Love may be in the air as Valentine’s Day nears, but for some couples, a storm may be brewing. Why? Because of money. Some go out of their way to surprise their partner on Valentine’s Day, but some couples argue about this type of excessive spending. Turns out that holiday “surprise” could mess with a couple’s finances.
According to a recent study done by Quicken, the finance management company behind Intuit Inc., money drives a wedge between many couples. The study found out that one in three respondents have argued with their significant other about finances, one in 10 lied to their significant other about money, and one in 10 has slept on the couch after arguing about money.
To make matters worse, money issues often lead to dishonesty, with one in five respondents said they monitor their partner’s spending. Three percent of those surveyed said they have an account they hide from their significant other, and five percent hide their purchases in the trunk of their car.
“Smart money management between couples starts with creating a budget together or making joint financial decisions,” said Holly Perez, personal finance advocate for Quicken. “Knowing exactly where your money is going and staying on top of it can strengthen your relationship and your bank account.”
Apps to save couples’ money woes
Instead of fighting over your finances, blaming each other for spending too much, make your financial matter a couple’s task. It’s as simple as installing an app on your phones to help you see where you both are spending too much, and analyze what areas you can cut back to save some cash. You can compare notes with your partner on a daily or weekly basis to see if you’re both sticking to the budget.
Quicken itself helps you monitor your spending, and it has a number of versions that you can choose from. There’s a starter edition that helps you organize your money, a deluxe version to help you manage and save money, a premier account to help you manage our investments, and the home and business edition that manages your personal and business finances.
Aside from Quicken, there are other apps that can help you manage your money and get you started in the right path, hopefully avoiding awful arguments with your partner.
This app pulls all your personal finance accounts into one place, making it easier to manage your money, even on the go. It tracks your spending, helps you create a budget and stick to it, and of course, save more. Available for iOS and Android.
This app helps you track your spending and pay your bills on time, so you never have to worry about missing payments for utilities or any other bill. Manage your finances in one place and on the go. Plus Pageonce notifies you of upcoming bills, overage charges, suspicious transactions, and more. It also helps you keep track of your debt and help you cut back on spending in certain areas so you can pay off debt. Available for iOS and Android.
Who says budgeting and tracking expenses should be boring? With Toshl, you can track your income, expenses and bills plus it allows you to create a number of budgets. You can set a budget for various expenses in the house and see why you are going over budget. Available for iOS, Windows Phone, Chrome, and Nokia.
Installing an app to help you manage your finances is only the first step. Of course, you and your partner need to agree on taking this first step, and be honest about what you put in the expense trackers.
Setting a budget means you need to stick to it in order to avoid overspending, as well as being able to save more.
Saving money in some areas on your finances doesn’t automatically mean that you can spend it on other things. Say, you saved $50 from your grocery budget, you shouldn’t use that to buy unnecessary items. Save it. That will teach you to have more control on your spending, and will lead to a healthier, more trusting relationship with your significant other.