On Starting Fresh: Five Money Tips For Couples

Some call it fate. Some call it blessing.

Finding the one who loves you for who you truly are, who motivates you to be a better version of you, who sees the greatness in you and magnifies it, is definitely a magical experience.

As you walk through life with this person, sharing goals and dreams will be part of this beautiful adventure. Being married for over six years, Joseph and I enjoy making our dreams come true. We want a life that is comfortable and sustainable, a life where we can enjoy and cherish each other more. In the first year of our relationship we took the time to identify our financial priorities. And over the years, we have witnessed how preparing ahead pays off.

If you are a new couple that just got married or you both want to tie the knot soon, here are some financial tips that might guide you as you live life as one.

1. Sit down together and decide on how you will manage your finances.

Do you want your finances separate and equally contribute? Or do you want to combine it as one? Every couple is different. What works for one might not work for the other. If your answer is the former, you might want to set clear tasks for each other. One might take care of the house bills and other necessities while the other will save up for the goals. Some couples I know contribute a certain amount for their priorities such as Retirement fund, Investment fund and Emergency fund while keeping the rest of their finances separate. And this works perfectly for them. Joseph and I combine our finances. Whatever it is that we make, we join and allocate together. And this has worked for us.

2. Map out your goals as a couple.

How do you both see yourself in twenty years? Will you have kids, if so, how many do you hope to have? Where will you retire? Do you see yourselves having businesses? Owning rental properties? Will you be going on a holiday once or twice a year? The answer to these will be a compass in your relationship. All your efforts will be steered in a common vision and purpose. And your goals as a couple will be your northern star when situations around you don’t seem to work in your favor. It will give you a push, a lift, an inspiration. As you map out your goals, set big ones and small ones. Achieving your small goals will give you both a sense of fulfillment and confidence.

3. Write down your priorities and put a monetary value.

Do you want to build a house? How much do you think it will be? Will you be having a kid? Do you want to save up for the education fund? Placing a monetary value will give you a realistic grasp of your priorities. If are planning for a 3 million-peso house that you plan to build in five years time, you know you would need to save up 50,000pesos per month to reach your target on point. When we got married, we pictured ourselves having a kid. So from day one, we were already saving for the Little One and his/her education fund. Our Little One has not arrived yet, but when s/he does, we will be ready.

4. Strategise on how you are going to achieve your goals.

Is your monthly salary already good enough? Or do you wish to create other income streams so you will acquire your goals faster? The great thing about creating your strategy is it will ignite both of your creativity. You might want to tap on your unique skills and make money out of it. Or you can enter into businesses or investments. There are so many lucrative and solid investment opportunities out there. Take extra caution though. Make sure that whatever business or investment you will be getting into, you have taken the time to study the ins and the outs. Leave no stone unturned. Most importantly, make sure it is legal.

5. Remind each other about your goals.

How are you both doing? Are you still seeing the same goals or has it evolved? Are you getting closer to reaching it? How can you improve? Keeping yourselves in check ensures that you are in the right track – together. Conversations like this also enable you both to open up and create an intimate dialogue. You would want to always hear each other. And take this chance to lift your partner up.

Acknowledge each other with affirmative words such as, “you are doing great”, “I’m so glad and blessed I am doing this with you.”

When you remind each other, you will not only remember your goals but also appreciate the person who is with you through all these.

It is both a blessing and a fate that you two were brought to find each other. As you build your life together, conquering goals one at a time, you grow and you become stronger, you become better. Looking back years later, your journey becomes an illumined moment — a highlight for all to see and learn from.

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