Online dating is very mainstream in this day and age. You should only start a relationship with someone after the trust has been built. If you start a new relationship, you’ll need to know how to manage finances properly.

  • How to manage multiple bank accounts & implement envelope budgeting

Many people have multiple bank accounts due to various reasons. For example, an entrepreneur may have a separate bank account for their business – it’s a great method to separate their business finances from their personal finances. In this way, this individual can pay themselves a salary every month without using their business bank account to buy small things they might need. As a couple, you can also have multiple bank accounts – this is the modern way to implement envelope budgeting.

  • Multiple bank accounts = virtual envelopes

Here are Daniel and Kylie’s bank accounts:

  • Everyday account – this account is linked to their ATM cards which receive salaries.
  • Savings account – this account keeps their savings (they transfer a certain amount of money from their everyday account to this savings account regularly).
  • Play account – this account is all about entertainment and buying what they want rather than what they need (they transfer a specific amount of money to this account whenever they get paid).
  • Bills account – this account pays all monthly bills, i.e. things they need.

Clearly, Daniel and Kylie have four virtual envelopes which organize their money systematically. Clarity and certainty lead to successful financial management! What’s more, they know exactly how much they can spend in each category and how much they are saving!

  • How to manage virtual envelopes:

You can use accounting software such as Xero to manage your virtual envelopes. This technique is especially useful if you have a day job and a side hustle at the same time! Every day, your bank will send feeds to Xero automatically, meaning you just need to do bank reconciliation on Xero every fortnight. Of course, you can sit down with your partner and have a regular Money Time every two weeks. This is a good way to use modern technologies to monitor your finances.

  • How to separate money issues from personal issues:

It is reported that at least 30% of all arguments in marriages and relationships are about finances. And the most common complaint is “He/she spends too much money!” But how can couples solve this problem?

  • Utilize the 0.1% rule.

0.1% rule means neither partner needs to get permission from the other person for any expense that is below 0.1% of their combined household net worth. Let’s say a couple has a $500,000 net worth, they do not need permission for a $500 expense.

Once you introduce the 0.1% rule to your relationship, you won’t have lots of arguments about money anymore.

  • Don’t be petty.

Life is very short, so you would be ill-advised to fight about small things that don’t even deserve so much attention. I know many couples who argue about things like a box of chocolate from the supermarket. Yet when it comes to buying a house, they don’t even have the ability to negotiate with the seller effectively. In other words, if you want to have a successful financial future with your partner, you can’t be petty; you have to focus on the big picture.

According to an online dating expert, if you always focus on small details that don’t even matter, you don’t really have a money issue – you have a personal issue.

  • What is financial infidelity?

Financial infidelity happens when one person opens a separate bank account, buys something expensive or takes out a loan without letting the other person in the relationship know. This is just as terrible as cheating on their spouse.

Actually, financial infidelity is more common than dishonesty in sexual relations because these days there are no longer any paper statements being sent to the house – everything is digital.

 “As a matter of fact, if you are already sneaking around to buy something, you don’t really have a money issue – you have a relationship issue.