Just Starting a Household? These are 4 Tips for Managing Finances with Your Partner

Grid.id – Financial issues are important things that need to be discussed and agreed upon when starting life as a married couple. Because, financial conditions can affect the sustainability of the household in the future.

Each has different lifestyles and ways of managing finances when they are not married.

Different ways of managing money that result in unmanaged and well-planned finances can be a source of household conflict.

Steve Doral, CEO of US-based financial application Twine, said managing finances together as a young couple was not easy. In fact, young couples tend not to know where to start.

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“They (who are newly married) are also not used to when other people interfere in their personal financial affairs,” said Doral, quoted from the page. Times, Thursday (30/10/2019).

However, reaching an agreement in terms of financial arrangements with a partner is not impossible. As long as it is well communicated and shared commitments, shared financial goals can be achieved.

Well, for those of you who are just starting to get married, here are some tips for managing finances with your partner that you can try. Come on, see the explanation.

1. Be transparent with your partner

When discussing money with your partner, you must be transparent. That is, you need to tell all your financial conditions, from income, assets, to debt installments. And vice versa with your partner.

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Make sure you know your partner’s financial condition. This is to make it easier for you and your partner in determining your monthly budget and future financial goals.

In addition, you and your partner can also tell each other about their spending habits and how to manage their finances personally.

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Thus, you and your partner can determine how to manage flexible household finances together with their respective principles.

2. Understand common financial goals

After knowing each other’s financial condition, then you and your partner also need to understand the financial goals that must be achieved for the future.

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These financial goals can be short-term or long-term, depending on how high the urgency is. You also need to discuss this again with your partner.

Launch page NerdWallet, Saturday (11/5/2019), usually short-term financial goals are directed at needs that can or must be met in less than one year. For example, paying off credit cards, emergency funds, and short-term debt.

Meanwhile, long-term financial goals are made to meet the needs of the next few years. For example, savings for home installments, children’s education costs, to investment needs.

3. Make expense estimates and production records

Well, so that household financial goals can be achieved, you and your partner need to develop a strategy in using money. Therefore, budgets and expense records must be made.

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Making a budget and spending funds can make communication about finances with your partner smoother. Because you and your partner will be faced with the reality of needs that must be met.

The monthly budget can determine household expenses according to priorities. Meanwhile, expenditure records can be taken into consideration to determine spending priorities in the following month.

You and your partner can share roles in determining the budget and keeping a record of expenses. Thus, you and your partner’s financial goals can be easily achieved.

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4. Have an account with your partner

To facilitate joint financial arrangements, often couples decide to combine their finances in one place or account. It is considered more efficient and simpler.

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When paying bills, for example, you and your partner can both contribute to paying with money together without having to share the burden of expenses again. In addition, you and your partner can also monitor each other’s expenses.

But before deciding to combine finances together, make sure you and your partner have first formulated a monthly spending budget to financial targets.

Managing finances with your partner can be said to be a little complicated. However, you can take advantage of the help of easy-to-use banking features for joint financial arrangements. For example, the practical Jago application.

For information, Jago is an application launched by PT Bank Jago Tbk. Applications that focus on customer needs (life centric) it doesn’t just provide services mobile banking, but also helps users in managing finances.

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The Jago application is equipped with features Pockets or Pockets designed similar to folder on a computer and works similar to an account.

Through this feature, you can create multiple pockets to separate the allocation of funds as needed. One Pouch can be made in a very fast time, less than three seconds.

Each bag you make will have its own account number. You can also distinguish each bag by naming a title, color, to a unique photo or emoji.

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The more interesting, the Pockets feature can also be managed together, you know. You can determine who can view the contents of the savings and who can use the funds in the bag.

If you want to manage funds with your partner, you only need to use the option invite or invite. After the invitation is accepted, the funds in the bag can be managed together easily.

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Transactions through the Kantong Jago feature are also very transparent. You and your partner can track each other’s withdrawals. In addition, you can also limit spending transactions so you don’t overdo it.

As an application that focuses on customer needs, Jago also provides convenience in the customer registration process. The whole process can be done independently online and safe through video call or Video Know Your Customer (VKYC). The entire Jago account registration process takes less than five minutes!

In addition, Jago is also committed to protecting the data of its users. The Jago application uses a security system password, one-time password (OTP), and biometrics such as fingerprints to ensure that only authorized account owners can access them.

Jago is also planning to launch other features that can be used by all customers, such as debit cards to super easy shopping, transaction and investment services through the Jago application.

Curious about how easy it is to transact and manage money on the Jago application? Come on, download the application now on the App Store and Google Play.


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