Tips For Couples

 

  • Tips for Couples

    Money talk is just as essential as pillow talk in building a marriage with a strong foundation.

    Discuss and prioritise goals together

    It is important for a couple to discuss their goals to ensure they are both on track to achieving them. Couples need to talk openly and honestly, and map out how they’re going to achieve their goals financially, instead of leaving it to one person to deal with it. This means that if you consult a financial planner, make sure you go together.

    Understanding your partner’s money personality

    Our money behaviour is affected by our upbringing. Still, many couples are surprised at how different their partners’ financial views are. A 2007 survey showed that the greatest source of financial disagreements is the amount of personal spending. This includes squabbles over how much money is given to their respective parents on a regular basis.

    Sometimes, one partner is more aggressive in expenditure while the other is conservative. This leads to arguments over bad investment decisions and unhappiness over why one person has greater control over the finances. The trick is to acknowledge each other’s difference and make the most of each other’s strengths. For instance, if one partner is detailed and organised, he should take charge of ensuring the bills are paid on time and managing the family budget.

    Joint and separate funds

    Budgets need not be restrictive. Once the household expenses are sorted out, calculate how much you can each spend and set aside joint and separate funds that can be used to pay for a fancy dinner or spa treats. Respect each other’s freedom to manage this spending money.

    Regular reviews

    On a half-yearly basis, run through the family’s finances together to ensure that you are on track. Take into account any changes that may affect your savings and investment plans. After all, it is a team effort. And if anything should happen to one partner, the other knows where all the important documents are.

     




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