March 1, 2022 Julie Hyslop

COHESIVE FINANCIAL PLANNING WITHIN A RELATIONSHIP

For some people engaging a Financial Planner is a something they undertake alone but for others it may be a joint decision which includes their partner or spouse. A financial planner can be a direct link between a financially happy and successful relationship, providing an open transparent platform for financial discussions and goals.

Meeting with a Financial Planner can provide couples with the time and opportunity they need to discuss such topics openly and transparently as credit card debt or planning for retirement. These topics may sound trivial, especially earlier in the relationship, but they are important and in fact if not addressed have the capacity to cause stress that can lead to relationship break downs. A good Financial Planner can play a key role in ensuring a successful financial partnership within a relationship.

At Income Solutions, when working with couples who are planning their finances together, we have observed some of the following ways in which they successfully navigate their financial partnership:

– Both people commit to having at least a basic understanding of financial literacy and general overview of their financial situation.

– A budget, setting goals and managing debt is done jointly, with both being aware of their expenditure and income.

– Annually attend financial planning meetings together to ensure they create and monitor their financial ‘big picture’, communicating and recalibrating over the length of their relationship.

– Understand that their Financial Planner can provide them with a neutral and financially best practice perspective when they are required to make decisions that involve their money.

Sharing our dreams and aspirations with our life partner can be one of life’s most exciting adventures, but remember statistics show that it is important to have that often hard ‘money talk’ earlier in the relationship, as it will provide the framework to face the many financial challenges and opportunities that may present themselves over the years.

When assisting people with their financial partnerships at Income Solutions, we are presented with a range of individual complexities, life stages and situations, however the common denominator of transparency, communication and good financial advice applies whatever the state of their individual financial affairs.

Referenced for this article:

https://www.investopedia.com/financial-planning-can-save-marriage-4684269

https://www.businessinsider.com/personal-finance/money-tips-financial-planners-always-give-to-couples?r=AU&IR=T#share-financial-responsibilities-6

https://www.financialplanningforcanadians.ca/financial-planning/financial-tips-for-couples

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