In recognition of February as the traditional month of love, JustMoney.co.za, a platform that helps South Africans make good money choices, is offering couples a bouquet of financial tips to help them build a sound financial future together.
“Valentine’s Day is not just a suitable time to celebrate romance, but also to lay the foundation for financial happiness in a relationship,” says Sarah Nicholson, Operations and Sales Manager of JustMoney.
“Romantic partners who educate themselves about money matters, and ensure that their financial affairs are in order, are better equipped to handle life’s inevitable setbacks without straining their relationship.”
JustMoney offers the following tips for couples:
- Communicate openly: Have an open, honest discussion about your financial goals, priorities, and concerns. This helps build trust and ensures that you’re on the same page when it comes to money matters.
- Set financial goals: Whether you’re saving for a home or a dream holiday, setting shared goals builds a sense of togetherness and purpose. Set realistic timelines for reaching your goals, and allocate resources accordingly.
- Draw up a budget: Discuss your monthly income, expenses, and savings goals. A clear understanding of where your money goes allows you to make informed decisions.
- Build an emergency fund: Aim to save enough money to cover three to six months’ worth of living expenses. This financial safety net will provide you both with peace of mind.
Read a JustMoney article on the best South African bank accounts for saving.
- Invest wisely: Whether you’re considering investing in shares, property, or digital currency, understanding your risk tolerance and investment goals is crucial. Explore opportunities together and seek professional advice to tailor an investment strategy that’s aligned with your shared goals.
- Check policies: Address important matters such as life insurance, wills, and retirement planning. Update the beneficiaries on your financial accounts, insurance policies, and retirement plans.
- Avoid debt: Bad debt, such as paying off a high-interest loan for trendy items that have devalued, can easily lead to arguments and tension. Be open about what you owe, and define each partner’s financial responsibilities for loan payments.
- Check your credit scores: Joint debts can affect both partners’ credit scores. A poor credit score has implications when applying for loans, renting a home, or even securing a job.
Find out how lenders view your credit score, and how you can improve it.
- Allocate personal spending money: Every month, allow each other to spend a small amount of money on anything you want, guilt-free.
- Schedule money-date nights: Regularly discuss your financial goals, review your budget, and make joint decisions about your future. Make this an enjoyable and relaxed time, incorporating snacks and drinks.
- Shop strategically: If you decide to give presents this Valentine’s Day, focus on a meaningful, thoughtful gift rather than an expensive themed purchase. Keep in mind that special memories, created together, can be more valuable than material possessions.
“A mutual understanding of money not only enhances a couple’s financial wellbeing, but also strengthens their emotional connection,” concludes Nicholson. “It’s extremely rewarding for partners to work together to attain their financial goals, and to celebrate their success as a team.”
JustMoney.co.za is a trusted voice within the personal finance sector. The JustMoney platform offers articles, money management tools, and a wide range of financial products and services. More than 450,000 South Africans subscribe to the free credit score platform to stay informed and become financially savvy. Subscribe here.