Kitrick and I have a very open approach to how we handle our finances. Managing money as a pair is far different than managing your money as an individual. There are many different ways in which a couple can choose to split finances.
✨ Roommate style
✨ Percentage style
✨ Old Fashion/ Traditional style
✨ Unit style
Neither way is right or wrong. The decision is the couples choice.
As we mentioned in the video there are 4 different styles involved when handling finances as a couple. The key is finding which style works for you. Kitrick and I approach our financial situation as unit style and this works for us! We both get an allowance each month and we account for big purchase items into our budget. The allowance that we get each month is our money that we choose to spend on anything that we like without the other person knowing. This allows for independence to spend or save our allowance on things or items that we like. For instance, Kitrick and I decided that we wanted to buy some new clothes for the summer (pre-rona) so we incorporated it into our budget and both bought a few new items without dipping into our allowance.
We cannot highlight enough about the importance of communicating with one another often an effectively! We try to be as open as we can be about our dreams and aspirations. Here a few tips that help us keep an open dialog.
✔️Set aside talks to ensure that you remain on the same financial page. Meeting twice a month is great but sometimes it might take once a week until a routine is created
✔️Review your goals often
✔️Pivoting is ok and discuss those opportunities as they arise
Sometimes being vulnerable as hard. While I was open and was like here it all is debt and everything. Kitrick was more reserved and didn't want to share the burden. Eventually we concurred this and have been presented our most authenticate selves to one another. Judgements can be passed but it is constructive not demoralizing. Do you have a barrier when it comes to being open? This might be tied to some financial anxiety. Check out this exercise for 3 Tips to Overcome Financial Anxiety and run through the exercise to see if you are able to overcome the box that you have created and separated yourself from your partner.
We all need a little accountability as you can see during our video! Kitrick and I have developed a system in which we hold each accountable to the goals that we have set to accomplish. The easiest way to ensure accountability is by setting goals. Kitrick and I have created a plan for our financial future which includes:
✔️Paying off Credit Card Debt
✔️Paying off Student Loans
✔️Paying off our Auto Loan
✔️Saving for a Baby Fund
✔️Saving for a House Fund
✔️Saving for a Car Fund
Let us know in the comments any tips that work for you as a couple!