Co-managing your finances with your better half could be a really challenging and stressful aspect of your relationship. You may wish to opt for a budget-friendly beach vacation while your spouse wishes to splurge on a lavish cruise. It could be that you want to have dinner in a multi-cuisine restaurant while your partner wishes to have a simple homemade meal trying to save some money for paying off your existing debts.
The fact remains, two individuals in a marital bond, could have a difference of opinion regarding everything. However, a strong disagreement between the husband and the wife relating to money matters could become quite ugly and may culminate in an incredible amount of friction and unrest. It may lead to a lot of resentment, personal attacks, and even lying about spending.
You must realize that fighting about finances would not solve your monetary issues and may ruin your relationship for good. Studies have revealed that the intensity and frequency of money-related fights are actually responsible for higher divorce rates. It is, therefore, important for couples to be proactive right from the very beginning of their relationship and handle finances in a mature manner for a healthy and happy married life. Fortunately, thanks to technological advancement, you could manage your money matters peacefully and in complete harmony.
As per https://www.forbes.com, “The reality is that upwards of 35% of the LGBT community admits to not using any tool to manage their finances. With 57% of LGBTQ people saying their financial situation adversely affects their mental health, it’s clear that more of us could improve our financial situation if we used the tools that are designed to make managing our money or talking with our partner about money easier.” Here are some of the top money management apps perfect for couples to cut down the fights and ignite the romance factor.
After noticing that several couples were compelled to use spreadsheets for managing their household finances, the founders of Honeydue, Thien Tran and Eugene Park identified an opportunity to come up with something better to co-manage money. We know that Honeydue is great for helping couples in tracking shared bills, scrutinizing their accounts in a single place, commenting on specific transactions, and building big-picture objectives and goals. An important characteristic of this app is the ability and freedom for couples to take a decision as to how much information should be shared with their partners. This could prove to be helpful for couples to stay totally focused on their financial goals without getting unnecessarily upset arguing over petty issues.
Couples are leading a hectic and busy life and it becomes almost impossible for them to remember everything that they require while grocery shopping. You must know how frustrating it could be to go on keeping track of and sharing all your household’s grocery requirements. This could totally wreck your budget.
Studies have revealed that when you go out shopping without a grocery list, you may end up splurging particularly, on things that you do not actually need. This is where Grocery, the cutting-edge app comes in. It could be helpful in getting rid of this sort of shopping frustration simply by letting all the users living in the same house to effectively sync and see one single list containing all the things that are required. Now, instead of writing down what you need in a piece of paper, you simply require jotting it down in Grocery, the marvelous app so that your hubby could pick up the item while shopping at the store.
Better Haves would be taking the concept of your favorite envelope system and placing it effectively into one single synced application so that couples are able to see exactly how much they need to share in every individual category. Better Haves gives you the freedom to review your joint finances. Moreover, you would know precisely the amount left in the individual envelopes. You may consider using shared envelopes in certain categories.
Any.Do may not be a hardcore financial app but it could actually lift of the pressure and stress off the management of bills, debts, and all money and spending associated tasks that require to be performed by couples. Any.Do has a professional but simple design that makes it really easy to view and add all tasks which you need to do today, tomorrow or some other day or upcoming and sync all of them with others in your household. When you add your partner to a particular task, both of you could be kept in the loop including informing you when the task has been successfully completed. Any.Do makes completing household chores easy and quick. Moreover, they are just no nagging.
My Debts – Android
My Debts is supposed to be an application which concentrates on debt organization and also, your overall finance management. Every couple must stay on top of their debts if they wish to build up a secured financial future. The app provides a visual representation of all your expenses and revenues side by side. This sort of comparison helps you to assess your financial status at a glance, at all times. You could set alerts to remind you of all your debts, including your debt consolidation loans and their deadlines so that you do not need to worry or get tensed about missing any of the payments.
Zeta is actually designed specifically for the modern-day smart couple. It is a web app that comes for free and it focuses on assisting couples in tracking their savings and finances together. It would be accumulating important data from the users’ accounts and would be allowing the users to effectively share their money matters with each other. It would be providing month analysis reports.
Honeyfi makes it really easy to go on managing finances as a couple. This is a free iOS and Android app that comes for free. This app is great for simplifying their finances. It allows users to incorporate their credit cards, bank accounts, investments, debt consolidation loans, investments and it could chalk out a budget based primarily on the previous spending automatically.
Personal Capital actually deserves to be the #1 in the list of the most popular budget apps meant for couples. It is surely the best one if you are having too many accounts. It is helpful in tracking your spending, having a much better overview of the retirement portfolios, and even tracking your net worth. Thanks to this app, you may consider setting up your own retirement objectives and goals and evaluate if you are taking the right route. You could check if you are doing all things right to fulfill your aspirations or do you need to make certain modifications in your lifestyle or spending habits?
We have discussed some of the best and most popular money management tools and apps for couples. If you are still not using them, it is high time you started using one or more of the above-discussed versatile apps so that you could easily achieve all your financial goals as a couple and lead a happy and prosperous life.