How to avoid conflicts and financial crises when living together? What are the core principles needed to maintain consensus on money in marriage?
The reporter had an interview with MSc. Nguyen Thu Giang - a personal finance planning expert at FIDT - to discuss this issue.
Regularly discuss finances
Couples should maintain the habit of discussing finances regularly, not just when facing difficulties.
Update on income, spending, debt or financial plans will help both understand each other and coordinate better in using money.
Set common financial goals
Determining common goals such as buying a house, having children, traveling, investing, or saving for retirement, ... will create motivation for both of them to try and curb unnecessary spending.
These goals need to be prioritized in reasonable order and concretized by numbers and timelines to make it easy to track and adjust.
transparency in revenue - expenditure - debt - savings
transparency is a core factor that helps build trust in marriage. Couples should clearly share their income, periodic expenses, credit debts, savings or investments.
Support, no control
General financial management does not mean supervising and checking each other's expenses. Instead, we should create a supportive and companionshipful atmosphere, so that everyone feels respected and responsible.
When there are unexpected or unplanned spending, it is necessary to discuss frankly, avoid making recommendations or blaming.
Maintain personal accounts appropriately
In addition to a shared account, each person should have a certain personal financial account to ensure independence.
However, this amount of money needs to be within the agreed limit, not affecting the general goal.
