Valentine’s day is a day where we celebrate love – from romantic dinners to marriage proposals to romantic getaways. However, showing your love for someone you care about can be expressed in other ways as well like spending time with each other to plan your financial future. So, take time out with your partner to have a conversation about your financial journey:
1. Make a financial connection:
A connection in any relationship is vital to keep the spark going. Same applies to your finances – it is important to be on the same page when it comes to money. Set financial goals that you both want to achieve, whether it’s getting out of debt or investing in your future home, write it down and decide together what you need to do as a couple to achieve these goals.
2. Compile a budget:
Compile your budgets separately and then go through both budgets together. You and your partner can then see how much each of you earn and spend, where you can cut down and where it makes sense for them to fit the bill and where it makes sense for you to cover expenses.
3. Money merge:
Consider opening joint accounts, as the say saying goes “two is better than one”. Take time to understand which accounts can be shared, for example, sharing your Netflix account is one sure way of saving costs. You can share a joint credit card for your expenses to save on interest and you can apply together for a home loan so that you both share the risk and can pay off the home loan together.
4. Dream together:
Do you want to see the world together, buy a new family car or save more towards your retirement so that you and your partner can comfortably grow old together? Write these dreams down and draw up a plan on how you can both save together to reach your dreams. Do your research on which savings accounts will earn you the most interest and remember that if both of you contribute a small amount each month it will be worth it in the long run.
5. Plan for the unexpected:
Life can throw curve balls that are unexpected. You and your partner could face a difficult situation that only an emergency loan can fix. To avoid being in a sticky situation, review your insurance policies should an unfortunate event happen. Whether it’s your partner being retrenched or losing a loved one, make sure to plan for the good, the bad and the ugly.
Conversations about money can be difficult to start, however chances are your partner has been pondering on the financial status of the relationship themselves. Take the first step towards living financially well with your partner by starting the conversation about money.
iMasFinance is a financial co-operative that offers affordable loan products including vehicle finance, pension-backed home loans, personal loans, a purchase card and insurance solutions through its wholly owned subsidiary, iMas Insurance Brokers. We also offer financial wellness training at no cost to your or the company that you work for, if your employer has an agreement with us. Chat to us on iMasFinance WhatsApp 087 240 5626 or find out more on imasfinance.co.za.