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Financial Planning for Couples

June 20, 2022
Happy Couples with Financial Planning

Money can be one of the most difficult topics for couples. But no matter how uncomfortable it feels, financial planning has to be discussed. When couples move in together, there will likely be some income difference, not to mention debts that may be brought into the relationship. They will also have to budget for household expenditures and discuss long-term savings and retirement goals. A lot of factors must be considered when planning your lives together.

Couples need to talk about household logistics—who pays which bill, how you will reimburse each other, and how you will work towards shared goals. Ensure you sit down and discuss these logistics to ensure you both understand and agree on the plan and that all your bases are covered.

Once it’s decided who will pay which bills, automate the payments, so you’re never late, and your spouse never has to worry. In money matters, clarity is paramount. When you are saddled with a specific responsibility in the relationship, always endeavor to carry it out on time without the prompting of your partner.

Here are some awesome tips to get you going:

  • Have S.M.A.R.T goals 

Specific— Be absolutely specific about what you want as it helps have a clear direction towards achieving it.

Measurable— Goals must be measurable as it gives a clearer meaning to the whole venture

Achievable— It must be something you can accomplish financially given your means.

Realistic—Even if the goals are useful and may seem good and necessary at the moment, are they achievable given your capacity or means?

Time-based—Your goals should always have a specific timeline, be it Long term or Short term so that we don’t lose track of the time it takes to complete them.

Use S.M.A.R.T. to test and, if necessary, adjust your financial planning goals.

 

  • Create a budget

Creating a budget with your spouse is one of those less discussed issues of being married. Working it out is a significant part of learning to be married, or getting better at it.

Steps for effective budgeting as a couple:

-Decide on your financial goals, both individually and as a couple.

- List all of your combined income sources and amounts.

-List out all of your joint household expenses.

-Estimate how much you will spend on each item.

-Identify your sources of income

-Set spending limits and saving expectations, find ways to fund the budget, and remember to stay hands-on so you can stick with it.

 

  • Know each other’s net income

40% of couples who live together don't know how much their spouse makes and even when asked most often give vague answers to the question. Knowing each other's income should be practical information and requirements before marriage to make sure you're not putting each other in a situation of unpredictability as some will make assumptions which might lead to some very sticky situations. So all in all relationships are all about trust, it is necessary to share important information with your spouse.

Another constructive solution for couples who are starting up their financial journeys together is to start saving with ENTERPRISE LIFE’S LIFETIME NEEDS PLAN. This plan helps with every savings goal you might have, from the smallest to the largest they have got you covered.

  • Start investing.

Investing in general requires a lot of work and commitment and when you add in relationships it can be a little bit tricky. As couples, finding the right kind of investment that works for you is not an easy task. · Understanding each other's investor persona will go a long way in maintaining the steady flow of the investment agenda · LIFE PLANNERS at ENTERPRISE LIFE are specifically trained to help with this.

 

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