Make this season of love your own season of wealth.
Managing finances with your significant other may seem like a bumpy activity and creates tension, but remember that honesty about money is essential for trust in relationships.
Check out these 4 steps that will help you and your partner manage your finances as a smart couple.
1. Talk about money
Dedicate a day when you and your spouse can have a household finance meeting. Talk about your salary, monthly income, and other assets. This is a good way that you get to identify your spending habits and monthly expenses as a couple.
2. Share common vision/goals
Talking about future goals is important as well. For example, talk about your dreams such as future travel plans, moving in together, and achieving milestones as a couple or family. Without a shared vision, your relationship may perish. You want to support each other’s life and career goals so you and map out a shared vision of your future and work toward it together.
3. Establish money management strategy
Another way you can better manage money with your significant other is to discuss how you will achieve your goals. You’ve shared common visions and goals you have as a couple, now it’s time to come with a plan or strategy on how you can achieve them.
For example, in order to prepare for your kid/s’ education, you may want to start investing now. Open a mutual fund account for each of your children and put any cash gifts they receive during their birthday or Christmas just to get the fund started.
4. Seek professional advise
You may also seek financial expertise from someone who can help you find out which mutual fund best suits you and your household needs. No worries, because at First Metro
Asset, we have a number of licensed and experienced Relationship Managers who can best advice you on your investment decisions. Should you need to connect with one, just click here.
We released a video series this love month to further help you in managing money with your significant other.
Watch the videos below: