6 big mistakes in economics as a couple

Economics as a couple is a delicate topic that can generate conflicts, misunderstandings and frustrations if it is not handled properly. 

Many couples make mistakes when sharing their income, expenses and savings, which can affect their relationship and financial well-being. 

Below, we present the six big mistakes of economics as a couple and how to avoid them.

6 big mistakes in economics as a couple

1. Not having a common budget

A budget is a fundamental tool for planning and controlling personal and family finances. However, many couples do not prepare it or do it individually, without taking into account the objectives and needs of both. This can lead to imbalances, waste and unnecessary debt. Ideally, the couple should sit down periodically to review their income and expenses, and establish a common budget that reflects their financial priorities and goals.

2. Not communicating about money

Communication is key to any relationship, and money is no exception. Many couples avoid talking about money for fear of arguing, hurting each other's feelings, or losing their autonomy. However, this can lead to distrust, resentment, and unpleasant surprises. It is recommended that the couple communicate openly and honestly about money, expressing their opinions, expectations and concerns, and seeking agreements that benefit both.

3. Not having separate accounts

Although sharing a bank account may seem like a sign of trust and commitment, it can also be a source of problems. Having a single account means giving up privacy and the freedom to manage money however you want, which can lead to conflicts if there are differences in spending habits or preferences. Additionally, it can be risky in the event of separation or divorce. The most convenient thing is for each person to have their own account, and for a joint account to be set aside for common expenses, to which both contribute proportionally according to their income.

4. Not saving or investing together

Saving and investing are fundamental habits to improve the economy as a couple and achieve short, medium and long-term goals, such as traveling, buying a house or retiring. However, many couples do not practice them or do it individually, without coordinating or supporting each other. This can lead to inequalities, frustrations and missed opportunities. The optimal thing is for the couple to jointly define their financial goals, and allocate a portion of their income to savings and investment, choosing products appropriate to their profile and time horizon.

5. Not having an emergency fund

An emergency fund is money set aside to deal with unforeseen events or adverse situations, such as an illness, accident, or loss of employment. Many couples do not have it or use it for other purposes, which makes them vulnerable to any eventuality. This can cause stress, anguish and difficulties in meeting basic needs. It is advisable that the couple have an emergency fund equivalent to between three and six months of their fixed expenses, and that they keep it in a safe and accessible place.

6. Not educating yourself financially

Financial education is the set of knowledge, skills and attitudes that allow you to make informed and responsible decisions about money. Many couples lack it or do not update it, which makes them prone to making mistakes, falling for fraud, or missing out on opportunities. It is prudent for the couple to educate themselves financially, taking advantage of the resources available in books, magazines, courses or the Internet, and to consult with experts when necessary.