5 essential money tips couples shouldn't ignore
SEE ALSO :Sh45m fake cash seized, man heldSet long-term goals together. Think about your five, 10, 20, 30-year plans and write them down. There’s something powerful about seeing your dreams down on paper. Set retirement goals. Prioritise and work on a joint budget and share responsibilities. Set money aside for shared objectives – such as education, buying land or investing in shares. 3. Don’t rush into setting up a joint account You don’t have to combine finances immediately you say ‘I do’. Take the time to learn each other’s spending habits to avoid conflict down the line. To start off, you can maintain separate accounts and open a joint account with clear budget lines and agree on how both of you will contribute to the kitty and how the money will be managed. To build trust, maintain accurate records, including for expenditure that doesn’t have receipts, such as buying vegetables from the estate Mama Mboga.
SEE ALSO :MTN's mobile money to go liveOperating a joint account should be a gradual process. If one partner is an impulsive spender or hides certain expenditure, it’s not advisable to operate a joint account as it will only lead to conflict. 4. Respect each other’s diversity Do not micromanage each other. Everyone has things they do for themselves that make them happy and boost their self-esteem. This could be a hobby, buying make-up or clothes, or membership in a club or society. Rather than belittling something your spouse considers important, figure out how to work it into the budget. You can agree to set aside some cash that each of you can spend as you wish without having to account for it.
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