Ah, the month of romance has come and not a moment too soon. Some light relief from the last year we have endured is very welcome and although this Valentine’s Day may be a little stifled as we lock eyes across a candlelit table wearing masks, some of us will be reflecting on the past when we made our true love vows – and are now planning a life together.

If you are, we congratulate you – nothing can be better than the joys of marriage and the children we someday hope to raise. It makes life complete and fulfilling, but from the outset do be aware that finance in a marriage can be your best friend – or your worst enemy!

Don’t let financial differences be an issue

How often have we heard that financial ‘differences’ were cited as a reason for divorce? In most cases, this need not have been the case if only sensible financial rules and planning had been addressed right at the beginning of the relationship. So, romance is fine but a life together needs sound financial planning – and here are few good tips on how to do that…

Appoint a family F.O

It may sound ridiculous, but every marriage needs to appoint one or other partner as the Financial Officer. This does not mean all financial decisions need be made by that person, but someone, whoever you believe to have a better grasp on financial matters, should be appointed to ensure the family budget is prepared and adhered to as you go through each month.

Remember romantic partnerships are just like any business. Wherever income is being earned a responsible alignment of income and expenditure needs to be recorded and managed by one of the partners.

All financial decisions regarding the allocation of funds for whatever expenditures are required can be a mutual decision, but do make sure someone is at all times watching and controlling your bottom line.

If you don’t budget and allow spending to supersede income, your marriage will be no different than any badly managed small business – you will be in for an early demise!

Appoint a ‘referee’ is needs be

In some cases where couples really struggle to decide on expenditure and what is fair or not, then do what two sports teams do when they take to the field – appoint a referee to ensure that there is an objective third party making astute financial decisions for you.

A good Financial Advisor has both your interests at heart and ultimately just wants to ensure that you are protected, prosper ad retire comfortably – which are probably your financial goals – or are they?

Set short and long term goals

Decide together on your financial goals. Where do you want to be and what do you want to achieve in the short, medium and long term? If you have children what do you envisage for their education and future? Do you consider being protected against the kind of storms we have recently been facing as important?

Get solid financial advice right from day one

Don’t wait until you are in a desperate situation financially, or on the brink of divorce, to include a Financial Advisor in your present financial management and future planning. Even if you feel you can manage your own finances there is so much that they can do for you to ease the burden of important financial decisions and give you the peace of mind of knowing that your relationship is built on a foundation of solid expert financial advice.

At Hereford Group we treat every newly married couple as unique individuals with their own plans and needs, taking them, with our expertly constructed personal financial planning program, through every phase of their financial growth – past the point of wealth creation – to the point of wealth preservation.

Speak to a Financial Advisor today. We can’t help you find romance this month, but once you’ve found it we can help you plan for a life together based on sound financial planning!

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