Managing Money As A Couple

Better Loan Solutions in Mornington Peninsula • Learning Centre • Insights

Managing money as a couple.

When new couples start living together, get married or combine financial commitments one of the first things they need to consider is how they will manage their finances.

For singles, your financial situation is relatively straightforward – but when there are two of you with different financial backgrounds and different approaches to managing a budget, there can be problems.

However, most couples will ultimately want similar things, such as buying a home together and building a nest egg so they can have a family

Did you know

With our in-house mortgage broking division we bridge the gap between the countless phone calls and emails between lender and accountant making your refinancing and borrowing much less stressful.

LET'S TALK MORTGAGES LET'S TALK MORTGAGES

Here are some tips on better managing your money as a couple.

Know each other's beliefs

A lot of the time you can classify people as spenders or savers. Savers often look down on spenders, while spenders think that savers need to enjoy their money. Regardless of what camp you’re in, it’s vital that you understand where your partner is coming from. Your goal should be to find common ground so that you can work toward your goals together.

Be transparent

If you’re a couple, it’s important that you let your partner know how much you’re making so you have a clear understanding of each other's financial situation. That way, when you work on a budget you can determine the amount coming before deciding how much you should be spending. Many couples don’t share their financial information with one another, and this can lead to conflict down the track.

Read everything carefully

As a couple, you will end up having things like joint accounts, mortgages and other forms of debt. It’s vital that you understand what you are getting into and know the ramifications of what will happen should you separate. The best thing to do is to read all financial documents carefully and if in doubt consult an expert. Don’t ever sign anything you’re uncomfortable with.

Set financial goals

Being a couple is about having a shared vision of a life together and financial goals are a big part of that. Whether you want to own a home or start a family, you will need to put down a financial plan to help you achieve what you want out of life. By sitting down and working through it together you are more likely to stick to your plans and reach your goals.

If you haven’t got a financial goal, then you are unlikely to be able to achieve it. Engaging a good financial adviser that can help you clarify your financial goals as a couple and then set achievable steps to get their could be the gamechanger you need to set the tone.

Create a budget

Whatever your goals, it all starts with budgeting. When you first make the decision to get married and live together, you need to sit down and go over your finances. Work out your income and fixed expenses. Then, determine how much you want to be saving for things like a house deposit. Finally, you can allocate some money to discretionary expenses and things like holidays. Work backwards to achieve your goals

Get in touch

Our holistic approach to taxation, accounting and financial planning means we bridge the gap in the client experience, eliminating the frustration from delays that are often inevitable with multiple stakeholders involved in the lending process.

6 common refinancing traps to avoid

Today

Refinancing your home loan can be a great way to save money, but it’s important to avoid common pitfalls.

Read More

7 tips for styling your spring open home

16 Oct

Spring is a popular time to sell homes, with warmer weather and blooming gardens creating an inviting atmosphere that brings out the best of any property.

Read More

The hidden costs of late payments

11 Oct

Cash flow is the lifeblood of any business and when payments are delayed, it creates an immediate strain.

Read More

6 misconceptions about small business loans.

9 Oct

Small business loans are often misunderstood. These misconceptions can prevent owners from taking advantage of valuable opportunities to grow their businesses.

Read More

Luxury retail drives cbd revival as sydney leads the pack

7 Oct

Australia's CBD retail markets are showing signs of recovery post-pandemic with luxury brands leading the charge.

Read More

Commercial property cycle offers opportunities for investors

4 Oct

There are still excellent opportunities for commercial investors in retail and industrial sectors thanks to the current property cycle.

Read More

Business growth signals positive outlook for commercial property

2 Oct

The Australian business landscape is expanding, signalling a potentially strong future for commercial property markets.

Read More

4 factors that influence car loan interest rate

2 Sep

Understanding the factors that influence your interest rate can help you secure a better deal.

Read More

Motorbike Loan Or Personal Loan?

30 Aug

The choice between a motorbike loan and a personal loan depends on your financial situation, credit profile and preferences.

Read More