Whether you are about to be married, thinking about it, are newlyweds, or are in a long term serious relationship, money matters should be kept in the open between you and your partner. While finding the right partner might have been a significant challenge, money management is perhaps an even more challenging aspect. Here are 8 financial moves that every couple should make to ensure their financial security: –
Remember that the most important thing is that you both treat each other as equals. This is not the time when you need to tussle about who makes how much. You are equal partners and must treat each other with the requisite respect.
Romantic dates and talks are wonderful, but that doesn’t mean that you ignore the less romantic discussions. In a relationship, both partners need to be on the same page in terms of information. As cumbersome as it may sound, you and your partner need to discuss your financial situations. While you’re at it, also take care of the roles; who will handle the payments, who will be the money chief, etc., and make sure there are no hasty surprises in store.
A goal without a plan is just a wish. This holds true for financial planning as well. Set realistic goals together. Decide how much you want to save, by when you wish to save that much, and so on.
It’s fun to eat out and even more so to splurge. But now, you need to put a cap on such expenditures and budget every month. Most importantly, stick to the budget.
It is never too soon to think about your retirement plans. Both of you should sit down and discuss how the situation stands, whether you already have savings, what your goals are, by when you would want to retire, etc. Once all the details are out in the open, check for the various plans that you can opt for with the prime objective of saving for retirement.
Remember this, whatever debts you incurred before are yours, and unless specifically discussed, should not be blatantly merged into your common budget. Talk to your partner about this and come up with a plan to deal with it.
Nobody wants to think about it, but it’s better if you do. You should always save up for a “Just in Case” fund. There are a number of emergencies that could happen, undetermined and unforeseen; all the more reason for you to be well prepared to deal with them, at least financially.
You’re young and healthy and feel you don’t need insurance. But health and life insurances are a very important part of financial planning. A sudden medical emergency can destroy your financial nest egg. As has been wisely said, it’s better to buy insurance when you don’t want it, rather than being without insurance when you need it.
All you need for financial planning is resolution and proactivity. No financial protection move is ‘too early’, and planning & preparing financially with a foresight of your future is always better.
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