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Wednesday, July 24, 2024

5 ways to handle couples’ money problems

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Strong and healthy relationships are built on love and mutual respect, but sometimes even the strongest ones can get rocky, especially when faced with rifts about money. But there’s nothing two responsible adults in a relationship can’t go through as long as they work on it together. 

Establish accountability

Agree on who will be responsible for what. This especially applies to couples living together. Establish who will cover monthly bills and day-to-day expenses, and who will handle long-term savings. It is important that the system you come up with works for and has been agreed by both of you. 

financial problem
Address financial problems by openly talking about them with your partner. 

Know your priorities

Think about the future and identify what matters to you most. For married couples with children, the kids’ needs must be given priority. For new couples, identify assets that you both want to have someday. Invest a part of your savings so you have funds to spend for these priorities. Asset Master, from insurance company Axa, is a single-pay, investment-linked insurance plan that allows individuals to build a diversified investment portfolio of local and global investments. 

Live within your means

Whatever financial management strategy you follow, living within your means should guide your decisions. Spending recklessly might cause a strain on your relationship especially when you have set a financial goal, like making an investment or buying a house and lot or a car. Be open with each other about income and finances. 

financial problem
There’s no financial problem two responsible adults in a relationship can’t go through as long as they work on it together. 

Protect your assets 

Insure what you worked hard for such as your home or your car to lessen your financial worries. Prepare to deal with damages and losses caused by road and vehicular accidents with Axa Auto Security. Safeguard your home from natural and unexpected disasters like fire, flood, earthquake, storms, and volcanic eruptions with Axa Property Insurance.

Set aside a ‘fun fund’ 

Couples who have fun together become closer and stronger. When creating a budget, make provisions for things that will give you joy as a couple—like traveling together. Feel more secure and safe when you travel with Axa Smart Traveller, which comes with a wide range of benefits including 24-hour medical assistance, personal accident coverage, liability and personal safety coverage, as well as refunds for travel inconveniences. 


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