Setting financial goals as a couple

Tackling financial goals together can help a couple understand each other’s priorities, develop good saving and spending habits, as well as create the kind of future that works for you both.

STEP ONE: WHAT ARE YOUR FINANCIAL PAIN POINTS?

When you start making plans, chances are you’ll both come across financial pain points. In other words, the areas that need some attention and possible alterations. These might include:

  • Post-wedding or honeymoon debts.

  • Different earning capacities.

  • Different savings goals.

  • Different spending habits.

  • Disagreements you’ve had in the past.

  • Different ideas about couples bank accounts.

While it’s normal to have pain points like these, it’s important to recognise them for what they are and work on solutions.

Talking to a financial planner early on can help with this.  Please contact us on |PHONE|. Money isn’t the easiest subject to discuss, but somebody experienced in financial planning or advice for married couples may offer good ideas, such as how much to contribute in a joint savings account.

STEP TWO: SEPARATE INDIVIDUAL GOALS FROM COUPLE GOALS

While you’ll both have personal savings goals, it’s a good idea to talk about what these are and why they’re important to you.

This will help you work on them, without compromising the goals you have as a couple. Examples of couple goals include:

  • Buying a home together

  • Renovating your home

  • Buying an investment property

  • Travelling or moving overseas

STEP THREE: CREATE AN ACTION PLAN

With a better grip on your financial pain points and the goals you both want to achieve, it will be easier to start making practical plans.

Just like working with wedding planning list, setting out a clear timeline can help you visualise your goals, and importantly, make sure you’re staying realistic about how and when you’ll achieve them.

It could be worth talking to a financial planner contact us on |PHONE|. A professional can help you set up the timelines and look at ways of boosting your goals.

Keeping motivated is important, but this often takes incentive. You could set up a separate bank account, such as the NAB Reward Saver, that has good interest rates and bonuses. You might also want to consider a term deposit. These savings products offer fixed, competitive interest rates and you can choose a term to suit your needs.

When you hit your milestones, there’s no harm in rewarding yourself. A nice dinner or weekend away can remind you that your couple goals are worth achieving.

Using an online budget planner (perhaps the same one that helped with your wedding budget) will help you find out where you can save money, as well as how much. MoneySmart’s savings goals calculator is also a great tool to keep you on track.

For more budgeting and saving tips, NAB has plenty of tips and advice to give.

STEP FOUR: GET THINGS MOVING

You may have already opened up a savings account, but have you thought about applying for a personal loan?

With the right repayment plan in place, personal loans can help you achieve those bigger financial goals, such as paying for the costs of starting a family, moving overseas, or even paying off the engagement ring.

If you’re looking at property instead, it’s best to start the conversation with your lender soon, so you can figure out how much you can afford and where you want to live.

When you apply for a home loan, you’ll want to be prepared. Banks and lenders take into consideration a lot of factors before they decide to approve applications. But the more organised you are, the easier it will be to get things moving.

Source: Nab July 2020 

Reproduced with permission of National Australia Bank (‘NAB’). This article was original published at https://www.nab.com.au/personal/life-moments/family/get-married/budgeting-couple

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