How To Set Financial Goals As A Couple

Whether you're newly married or just getting ready to settle down with your loved one, it's important to go into a future with your partner on the right note. For lots of couples, money ends up being a huge stress on the relationship. In fact, 41% out of 500 Singaporeans say they fight with their partner about money.

Thankfully, there are steps that you and your partner can take to strengthen your financial relationship and prepare for a life together. Here, we've shared the most important things that you and your partner should consider before embarking on your financial journey together.

The HoneyMoon Phase Is Over… Now What?

The first step in creating any financial plan together is to take stock of your current finances and openly communicate your financial obligations from the start.

Make sure all paperwork is updated. Before you get started on this journey with your loved one, you both should ensure that all of your identification and relevant accounts are updated with current information. This includes updating your beneficiaries on your life insurance policy, for example.

Make a list of income, assets, and debt. You and your spouse should lay out all sources of income; assets like property or investments; and debt including credit cards and loans. By doing so, you can have an honest discussion about where you both stand financially.

Estimate your current spending habits. By creating a list of your monthly expenses like food, toiletries, and even Netflix subscriptions, you can get a better idea of your current spending habits. Doing this stage of planning, we recommend to take note of any credit card points or rewards that you receive for your purchases. This will come in handy later when you're deciding whose credit card to use to buy groceries, for example.

Read the complete article on ValueChampion

https://www.valuechampion.sg/how-set-financial-goals-couple