It’s challenging to go from managing your own money to sharing the responsibility with another person. For this reason, money is one of the biggest things that married couples argue about. However, shared spending doesn’t have to be a thorn in your marriage. Several tools are available to help you create budgets, track spending, and save money. Here are three tools you can try to simplify the task of shared spending in your marriage.
Budgeting Apps to Plan and Track Expenses
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A budget is crucial to managing money well. It is how you allocate where your money goes each month. Creating a budget helps you make sure that all your bills are paid and necessities are met before money is spent on luxuries like vacations and toys. You should sit down with your spouse every few months to discuss your budget and make changes where necessary.
Mint is one of the best apps for budgeting and managing shared spending, but you can also use Quicken, YNAB, and any other budgeting apps. Budgeting apps help you and your spouse track spending, so you can see where your money is going. You can also use Mint to pay bills and check your credit score. Technology can really help you and your spouse get your finances in order.
Coupon Apps to Save Money
While it’s great to have a budget, you and your spouse should always look for ways to save money. Coupon apps can help a lot. You no longer need to spend hours cutting coupons out of newspapers to save a few bucks at the grocery store. Coupon apps like SnipSnap, Yowsa, CardStar, and Yipit can help you find the coupons you need. Also, never buy anything online without first looking for a coupon code to apply at checkout. If both partners look for ways to save money, your shared spending account will be better off in the long run.
Bank Apps for Notifications
No matter what budgeting apps and coupon apps you use, you and your spouse should learn how to use the app associated with your bank or credit union, too. Most of the time you can set up alerts to notify you and your partner of all activity happening in your bank account. This helps keep both partners accountable for spending.
One study by the National Endowment for Financial Education found that 42 percent of couples admit to keeping some financial secrets from their spouses. This is harmful to the relationship as well as the budget. To avoid the problem, many couples give themselves a personal allowance each month that they can spend any way they like without having to discuss it with their partner, often in cash.
You and your spouse don’t have to argue about money if you plan how you’re going to manage it. Budgeting apps, coupons apps, and bank apps can all help. It doesn’t matter whether you make $50,000 per year or $500,000 per year, you still need to be on the same page as your spouse about your shared spending.