The Financial Diva talks to us about budgeting as a couple

You walked down the aisle and promised to each other “for better, for worse, for richer, for poorer.” Don’t let poor money management skills be a reason for marriage struggle. Let The Financial Diva (thefinancialdiva.ca) help you dig deeper and discuss how you and your partner can put a plan in place for healthy financial habits and a lifetime of successfully managing your finances.

 

Discuss Your Income and Expenses

“Talking about your finances as a couple can be difficult, especially when you were only  responsible for your own financial needs before marriage. We recommend having this conversation before you walk down the aisle. However, if you have not done so, it’s better to have the money talk sooner rather than later. Starting your discussion off by going over your accounts, debt you may be carrying, listing all of your sources of income, and being transparent about all of your finances, will set a healthy foundation and clear picture of where you both stand financially before creating a joint account.” – The Financial Diva

The Financial Diva
Image provided by The Financial Diva

 

List Your Financial Goals In-Depth

“According to thebalance.com, it’s important to set long term goals as a couple. These goals include: buying a house, going on a dream vacation, starting a family, growing your business and planning for retirement. Setting goals are important because if you are just limiting your spending and saving without a goal in mind, it is easier to justify overspending on a regular basis. Creating a financial plan with clear goals will help you both stay accountable in order to reach those goals within the timeline you have set for yourselves.” – TFD

 

Track Your Budget and Follow Up Monthly

“Creating a budget is the first step, however, following through is critical. Create your budget on a spreadsheet or in a journal and keep track of all of your expenses and spending for the month. According to Moneycrashers.com – “setting some time to discuss what your budget looks like for the month can strengthen the communication in your relationship as well as your level of trust with each other.” Discussing your finances will alleviate any stress about where your money is going because as a couple you know that your finances will be dealt with.” – TFD

Photo: Honey Yanibel Minaya Cruz

 “Reaching out about your finances and actually putting a plan in place for you and your family is something most of us just tend to put off.  And I get it, sometimes you can feel nervous– maybe you haven’t made the best financial decisions. Or maybe you are pretty good with your money but you’ve just never had a financial coach check it over with you. I’d love to meet with you so we can make sure that both of your dreams and goals are aligned. Looking back on my own life, these moments have been the most rewarding, most challenging, and most loving times of my married life. I know that when you’re confident that your finances are taken care of, you’ll be able to enjoy life’s moments even more.” -TFD

MORE ABOUT THE FINANCIAL DIVA | The Financial Diva (thefinancialdiva.ca) helps you plan the wedding of your dreams without going into debt (more details in their review in The Ring, here). To find out more, email The Financial Diva directly using the form below. 🙂

Expert Tips, The Financial Diva