Finance

5 financial conversations every couple should have before tying the knot

Published

11 months ago

June 17, 2023

5 financial conversations every couple should have before tying the knot

WEDDING bells are ringing, and it’s easy to get swept up in the whirlwind of planning. But before you say “I do,” it’s important to make sure your financial conversations are just as harmonious as your love story. Having open, honest discussions about money early in a relationship is key to understanding each other’s priorities and values when it comes to finances. It can also help prepare newlyweds for a successful financial future together.

Although money has always been a contentious topic in relationships, research shows that couples who regularly communicate about their finances have a greater chance of success in their marriages. With June being a popular month for weddings, here are five conversations that every couple should have before tying the knot.

Money history and mindset

Before merging joint finances, it’s crucial to kick things off with an open conversation about your money histories and attitudes. Think back to your childhood. How did your parents manage finances and what did you learn from them? What’s your outlook on cash nowadays? Is it a source of security or stress? Identifying your partner’s financial approach will help avoid future conflicts and enable both of you to develop sustainable personal finance strategies. This is your chance to learn more about each other and turn finances into a mutually beneficial venture.

Current financial situation

Sit down and review your combined financial picture — income, expenses, debts, savings and investments. What do you both bring to the table? What types of debts do you have and what strategies do you have in place to pay them off? How much are you saving each month? What financial responsibilities do you currently have toward your parents, siblings or other relatives? Are there any major financial decisions that need to be made before getting married? Knowing where each of you stands financially can help you make sound decisions as a couple and create a plan for how you’ll manage your money as husband and wife.

Financial goals

Discussing your goals for your lifestyle and future together before marriage can help shape how you’ll make financial decisions as a couple. Do you want to have kids? Are you looking to buy a house? Talk through your dreams and desires, from small everyday habits like eating out or taking vacations to longer-term ambitions like starting a business or saving for retirement. Decide on a timeline and set milestones for when you’d like to accomplish each goal, then determine how much you’ll need to save in order to get there.

Money management strategies

Brainstorming strategies for how you’ll manage your money as a couple is essential. Figure out which expenses you’ll split down the middle and which ones you’ll divide up in different ways. Will your salaries be pooled together, and if so, will they be placed into one joint account? What are rules around spending habits like buying unnecessary items or making large purchases? Would you rather stick with the traditional cash or embrace the modern convenience of credit cards and e-wallets? Discussing these details upfront can help prevent any misunderstandings or disagreements down the line.

Financial responsibilities

Everyone has a different approach when it comes to money management, so it’s important to determine who will be responsible for what. Who will pay the bills? Who will handle investing and retirement planning? Who will take care of taxes and filing paperwork? When both partners are aware of their individual responsibilities, they can more effectively work as a team.

Keeping an open dialogue and clear communication is key for any healthy relationship, and it’s no different when it comes to your finances. Set aside time each month to review your budget and track expenses together. Take this opportunity to talk about what’s working and what isn’t, and discuss ways to adjust your strategies. If something needs immediate attention like an unexpected expense or emergency savings need, you should address it immediately without hiding anything from each other. And don’t forget, managing money is not a one-time deal, it’s an ongoing journey. So, keep an eye on your finances and tweak things as your needs change.

As you navigate these conversations, it’s important to remember that every couple is different, and there is no one-size-fits-all approach to managing finances in a relationship. If you’re struggling to have these conversations with your partner, consider seeking the advice of a financial planner or counselor who can help you create a plan that both of you feel comfortable with.

Money can be a sensitive subject, but having these conversations now can save you from potential headaches and heartaches down the road. Remember, the most important thing is to approach these conversations with an open mind and a willingness to work together toward a shared financial future. By doing so, you can build a strong financial partnership to match your romantic one.

Janice Sabitsana is a registered financial planner of RFP Philippines. To learn more about personal-financial planning, attend the 102nd RFP program this July 2023. To inquire, email [email protected] or text at 0917-624-8110.

Related Topics:5 before conversations couple every financial have knot should the tying

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Finance

Crow Wing County is nationally recognized for financial reporting

Published

4 hours ago

May 20, 2024

Press Room

Crow Wing County is nationally recognized for financial reporting

BRAINERD — For the 10th consecutive year, Crow Wing County was awarded the Certificate of Achievement for Excellence in Financial Reporting and the Award for Outstanding Achievement in Popular Financial Reporting.

The Certificate of Achievement is the highest form of recognition in the area of governmental and financial reporting. The honor is given out by the Government Finance Officers Association of the United States and Canada.

The Certificate for Excellence in Financial Reporting was awarded to Crow Wing County for its 2022 Comprehensive Annual Financial Report compiled in 2023.

The award represents a significant accomplishment by a government and its management, the county noted in a news release.

“This is a testament to the type of work that is being done in our Finance Department,” said Finance Director Nancy Malecha. “This award recognizes our commitment in ensuring that our financial data and information is reported accurately, timely and provides transparency that the taxpayers of Crow Wing County deserve.”

Crow Wing County is one of only 16 counties in Minnesota to have earned this award.

