Once any accounts you add are synced, they’ll be updated in the app automatically. Or start with all your spending accounts, like your bank accounts and credit cards, but don’t connect your debt or investments until later. If you have a joint account, you can start by just linking that one. Simplifi solves it by letting you decide which accounts you want to connect, and when. For another, not every couple is ready to be a completely open book all at once. For one thing, gathering those numbers together is a real chore - especially since your finances are a moving target. The obvious solution to needing more information is to share financial data with each other. Instead of asking, “How should we manage our finances as a couple?” you can ask easier questions, like “How can we get the information we need?” or “How can we prioritize our savings?” Addressing them one by one can break a larger problem into smaller pieces. There’s no right or wrong way to manage these issues - as long as you find a way to solve them. It’s definitely more time than most people can afford to spend! Today’s household finances can feel like they need a dedicated CFO - entering all that data, tracking it day by day, updating the budget and how much you have left to spend for the month … it’s more time than most people have. 401(k)s, IRAs, stock portfolios, real estate equity - as your financial position grows, it can get harder and harder to keep track of everything, especially when there are two people involved in that equation. Tracking a joint nest egg is messy, at best.Even when you have a great debt-reduction plan, managing and tracking it together can be rough, especially when there are different accounts to keep up with and bills to pay. Whether one or both of you have student loans, nagging credit card debt, or a long-term car loan, managing debt as a couple can require some tough decisions. Holding back enough money for your savings each month can be a real challenge, especially when there are so many competing priorities for your cash. Popping spare change into a piggy bank on your kitchen counter is one thing, but saving for a home, a wedding, your kids’ college education, or retirement is something else altogether. Even when you’re aligned on your spending priorities, it can be tough to know how you’re doing - not to mention how your partner is doing! When times are good, this might not lead to conflict, but when money feels tight, not being able to track your financial plan can weigh on you both. It’s tough to track your joint spending.This makes the information problem even more complicated. It’s all happening in so many different places! You each have your own bank accounts, credit cards, loans, digital wallets, and more. The complex nature of modern finances makes it a lot tougher to keep track of your own finances, let alone your finances together. Multiple accounts are hard to keep up with.If you aren’t sure you’ll have enough for a summer vacation this year, let alone your retirement, the stress of what you don’t know can shoot through the roof. Most people don’t need (or want) to keep track of every dime their partner is spending, but couples do need to feel confident that they’re aligned on the big picture. Let’s look at some of the most common sticking points when it comes to budgeting and managing your finances as a couple: Remember, these issues aren’t unique to some rare group of couples - you’ll find them in just about any relationship. Do any of these sound familiar? The trouble(s) with managing finances together The first step is to identify why budgeting together has been tough, so you know what your budgeting app needs to address. How can you work together to manage your spending, save for the future, and grow your wealth - while having fun along the way? Managing your finances as a couple can be tricky.
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