People tend to approach money and budgeting from very different places. Sometimes that comes from how we were raised or other life experiences. Here are 5 tips to help you get the conversation started.
Sit down with your partner and talk about your career plans up to, and including, having children and retirement. Being on the same page is important when it comes to expectations and goals.
How do you want to spend your money? Are you accountable to your partner for all spending decisions or do you each earn and spend independently? Maybe it’s a mix of the two.
Someone needs to manage at least the shared finances, so who is the better number cruncher? Even if you each take on separate tasks in terms of paying bills or banking there should be regular scheduled check-ins to make sure everything is staying on track and you are both fully aware of how much you have and where it is.
4. Savings and protection
It’s important to talk about your savings goals. Are you long term savers for retirement or are you short term savers for that new big screen TV? Or a little of both? And what about insurance protection? Do you have enough to ensure that your current lifestyle and future dreams aren’t at risk?
If one partner always wants to play it safe, and the other is willing to take giant leaps of faith, then you need to decide how much of your money will be invested in safe bets and how much will go to more risky ventures.
- Life stages
- Personal finance and saving