Goals

Financial goals are important to have and it keeps you on the right track for saving. It's ok to have short term goals as well as long term goals and while it is ideal to have separate goals, combining goals with your partner is a way for you to keep track of your own spending and cut down on arguments. Have a personal savings goal and then discuss goals with your partner - perhaps you would like to go away for a week at Christmas so you need to save a certain amount for that, but you would also like to save for a deposit for a home. Figure out between the two of you how much it will take to achieve the goal, then do the math to see how much you will each need to save per month to achieve this. Set up a savings account and automatic payments to deposit money into it so that saving does not become an issue - it just happens.

Bank Accounts

Joint accounts are ideal for joint spending - entertainment, groceries, bills, rent etcetera, but it is also important to retain your own bank account with money for personal spending. If you do this, your joint expenses are always catered for in an equal manner, but you still have your own money for your own spending.

Weddings

A lot of people start their married life in debt, by borrowing exorbitant amounts of money to pay for a lavish wedding. Take the time to think very carefully about the cost of a wedding and the long-term implications of paying back the money - will this cause arguments if one of you wants a simple wedding and the other wants a huge celebration? How will this affect your ability to purchase property or land? What about the cost of raising a family? Consider the possibility of a small get-together that will not throw you both into debt and then have a larger party at a later date if and when you can afford it.

Share concerns

It is unhealthy in a relationship to hide any problems or worries, but many people feel that they cannot share their monetary woes with their loved ones. The openness of your relationship should be 'for richer or for poorer' so if you have concerns about money allow yourself to discuss them with your partner and ask for their advice and suggestions on resolving the issues.

Discuss your financial situation and future goals with your partner on a regular basis - this will enable you both to generate ideas to improve your situation and financial health.

Family Life

If one partner chooses to stay at home to look after children while the other works full-time, discuss how this will affect your income and what it means to the relationship. Will the homemaker be reimbursed financially for their services as caregiver and home-maker? Will the home-maker work part-time to contribute to the income and retain business contacts? The options need to be discussed with your partner so that everybody feels comfortable with the way the household will be operating and you don't end up with one partner stewing at home all day because they aren't at work!

 

 

Article by Je t'aime Hayr

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