Valentine’s Day Special: Financial tips for couples February 11, 2022
Valentine’s Day, 14 February, where love is celebrated all around the world, is right around the corner.
Heard of Cupid? He might shoot his bow into you this February and financially speaking, well, we think you should be ready.
But if you’re already celebrating love with a special someone, it’s time to show your appreciation for your significant other in just a few weeks.
In our opinion, a surprise which has sentimental value for you and your loved one is the way to go. If you’re dining out at a restaurant, make sure it’s one that your special person hasn’t tried before, giving you both a new experience altogether and a solid memory for future reflections.
Furthermore, nothing says “I love you” like flowers specially picked, a nice box of chocolates and wine! We love sugar, don’t we?
And while this is in the works, you may consider declaring your love in the most practical way, by doing financial planning with your loved one. When it comes to finances, our key tip is that the sooner you start, the better prepared you’ll be for the future.
Apparently, about 31% of all couples — even the happiest ones — clash over their finances at least once a month1.
So, if you’d like to avoid this, and focus on a relationship that’s healthier, our go-to solution is solid communication.
By simply discussing what each other’s financial goals are and what money means to each person, the door can be unlocked to reveal a myriad of personal anecdotes about how money and ambition influence a person’s outlook on life.
All in all, you’ll get to know this person better.
Once the discussion is completed, write down or illustrate your goals on a chart or PowerPoint slide; people are more inclined to receive and retain the information at hand.
One good way to illustrate financial goals is by making a list of short-term and long-term targets.
Short-term financial goals could include personal goods that you look forward to buying when payday comes. Or making financial provisions to travel on holiday is another such example. Long-term financial goals could include finalising a mortgage down payment, or saving and investing for retirement.
Also, start talking about day-to-day finances. Will you have a joint checking account to pay for certain household expenses like groceries and utilities or not? Do you each want your own checking accounts?
Next, make a budget to clarify how you’ll spend and save your respective incomes. It also enables you to figure out how much money must be kept in any joint checking account, and how much money each of you can afford to divert to your own checking accounts.
You should also discuss your investment philosophy. Do you care about what your spouse-to-be or partner-to-be invests? This is important if you plan to invest through jointly owned accounts.
Financially-savvy ways of saying ‘I Love You’
Here are five ways you can take your first steps this Valentine’s Day to help you on the journey to financial security with your loved one.
1. Gift your loved one with a call to a financial planning expert.
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2. Find out more about personal finance tools and budget apps for couples. Managing your money as a couple is all about finding an App that suits fits your style. Whether you keep separate accounts or whether you use a hybrid system, there’s always an App that can help you and your partner set goals and make progress together.
3. Top up the Central Provident Fund account of your spouse. But before making a transfer to your spouse, you’ll first have to set aside a basic level of retirement savings for your own monthly payouts, that is, the current Basic Retirement Sum2.
4. Think out of the box when it comes to a gift for Valentine’s Day for the better half in your life. With all this in mind, gift your spouse with life insurance, which is a true testament to your dedication and loyalty not only to your partner but any other dependent family members you may have.
The role of insurance in your journey
5. Finally, remember that Valentine’s Day isn’t the only time to discuss finances. Talking about money is beneficial all-year round.
-  https://www.moneyhabitudes.com/financial-statistics/#:~:text=Approximately%2031%25%20of%20all%20couples,Important%20investment%20decisions%20(14%25)
-  https://www.cpf.gov.sg/member/growing-your-savings/saving-more-with-cpf/top-up-to-enjoy-higher-retirement-payouts/top-ups-for-loved-ones-employees-and-others
About the author
Roshan Gidwani is a media host and presenter at PhillipCapital.