THE MONEY, HONEY

Are you and your part­ner on the same page when it comes to your fi­nan­cial fu­ture?

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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.

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