Marriage is about being a team and this includes good financial planning which means both partners being responsible with money. So many South Africans don’t know about the ‘money talk’ before and after getting married.Here is some financial planning advice for those how are getting married or might already be married.
Be honest about your finances:
It’s important to be honest about money from the get-go, so that both partners are aware of any debt and are aware of spending habits. If both partners are upfront, then it will allow you to plan for the future as a team and you will know exactly where you stand.
Establish whether or not you are going to open joint bank accounts, or keep them separate. The decision needs to be mutual, with both partners feeling comfortable.
Create a budget:
Once you are both clear on your financial situation, a budget needs to be set which will allow you to reach financial goals. Once you have set a budget, you need to both try your best to stick to it and to cut down on unnecessary expenses. Track your expenses every month and if necessary, make adjustments.
Building an emergency fund is really important, as it will help you in case of any unexpected emergencies such as the loss of a job or a car accident. Nobody wants to be in debt, so taking this necessary precaution will really go a long way in securing financial stability in a crisis. It’s better to be safe than sorry.
Understand your options:
When it comes to any sort of financial planning, one always needs to be aware of their options. From bank accounts to retirement planning, you need be clued up, so seek out knowledge and compare different plans. With LikeMoney’s comparative platform, you will be able to compare quotes from various financial institutions- and this will help you to plan for your financial future as a married couple.