Managing household finances as a couple can be difficult. How can we work together to manage our spending, save for the future, and grow our wealth while having fun?
The first step is to identify why Creating a budget together was tough, so now we know what a budgeting app needs to solve. Check the list of issues below. Do any of these sound familiar?
Troubles when managing household finances together
Remember, these problems are not unique to some rare couples. It happens in almost every relationship. Let’s take a look at some common challenges couples face when budgeting and managing their finances.
- Not enough information. Most people don’t need (or don’t want to) keep track of all the money their partner spends, but couples do We need to be sure they are aligned on the big picture. If you’re not sure if you’ll have enough vacation time this summer, let alone retirement, the stress of the unknown can go through the roof.
- Managing multiple accounts is difficult. The complex nature of modern finance has made it much more difficult to keep track of your own finances, much less that of your entire family. So many things are happening in so many places! You each have your own bank accounts, credit cards, loans, digital wallets, and more. This further complicates the information problem.
- Joint spending is difficult to track. Even if your spending priorities are aligned, it can be difficult to know your own situation, let alone your partner’s. It may not lead to conflict when times are good, but when money feels tight, the inability to follow a financial plan can weigh on each other.
- Prioritizing your savings can be difficult. It’s one thing to pop change into a piggy bank on your kitchen counter, but it’s quite another to save for a house, a wedding, your child’s college education, or retirement. Keeping enough money down to save each month can be extremely difficult, especially when you have so many cash priorities.
- Debt complicates things. Whether one or both have student loans, nagging credit card debt, or a long-term car loan, managing debt as a couple can require difficult decisions. Even if you have a great debt reduction plan, keeping it together and tracking it can be a pain, especially if you have multiple accounts to manage and bills to pay. .
- Keeping track of your joint nest egg is tedious at best. As your financial situation grows – 401(k)s, IRAs, stock portfolios, real estate stocks – it can become increasingly difficult to keep track of everything, especially when there are two people involved in the equation. .
- I don’t have time for that. Today’s household finances can feel like they need a full-time CFO. Entering all the data, tracking it daily, updating your budget and the amount left for the month…this takes more time than most people spend.the absolutely You can spend more time than most people can spend.
How Quicken Simplifi solves these problems
There is no right or wrong way to manage these problems, as long as you find a way to solve them. Addressing them one by one helps break down large problems into smaller parts.
Instead of asking, “How should we manage our finances as a couple?” you can ask simple questions like, “How can I get the information I need?” “How can I prioritize my savings?”
Here’s how Quicken Simplifi solves each problem.
Automatically see what you need to know
If you need more information, the obvious solution is to share financial data with each other. But that’s easier said than done. First, gathering these numbers is very tedious, especially since finances are a moving target. Also, not all couples are ready to be in a completely open relationship at once.
Quicken Simplifi solves this problem by allowing users to decide which accounts to connect and when. If you have a joint account, simply link your accounts to get started. Or start with all your spending accounts, such as bank accounts and credit cards, but leave debt and investments for later.
Once the account you added is synced, it will be automatically updated within the app. So you’ll both be able to check on upcoming bills, bank balances, credit card payments, and more when you need to, without hassle (or awkward conversations).
Track and plan all your finances in one place
The more accounts you want to manage, the more difficult it becomes to manage your joint finances on paper or even spreadsheets.After all, the real goal is not just to share money today But to take the time to keep up with it. This means entering all of your most recent invoices and other transactions. every day. No, thanks.
Quicken Simplifi connects to your accounts using bank-grade security, so your balances and transactions automatically update within the app when your bank posts.
No more checking eight different banking apps, credit card apps, loan apps, and websites to figure out where you stand. The Quicken Simplifi dashboard provides an at-a-glance overview of your spending, savings, recurring payments, investments, and more.
Get the targeted answers you need with tags and watchlists
As you track and plan your finances together, you may want to pay closer attention to a few things. For example, you might want to keep track of your take-out budget, or you might want to know how much maintenance each car costs each year.
Quicken Simplifi allows you to set up watchlists and see your spending areas at a glance. In the car example, you could create tags for each car, such as #SUV or #Hybrid. If your SUV needs maintenance, tag the invoice with #SUV. If you need hybrid maintenance, tag it with #Hybrid. Now you can easily track each car individually so you know if buying a new one is a better investment.
Pro tip: Do you have income from side jobs or hobbies? Add special tags so you can track related expenses. Some, if not most, will likely be tax deductible.
Create and track joint savings goals (and pay off debt)
Whether you’re saving for a home purchase, your child’s college fund, or a romantic vacation, Quicken Simplifi makes it easy to create and track your savings goals. Click . savings goal The tab allows you to enter your savings objective, set values, create a target date with monthly contributions, and start saving.
When you create a savings goal in Quicken Simplifi, you can also tell the app to include it in your monthly spending plan. The app prioritizes your savings and ensures you have enough cash to cover your monthly savings.
Pro tip: Do you have a plan to pay off your debt? Use the Savings Goals tab to make sure you reach these goals too.
See investing in a new light
Investing is one of the cornerstones of growing your wealth and increasing your total net worth. But tracking your investments can be a very difficult task, especially if you’re combining assets.
If your portfolio is diverse with 401(k)s, IRAs, pensions, mutual funds, ETFs, stocks, cryptocurrencies, and other investments, Quicken Simplifi lets you track all these assets in one place, so you can see performance instantly. You can check it. As a personal account or a comprehensive portfolio.
Customize and automate notifications
With Quicken Simplifi’s customizable notifications, you won’t have to worry about future charges, late payments, or future withdrawals. Automating your notifications allows you to receive alerts about what you want to know without having to monitor your money 24/7.
Want to know about big deals? Tell Simplifi what “big” means to you. The app will alert you to any transactions that exceed the limit you set.
Want to know if your bank balance is low? What does “low” mean to Simplifi? Choose a minimum balance that you’re comfortable with and the app will help you make sure you exceed that minimum balance.
With tons of notifications and customizations to choose from, you can tell Quicken Simplifi exactly what you want to know, and only what you want to know, so you can always manage your money like a pro.
Research and plan your finances with quick and easy financial reports
One of the greatest strengths of couples managing their finances together is having complete financial information at their fingertips.
Are your expenses trending upward or downward? How do they compare to your income each month? Need to set aside more cash for the holidays or summer vacation?
Find answers to these questions and more in Quicken Simplifi’s customizable reports. Fine-tune your budget, pivot your savings goals, create the tags and watchlists you need, and create a powerful financial plan for both short-term and long-term goals.
With Quicken Simplifi in your pocket and in the corner of your room, you can achieve these goals with confidence.