Financial planning in a relationship
The month of February is generally known to be the month of love. It may be relevant to take this opportunity to delve into financial knowledge with your loved one. Relationships may sometimes be seen as sensitive grounds to speak on money matters, with a little bit of strategy, communication, and intentionality, managing finances with a partner can be less painful and more productive.
Understand your finances better by making use of financial plans. When the importance of financial planning and execution is well understood, it may help in removing this stereotype and surely improve your financial capabilities.
A financial plan is a fundamental way to create a healthy platform for financial aspects in a relationship. Financial planning is initiated by the source thought of both individuals agreeing to follow the same route of future financial strategy.
Plan money together by using a specific and comprehensive outline of current income and future financial decisions, including making use of current known variables to predict future income, asset values and withdrawal plans. In marriage, this may change to be an outline of both partners finances headed to one or similar direction. To avoid getting to dead ends where money has been used and not accounted for, you will need to distinctly outline expenditure within your financial plan.
In a relationship, one person might be more interested in managing finances than the other. Michael Hackler of an international financial group the Horizon Financial Group says it is important to maintain a team mindset by sharing financial responsibilities, saying “If responsibilities aren’t divided, and something happens to the ‘financial spouse’, the other one
will be lost. Bills go unpaid, debts accumulate, and your once-solid financial foundation crumbles”.
Carve out some time from your schedules to communicate with your partner about how financial responsibilities may be shared in order to make things easier for the both of you. Make this communication a habit and make it fun.
Money matters are already so much on their own; you might want to make the experience lighter for yourselves while having a cup of coffee and reflecting on the financial decisions you have previously made and discuss the amendments to move well forward. Women and men may share their financial responsibilities to avoid straining one individual. Being committed to obligations is a task that needs to be executed by both in order to succeed.
The Financial literacy Initiative (FLI) in Namibia shows there is a small, yet significant difference between men and women with regard to financial behaviour; 41% of males and 36% of females act accordingly with regards to their finances. Merging your financial life with someone else’s can result in tension about “whose is whose”, thus bringing the importance of drawing financial lines to light. It is a good idea to draw very clear lines on how each partner will view the money on either ‘yours, mine or ours’ classification.
Being in a relationship means working as a team. When you’re on the same page about your income, expenses, assets and liabilities as a couple, it is much easier to make progress toward your goals. Statistics show that while the bulk of day-to-day financial decisions are made jointly (58%) and many are in agreement, three in 10 couples agree that one partner takes a primary role.
Money should not be a common stress aspect in your relationship. Planning financially will help you eliminate it if it may be to find a manageable solution.
Remember that drawing up a financial plan will not be effective when disregarded. Stick to the plan and adjust where necessary to make it work.
Successfully, being on the same page about money will not only elevate your financial well being; it will also strengthen your relationship.
* Ester Kali is the CEO of Letshego Namibia
Farmers in the rural settlement of Gam in the Otjozondjupa region will now be able to market their cattle for direct slaughter as per the standards set by its trading partners, especially the European Union (EU) and the World Organisation for Animal Health (OIE).
This, according to the country’s meat processing and marketing entity Meatco, is after it invested in the upgrading of the settlement kraals at the settlement.
“Through the Meatco Foundation and the Norwegian group, UNIL, is mandated to serve, promote and coordinate the interests of the livestock producers in Namibia and strive for the stabilisation of the country’s meat industry in the national interest,” Meatco said in a statement.
This implies that animals marketed at the EUcompliant kraals qualify for direct slaughter at an export-certified abattoir, which improves efficiency and direct benefits to the farmers in the communal areas south of the Veterinary Cordon Fence.The corporation said the inauguration of the kraals will take place today (Tuesday) at the Gam main settlement water point, opposite the councillor’s office or the Directorate of Veterinary Services office (DVS).Gam, a rural settlement situated some 400 kilometres east of Grootfontein close to the border of Botswana.
The settlement came into existence in 1994 as a reception centre for returning Namibians who had been living in Botswana.