Let’s talk about money. Yes, talking about money may hurt relationships, as the Chinese saying goes, “谈钱伤感情“。
However, if we don’t talk about money, our relationships will definitely be affected. This is because while money may not be the solution to everything, much less love, it definitely gives us choices.
Here are a few guiding principles to financial planning for newly married couples:
1. Be open and transparent with one another
You have to sit down together as a couple and write down your financial goals and current assets and liabilities.
2. Come to an agreement on your financial goals
Work together on common financial goals as a couple. There will surely be compromises made on both sides, but that is what being one is all about.
1. Keep track of your daily expenses
2.Ensure that you have sufficient protection as a couple
3. Always have emergency funds
4. The sooner you start, the more time you will have to achieve your goals
Now, let’s talk about the financial goals that we can set as a couple.
- What is the type of lifestyle that you will be comfortable with?
What type of house do you want to live in? How many kids do you plan to have?Do you want to get private transport?
2. When do you wish to retire?
3.What do you value in your life?
More family time, a better quality of life?
4. What medical insurance and income replacement plans do you have currently?
What would be sufficient coverage for you as a couple?
How can we get started?
- Read up on the various ways to generate passive income and invest your money wisely
- Cut down and minimize all existing debt
- Find a trust worthy financial coach