Posted on: 6th Feb 2019
It’s the season of love and many of you who are coupled, engaged or married are basking in it. But while all of this is on-going, it is easy to forget or brush off some pertinent things such as finances in relationships. Whether you’re married and especially if you’re not yet hitched, talking about your finances as a couple is a crucial subject that should be properly ironed out in every relationship.
As mentioned earlier, the love shared between two people can be very powerful and many times, couples get carried away and neglect the subject of finances in the process. However, this should not be so as before going into official partnership (marriage) with your proposed life partner, you are both expected to discuss and create a financial plan that benefits the both of you. If for some reason you have not yet had this discussion and you’re already married (perhaps you have just been winging it) those days should quickly come to a halt as you now need to take more proactive steps towards your finances as a couple.
There are financial decisions, procedures, and steps both of you can take to ensure that you are both financially secure now and in the future.
Whether it’s in form of a joint savings account or some form of banking set-up created to allocate prescribed percentages of your income into a central account, you and your partner should endeavor to have some sort of money pond where you both throw in something each month or so. This is the kind of money talk you want to have before tying the knot. This way you’re sure that you’re not only marrying your life partner but that you’ve also got yourself a financial partner for life.
A couple can decide to invest in real estate, bonds or any profitable and secure form of investment provided that they’re both in the know and aware of their vested interests. This will benefit each couple in the grand scheme of things and it is important to initiate as early as possible into the relationship (especially for married couples).
Nobody likes to talk about the end especially at the beginning. But we’ve found that it is exactly the best time to talk about it. At African Alliance, there are special life insurance covers for spouses that will be of great advantage to both parties. When the end finally comes (and we hope not soon enough), the surviving couple will be able to benefit immensely and when the dust settles you will come to realize that you both made the right decision.
Many relationships, marriages, and engagements have been known to take a huge hit as a result of a faulty or non-existent financial partnership between both couples. To avoid such an unfortunate situation, it is paramount that you adhere to some or all of the suggested ways you can go into financial partnership with your life partner as stated above.