It’s getting close to Valentine’s Day, and love is everywhere! If you’re looking to discuss financial and romantic matters with your partner We’re here to assist you.
So, what could a financial planner tell people about money, love, and affection? Actually, quite a lot! Making money plans with a partner requires faith, patience, dedication to understanding, and an ability to talk. If you take the proper approach being both parties on the same page regarding finances can enhance the relationship.
As I love to say the fact that money is generally considered a taboo topic. This is probably the reason why articles on advice focusing on the problems that money can create for families and couples frequently. Instead of staying away from discussions about finances I would suggest that you talk to your partner to discuss and discuss how you’ll handle finances as a team. Start by deciding who’s going to be responsible for what.
FINANCE AND ROMANCE
If you and your partner gather to discuss your financial goals It is best to split and take on your shared responsibilities. Most couples are able to play the roles of a couple due to their own characteristics, habits and personal preferences. However, it is important to discuss these roles so that you don’t duplicate efforts — and also in the event that there’s a disagreement.
EXAMPLES OF ROLES
Here, there are examples of roles you could assign. A lot of people manage different aspects of each, therefore, I suggest you discover the right systems for your particular partnership. Then, determine and assign roles that fit your specific family structure. Consider how each member to determine who will be responsible for the family issues that matter to them.
Chief Operations Chief Operating OfficerThe Chief Operations Officer provides an overview of household’s activities and schedules, the supplies as well as the multitude of other tasks that increase the efficiency of a household.
Chief Financial Officerhandles everyday tasks, budget tax, bill-paying Other life administration tasks and more.
Chief Revenue (or Sales) Officeris responsible for generating income for the family.
GOING FURTHER: ASSIGNING FINANCIAL TASKS
Both of you agree on your main roles in your financial family. You can now be on the same page in how you’ll divide the numerous tasks. Like when you assign chores for spring cleaning, each of you will have a few tasks.
One person can handle a lot.
To others, several hands can make work easier.
Other situations may require you to switch your responsibilities.
BOARD MEETINGS (AKA MONEY DATES)
It’s the time to convene a meeting for the directors of board. Make a plan for your Money Day in advance and take the Download Let’s get Financial Worksheet to use as a guide! In this meeting you’ll both be able to accept that there won’t be an chief executive officer (CEO) within your household since both of you will be involved of the financial decisions that affect the partnership.
However, you will both visit the accounting department frequently to monitor the outflows and inflows of the family’s finances.
STRIP DOWN TO YOUR DATA
Make yourself Financially naked in your relationship with your companion and expose yourself. You’ve built the foundation of trust and understanding with discussions about roles in the financial world. Now is the time to look into the facts!
According to an TD Bank survey conducted over the course of five years “one third of millennials would consider ending a relationship because of a financial secret.”
To strengthen your trust and gain an understanding of the financial situation you’re in Here are some areas to discuss with your partner so that you both can fully understand your individual financial situation.
> SALARIES AND INCOMES
In a relationship, income inequality should not affect the dynamics of power. Both of you are creating the life you want to live and it’s important to consider your incomes as contributing to your lives. The way you determine the distribution of your earnings is a matter for discussion that you should discuss, but make sure to share your income or income sources as well as future income sources that could be in the near future (inheritances and trusts. ).
> ASSETS AND SAVINGS
What is the value of every savings account? What are you planning to do to establish — and achieve -your savings goals? Take into consideration the following …
Savings and checking accounts
Health Savings Accounts (HSAs)
IRAs and Roth IRAs
401(k)s, 403(b)s, etc
Trusts
Brokerage accounts.
Business interest
Properties
> DEBTS AND LOANS
What are you owed and to who? What is your current strategy to pay off this debt and how do you plan on ending this debt together? Take a look at the possibilities for …
Mortgages
Credit cards
Student loans
Other loans (taxes, medical, family, etc.)
> CREDIT SCORES AND REPORTS
A credit score obtained through an online service can provide you with an overview of your credit score and ways to improve it. We suggest going through each other’s credit scores in order to discover what is the basis of the score of each and ways to improve it.
If you find something not right If something doesn’t look right, get your free credit report for the year and conduct some investigation to rectify any mistakes.
> RIGHTCAPITAL
As a customer As a customer, you’ll have an financial tool to view all of your financial details in one single portal. It is a great tool to use as you are informed about the present circumstances of your partnership’s financial situation and make plans for your financial future together. Log in to your financial plan through RightCapital.
> INDIVIDUAL BUDGETS
How are you managing the flow of cash (aka the budget)? What did you like about the past? What are your top priorities? How do you improve your system?
Don’t overlook that this month is cash flow February!
I would like to wish you and your spouse every success as you add romance into your financial life!
Are you looking for more ways to make plans with your spouse? If you’re preparing to tie the knot to a marriage, recently got married, planning for your wedding, or planning a beautiful legacy, keep reading for three of my favorite ideas.
1. ROMANCE AND MONEY: LET’S GET FISCAL!
At this time in the past, we showed our most recent FPFoCo Academy module, Romance & Money. It’s all about relationships committed, communication, and commitment -and you are able to go to the Academy to see the complete overview or take a quick glimpse on our blog!
2. GETTING MARRIED — AND MARRYING YOUR FINANCES
Don’t be fooled by the title! No matter if you’re getting married or not Jason’s post on the subject outlines the pros and cons of merging financial accounts versus keeping them apart. If you do decide to join your financial accounts look down for three steps on how to begin.
3. HOW TO GIVE BETTER: COMMUNITY FOUNDATIONS, PRIVATE FOUNDATIONS, AND DONOR-ADVISED FUNDS
In my role as an Accredited Estate Planning (r) professional I’m a firm believer in giving to charities. If you’re thinking of implementing a charitable giving strategy for the estate planning process, take a look at this post to learn more about how you can help spread the love! You can also visit our FPFoCo Academy module called “Advanced Charitable Giving Strategies” to find out more.
Are you thinking of inviting the person you are in love with into your financial planning relationships with FPFoCo? If yes, then I ask you to arrange a meeting with FPFoCo! If you’d like to discuss this matter with us prior to the meeting, simply select a date that is convenient with your needs. It’s part of your meeting and consultation time.
Happy Valentine’s Day!
