Are Your Money Styles a Match?

When an engaged couple organizes their wedding, the financial consideration doesn’t end after the caterers get their check. In reality, choosing a budget for your wedding is only the start of a number of financial decisions you must make together. To achieve a secure financial outlook for the future, you must initial recognize your style of managing your money, then comprise to define a style together.

Below are the money management styles

The Shrewd Saver

One of the only things which come to mind quicker than your own phone number is what you have in the bank. You recognize your finances, and you stick to them. You know that lending is a crucial and valuable tool when managed properly. You have future goals and a plan for how to achieve them. Saving money is at the top of your list. You boost your savings before splurging on a nifty gadget for the car or a great pair of shoes. Your financial practices are top-notch, putting you in great shape for your future. Don’t forget though; it’s good to indulge every so often! Financial shrewdness for a wealthy tomorrow does not need to come at the cost of those small indulgences which might cause you to be content today.

Occasionally Shrewd, Occasionally Superior Shopper

You deal with financial matters like you would a menu at a restaurant. A small voice inside your head is telling you to have the ‘salad’ rather than the ‘baked potato topped with shredded cheese and sour cream.’ Occasionally you pay attention; sometimes you tune out. You are often well aware of what you are supposed to be achieved with your money, and often you are regimented in your saving and budgeting, but there are times when you let it slide when mall shopping becomes a little too tempting. You have an overview of your finances and expenses and are aware of what you should be putting to one side for those big impending outlays like getting married or your first home. You ought to write down a realistic budget and find some way to keep to it. The technique will be for you to identify those items which have previously pushed you off track, and create a positive plan, such as each week putting aside some entertainment money for those items you want to indulge in.

“I’m getting the next round!”

Tax efficiency for investments, allocating assets and fund diversification – all extremely tedious subjects for you; they interfere with more interesting subjects occupying your day. Your finance planning doesn’t stretch beyond one or perhaps two paychecks. You’re feeling the pinch from debt, more than likely relating to your credit cards. You need to consider your finances cautiously and create a lasting budget. Assessing your budget plan with a financial adviser makes great sense. Not ever having kept to a budget before, you will have to work very hard to develop some self-restraint. It would be a good idea to switch to weekly/monthly automatic savings withdrawals which will help you stick to your plan.

What Happens Next?

It’s no surprise that the majority of couples have different outlooks on life, and finances are not dissimilar. It’s not necessary to have an identical money style as that of your spouse, but it’s crucial that you recognize the differences and seek ways you can compromise.

Getting help from a financial adviser can be helpful for some couples who have comparable or diverse money styles. Money is a highly emotional subject, and a financial adviser can provide you with an unbiased point of view, one which is based on financial knowledge – not domestic politics! If you have already taken steps to speak to a financial adviser about finances for your future, well done!

All the best for a long and harmonious future together!