based content, recently shared an important video on TikTok where one of the hosts, Christain Sholz, talked about his views on how couples should manage their finances.
In the short clip, Sholz begins by talking about how he would insist that both parties in a marriage have personal accounts. Even if one of the individuals was not working, they would still benefit from a personal account, according to him. When Viera, his co-host, asks him if the non-working partner would get an allowance, he replies that it would not exactly work like that. Instead, it would be an amount that the couple mutually agreed upon. Joint accounts were meant to have oversight and to cover bigger expenses.
Major expenses such as rent, mortgage, insurance or their kid's education would be presided over by both parties. At the same time, a personal account would be for spending on miscellaneous things. Sholz says, "If you wanna go to Target and spend a hundred bucks, I don't need to go and see that expense on a joint account." Therefore, such expenses would be something that either party would voluntarily want for themselves that came out of their account.
He explains, "Because I think it's important to have some type of individuality even if you're married." Sholz goes on about how it was essential for couples to have personal accounts to buy something for themselves. He also suggests that having a joint account would help in dealing with more essential purchases. People wholeheartedly agreed with his breakdown and shared their opinions in the comments section.
@likepinot said, "All the money goes into the joint account and both people get an allowance deposited into their accounts. It's the easiest way!" Another individual, @staceblanchette, shared, "My husband's money is for bills. My money is for spending. I send us both money each week to do whatever with and no one gets mad. It's wonderful." @edrake143 commented, "20 years married with shared savings and individual checking accounts. Zero fights about money."
Proper communication and certain ground rules can go a long way in making a marriage much more smooth. An LGBTQ+ couple, Alexa and Cass—who goes by @twofemmegems on Instagram—revealed their method of leading a happy married life. The text overlay on the video reads, "We run our marriage like a business. And no, it doesn't kill the romance." The couple revealed that they put aside 15 minutes every week for a "guided check-in."
In these 15 minutes, the couple would have a list that had many points for discussion, including finance and planning for events in the upcoming week. Another text overlay pops up and says, "It ensures our needs are met, and we each have equal voices in how our marriage and home operate." This showcases how couples who took some basic planning would benefit from it.