LOVE AND MONEY
Couples keeping their finances separate is a growing trend in Australia. To keep finances separate or combined is an important conversation to have with your partner and potential husband/wife. There is no right or wrong answer, at the end of the day it is about whatever works for you. However, talking to your partner about money is important and whether you have similar or different spending and saving styles.
Here are some guidelines to get the conversation started:
What are your goals and plans for the relationship? Do you plan to marry, buy a home or have a baby in the near future?
YOUR CURRENT FINANCIAL STATUS
Do you have any outstanding debts? Will this jeopardise your relationship goals, particularly if not discussed? Deliberately hiding your finances from your partner is dangerous. It is important to be upfront about any debts you may have? Are you able to reduce your spending to save for your goals.
YOUR SPENDING AND SAVING HABITS
Are you a spender or a saver? A recent survey found that 22% of couples kept some spending habits from their partners, predominantly on clothes, gambling and guilt foods.
WHO WILL BE CFO?
Will one person look after household expenses, mortgage and savings, or will you share the responsibility? Make sure you're both happy with the decision.
Communication is the key to any strong relationship. If you and your partner share the same attitude to money and be open and discuss ongoing money concerns, you will build a secure future for yourselves.