7 Money Tips for Unmarried Couples

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It has been very commonly observed among the couple to live together before marriage, but this also calls for the management of the finances as well. There must be a clear and detailed plan and system through which you must work out with your finances and expenses so that there is always room for saving and accumulation of assets as well.

Plan and Decide

The very initial thing you need to focus is to make a plan and keep a system in place, you must make sure that you both agree to a pre-determined plan and work according to that keeping all the facts and figures clear.

Divide in Relevant Proportion

Dividing everything in half is sometimes the worst approach, it is very commonly possible that one individual may earn a higher level of income as compared to the other and in this regard dividing everything in half may be a burden for the individual earning less. So, the best approach is to dividing a certain percentage of expense which is required to be given in the household.

Differentiate with Different Needs

Another very essential part of the two individuals is to plan ahead, there is a need of own house, car and a backup cash investment which may help both in future. So, you must have separate saving terms in which both of you contribute from your salary.

Allocate the Expenses

Allocation of expense is better than dividing them all, utility bills may go on the shoulders of one individual, whereas the grocery may go on to the other. This is something which must be considered and allocated in accordance with the amount of salary each earns.

Cut Down the Cleaning Costs

Hiring maids may be something very expensive, and since there are two individuals the work may be shared accordingly, rather than hiring someone for help, it is better to help one another. For instance one may do the dishes and laundry, whereas one may clean the house. This may help a lot in the unusual maid expense which may be saved.

Plan for Worst Situations

Break up is a part of such kind of relationship and in this regard you must prepare yourself beforehand, rather than fighting over joint assets and savings the best thing you may do is to decide beforehand about the division and other aspects of the sharing of assets during the breakups and other emergency situations.

Planning for Emergency Situations

Another factor to consider when you are living together on unmarried basis is seeking the right financial support in terms of an emergency situation. It relates to any sort of medical emergency as well so you must work separately onto this and set up a plan since you have no other kind of individual to support you in any way.

All these factors when taken into account beforehand may help in accumulation of some savings and also provide a contingency planning approach which is very essential when you live together and plan to get married some day.

 

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