In previous articles, we discussed how to manage money, how to cut unnecessary expenses and a variety of other financial topics. But did you know how to manage your money as a couple? It’s not the same when you become a couple. When you are single, you have complete freedom to pursue your goals, handle your finances, create a budget, make investments, and do other activities.
But when you were married, things were different. You are now in charge of taking care of your beloved. Your partner’s objectives, financial investments, and spending patterns will differ. Unfortunately, we were not taught how to manage money. No matter how much you love your partner, if you can’t handle your finances as a couple, your marriage will not be as successful as you would like.
In his book “Smart Couples Finish Rich,” author David Bach discusses how to manage finances as a couple. Learning how to accomplish the effective steps in the right order is essential to “winning financially.” This book will teach you how to align your financial objectives with your principles so that the two of you can work together to achieve your aspirations. Furthermore, if you have financial fears, which most people do, you will learn how to address and overcome them as a couple.

I’ll go over the key points from the first chapter of this book.
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Facts and myths about couples and money:
1. Myth: If we love each other, we won’t fight about money.
Fact: Money has very little to do with love… and a lot to do with how much you fight.
The crucial point is that love and money are unrelated in this situation. As I previously stated, even if you have a deep love for your soul mate, if you have different financial beliefs, your relationship will suffer greatly. There won’t be any divorce at all if love overcomes all obstacles.

There are occasions when you could experience financial frustration, which can lead to relationship issues. These fundamental details should be taken into account:
- The amount of love between two people has nothing to do with how they spend their money.
- The two of you were likely brought up in distinct financial environments, and you likely have different financial priorities and spending habits.
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2. Myth: It takes money to make money.
Fact: It takes very little money to make money—as long as you are patient and disciplined.
Don’t think you should have more money to make more. Remember the old saying “pennies make pounds”? Let us look at an example:
A dollar a day can grow to be a million dollars.
Dollar | Interest | Become a millionaire in x years |
1$ | 5% | 99 years |
1$ | 10% | 56 years |
1$ | 15% | 40 years |
Who will provide interest of between 10% and 15%? The stock market is the only source of the solution. Although we are happy to become millionaires, we probably won’t have many more years. Perhaps we could try the last strategy when we are only 7 years old, so that, after 40 years or when we are 47 years old, we will become millionaires. Sadly, we are not 7 years old enough to do it. What else can we try? We have more investment flexibility because we are not 7. Right?

Imagine that you and your partner could each save $10 per day!
Dollar | Interest | Become a millionaire in x years |
10$ | 5% | 54 years |
10$ | 10% | 34 years |
10$ | 15% | 25 years |
If you and your partner can save more than $10 per day, you could be a millionaire in 20 years. You can achieve your goals regardless of your age! It is simply a matter of committing to and sticking to a systematic saving and investment plan to become wealthy. Concentrate on the fact that you don’t need money to make money. All you have to do is make the right decisions—and then follow through on them.
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3. Myth: We don’t make enough yet to be investors.
Fact: Everyone earns enough money to invest.
The majority of the time, we say, “I would invest if I had more money. If my pay reaches this level, I’ll invest. If I make this much money, I’ll invest it.” We always have a requirement before investing. We feel we don’t have enough cash to invest. It makes no difference how much money you plan to invest. Keep in mind that starting something is the hardest thing in the world.
Once you started investing money, you started to see the benefits. Additionally, now that you have a partner, you can invest as a couple, allowing you to invest more money than previously. The majority of couples have spending issues rather than income issues. Don’t waste your money; instead, use it wisely and effectively.
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4. Myth: Taxes and inflation are now under control.
Fact: Taxes and inflation are never going to be completely under control.

Just think back to the days when filling the gas tank just required a few bucks. But now you have to work extra hours just to fill up your gas tank. Imagine You have 5 dollars in your packet. Make a list of everything you can buy with $5. Do you believe you can still buy the same products after 20 years if you have the same $5?Definitely not. And this is the harsh reality of inflation. Every day, our cost of living rises. Our daily living expenses are rising. However, our salaries and earnings are not. How will you cope in ten years? I’m not scaring you. This is an excellent time to make the right decision.
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5. Myth: Everything will work out okay if we don’t talk about money.
Fact: If the two of you don’t start talking about money, you’ll more than likely die broke.
How is it possible that, in a booming economy with an incredible stock market, where investing advice appears on every magazine cover and television show, the majority of people are still watching Who Wants to Be a Millionaire? The problem is that we are not taking advantage of our current situation to accumulate wealth.
- We have a good income, but we don’t think it’s enough to invest in.
- We make a good living but don’t save.
- We occasionally save but never invest.
What is the distinction between saving and investing?
You can have $5 whenever you want if you save $5. (However, keep in mind that inflation reduces the purchasing power of your five dollars.) On the other hand, if you invest five dollars, it might increase to seven, ten, or even more later on. If you do not know how to make your money work for you, you will never become a billionaire. Making every dollar work for you is more important than how much money you make.
Remember that your goal is not to be average. One becomes wealthy and prosperous when one does what others fail to do. The best place to start getting your finances in order is at home. You and your partner, in particular, must learn to discuss money together. It’s not a taboo topic to stay away from. When you collaborate on finances, your results can be amplified.
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Whatever your goal is, when you both sit down and talk about all of your debts, savings, investments, goals, and everything related to money, you will begin to see results. More specifically, the two of you will probably find it easier to save more money together than either of you can save separately.
- Are you aware of your partner’s thoughts on money?
- Did you know what your partner spends the most money on?
- What does having many credit cards mean to your partner?
Have you ever asked your partner such questions? If not, it’s time to inquire. A couple needs to understand financial concepts. Couples who plan together are more likely to be happy together.
The best way for the two of you to start this process is to look at what you each know about your finances—and what you don’t. After all, before you can start thinking about how to get more out of your money and how to invest it wisely, you need to know how much you have, where it’s currently parked, and how easily accessible it is. You should also be aware of the financial obligations that the two of you have, both individually and as a couple.
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We have just finished reading the first chapter of “Smart Couples Finish Rich.” Educative, huh? This book has a significant amount of information about managing money together. If you don’t have time to read a book or money to spend on a book, don’t panic. I’m here to discuss the highlights of the book. If you enjoyed reading this article, feel free to share it with a partner and sign up for my newsletter to receive notifications of new articles.