The Award for Outstanding Achievement in Popular Financial Reporting was awarded to Crow Wing County for its 2022 Popular Annual Financial Report.

The annual report extracts information from the Comprehensive Annual Financial Report and summarizes the financial position of the county in a simple, easy to read format. Crow Wing County is one of five counties in Minnesota that have received the national award.

Financial reports are available on the Crow Wing County website at

www.crowwing.gov/771/Financial-Statements

Our newsroom occasionally reports stories under a byline of “staff.” Often, the “staff” byline is used when rewriting basic news briefs that originate from official sources, such as a city press release about a road closure, and which require little or no reporting. At times, this byline is used when a news story includes numerous authors or when the story is formed by aggregating previously reported news from various sources. If outside sources are used, it is noted within the story.

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Finance

Tata Motors’ subsidiaries – TPEM and TMPV join hands with Bajaj Finance, offers financing program for authorized passenger and electric vehicle dealers – Tata Motors

Published

11 hours ago

May 20, 2024

Press Room

Press release -
May 20, 2024

Tata Motors’ subsidiaries – TPEM and TMPV join hands with Bajaj Finance, offers financing program for authorized passenger and electric vehicle dealers

Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) join hands with Bajaj Finance to offer financing program for authorized passenger and electric vehicle dealers. In the image, Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Siddhartha Bhatt, Chief Business Officer, Bajaj Finance Ltd. at the MoU signing in Mumbai.

In a bid to improve options and ease of financing for the dealers, Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM) – subsidiaries of Tata Motors, India’s leading automotive manufacturer, have joined hands with Bajaj Finance, part of Bajaj Finserv Ltd., one of India’s leading and most diversified financial services groups, to extend supply chain finance solutions to its passenger and electric vehicle dealers. Through this memorandum of understanding (MoU), the participating companies will come together to leverage Bajaj Finance’s wide reach to help dealers of TMPV and TPEM access funding with minimal collateral.

The MoU for this partnership was signed by Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd. and Mr. Siddhartha Bhatt, Chief Business Officer, Bajaj Finance Ltd.

Commenting on the partnership, Mr. Dhiman Gupta, Chief Financial Officer, Tata Passenger Electric Mobility Ltd. and Director, Tata Motors Passenger Vehicles Ltd., said, “Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers. To that effect, we are excited to partner with Bajaj Finance for this financing program, which will further strengthen the access of our dealer partners to increased working capital.”

Speaking on this partnership, Mr. Anup Saha, Deputy Managing Director, Bajaj Finance Ltd, said, “At Bajaj Finance, we have always strived to provide best-in-class processes by using the India stack for financing solutions that empower both individuals and businesses. Through this financing program, we will arm TMPV and TPEM’s authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market. We are confident that this collaboration will not only benefit dealers but also contribute to, and enhance the growth of, the automotive industry in India.”

TMPV and TPEM have been pioneering the Indian automotive market with its groundbreaking efforts it both ICE and EV segments. The company’s overarching New Forever philosophy has led to the introduction of segment leading products which are being appreciated by consumers at large.

Bajaj Finance is one of the most diversified NBFCs in India with presence across lending, deposits and payments, serving over 83.64 million customers. As of March 31, 2024, the company’s assets under management stood at ₹3,30,615 crore.

Media Contact Information: Tata Motors Corporate Communications: [email protected] / 91 22-66657613 / www.tatamotors.com

Finance

Drive Finance announces EGP 1.4bn securitisation bond issuance – Dailynewsegypt

Published

18 hours ago

May 19, 2024

Press Room

Drive Finance announces EGP 1.4bn securitisation bond issuance – Dailynewsegypt

Drive Finance, a GB Capital subsidiary and part of GB Corp’s financial division, has closed its fifth securitisation bond issuance, valued at EGP 1.4bn. This marks the second issuance under Capital Securitization’s fifth program, which aims for a total of EGP 5bn.

Following the previous issuance in December, this latest development highlights the company’s portfolio growth and investor confidence.

Ahmed Osama, Managing Director of Drive Finance, welcomed the robust investor response, noting that interest surpassed the issuance amount twofold. “This enthusiasm underscores our strong market position and our sustained creditworthiness amidst economic challenges,” he remarked.

Remon Gaber, Drive Finance’s Treasury Head, took pride in the issuance’s success, attributing it to the strategic diversification of funding sources. This approach has bolstered the company’s objectives, broadened its financing services, and extended its market presence, thereby boosting its share in consumer finance and factoring sectors.

The issuance comprised three tranches:

First Tranche: EGP 546.8m, 13-month term, AA+(sf) rating.
Second Tranche: EGP 644.9m, 36-month term, AA(sf) rating.
Third Tranche: EGP 210.3m, 58-month term, A(sf) rating.

Commercial International Bank (CIB) played a pivotal role as the financial advisor, manager, arranger, and promoter. Arab African International Bank was the custodian, underwriter, and subscription handler. Legal advice was provided by the El-Derini Law Office, while Sherif Mansour Dabus–Russell Bedford conducted the audit. Middle East Rating & Investors Service (MERIS) assigned the ratings.