Money Tips for Couples
From Financial Literacy Wiki
Money Tips for Couples
A recent online survey on Singapore couples discovered that 70 percent of respondents say household financial decisions are made together. However, nearly half say they have not planned together for retirement and do not feel financially secure.
Are you one of them? Maybe it is time to start planning together. Below are money tips for couples.
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Discuss and priorities 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, map out how they are going to achieve their goals financially instead of leaving it to one party to deal with it. Consult a financial planner together. Don’t treat talking about money as a taboo. Sit down and talk through it. A point to note here, lawyers who handle divorce cases say that many break-ups stem from money disputes. Talking through it with proper communication can avoid many future disputes.
Understanding your partner’s mindset about money
Our money mindset is affected greatly by our upbringing. And many couples are surprised that both can hold such diverse view on money. It is also found out that the greatest source of financial disagreement is amount of personal spending and this includes squabbles over how much money is given to their respective parents on a regular basis.
There are situations where pone partner is more aggressive in expenditure while the other is conservative. Risk appetite can also differ between couples and this can often lead to arguments over bad investment decision.
To resolve this, recognize the differences and make the most of each other’s strength.
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 for individuals or as a couple together.
Respect each other’s freedom to manage this spending money.
Regular Reviews
Like all financial planning, you need a constant review on your retirement and other financial plans. You may on a half-yearly basis, run through the family finances together to ensure you are on track. Please take into account any changes that may affect your savings and investment plans. Do remember this is a team effort, if anything should happen to one partner, the other should know where all the important documents are.
