2006 (c) creditplushealth.com
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Lorna Tan Shares With Couples Some Simple & Practical Financial Tips! |
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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.
By Lorna Tan The Sunday Times’ Invest Editor & Senior finance Correspondent with The Straits Times Lorna's New Book
'Four Steps To Financial Freedom' is a compilation of the most ultimate wealth package that I have learned, acquired and practiced philosophies and secrets you can ever have. My sincerity to empower as many people in this world as possible regardless if they are your friends, family and you. If
you have taken control of your financial destiny, Sean Toh
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Credit Plus Health By Sean Toh All rights reserved.
