THE MONEY, HONEY
Are you and your partner on the same page when it comes to your financial future?
Chats to have about your financial future
Since you became engaged, the wedding chat has probably been rife. But have you checked in about each others’ money circumstances and how your financials will flow after ‘I do’?
It may be a daunting topic, particularly if your bank account isn’t bursting with pride, but it’s an important topic to raise.
Kiwibank – a 100 per cent New Zealandowned bank – suggest the following advice for potentially tricky conversations.
“Having honest discussions about each other’s money habits may save you from any awkward conversations later on.”
WHERE DO WE START IF WE HAVE NOT DISCUSSED FINANCES BEFORE?
✤ Mention to your partner that you would like
to have a chat about your joint finances. ✤ Set a time and place where it will just be the
two of you in a place without distractions. ✤ Talk about your goals and agree on what
you would both like.
WHAT IF MY MONEY HABITS DIFFER FROM MY PARTNER’S, HOW DO WE APPROACH THIS?
✤ Check out Mind Over Money with Nigel Latta, a six-part series you can watch on TVNZ OnDemand. The series explores four core money personalities and how you can understand the financial thoughts of your other half.
IS IT COMMON (OR EXPECTED) FOR COUPLES TO HAVE A JOINT BANK ACCOUNT?
Merging bank accounts is totally a personal choice. Perhaps try it and if it works then great, if not, don’t be afraid to try another set-up. Some couples find the best way is to arrange a joint account, but keep their individual spending accounts. And yes, the process is easy! Simply open an account together with both of you present – after you have a joint account it’s simple to add additional accounts.
WHY IS THE MONEY CHAT SO IMPORTANT?
Having honest discussions about each others money habits (good and bad) may save you from any potential awkward conversations and relationship stress later on. It might be a tough topic to initiate, but it’ll feel good after you’ve broken the ice.
4 WAYS TO GET SAVVY
✤ Think about how you pay for large deposits – consider a rewards credit card and reap the benefits. ✤ Start saving early. It’s not just the wedding to think about: there’s the engagement party, hen’s and stag parties and the honeymoon. ✤ Build up your annual leave so you get
paid during the time you’re off work. ✤ Do your research on saving accounts. There are options out there that give you better flexibility than a locked down Term Deposit, that still offer better returns than a regular savings account.