Share Your Financial Goals With Your Wife
It’s not easy to have shared financial vision with wife and family, but it can be very rewarding. Talking about your financial goals together can help you understand the differences in each other’s financial situation, which may help you work out a plan that will suit both of you.
If you are thinking of raising money through debt financing or equity financing, it is important to know how much risk is involved for both parties. If one party is more risk-averse than the other, this should be considered before making any decisions.
Some people find it challenging to come up with a single financial goal, as they may have different ideas about what they want.
Sharing these goals early on may allow you to settle on a mutually agreeable goal that is more practical for both parties and provides balance between what one person wants and what the other person wants as well as making sure that neither party has too much or too little of an impact.
Few points focuses are:
- Make an agreement. Agree to a joint account and joint goals.
- Be transparent and clear in your communication. Share information about your income, living expenses, and savings goals
- Assess if you are set up to succeed by considering what you need to do today. For example, do you need to make changes like cut expenses or increase income?
- Set up a system for sharing financial information such as monthly or quarterly updates.
10 important questions or points to be discussed with your Wife while making shared financial vision
1 Will you own a home and with what budget allocation?
When you are considering buying a home, there are factors that need to be considered. You should keep in mind your budget allocation and the type of house that will suit your needs.
This means taking into account the number of rooms, the distance from work or school, potential future moves and other factors.
The more information you provide, the better chance we’ll be able to find you your dream home. Do tell us about your ideal neighborhood and the type of house you’d like to live in. An investment in property can last a lifetime so make sure you spend wisely!
2 How many children are you planning to have?
You may have already decided this for yourselves, but be sure to talk through what you each want to do. Don’t let finances hold you back from having children, otherwise your family planning will always be burdened by the financial repercussions.
The most important thing in this discussion is to have a plan for the future. You need to prepare in advance how many children you want, what are their names, when you think you will have them, when will they go to school and so on.
3 When your kids are younger, do you typically have someone stay home with them?
One of the most important things you can do as a parent is to be honest with your partner about what you want and need from them. Talk about childcare arrangements, whether you’re considering working, what kind of support each other needs and how you’ll divide up caregiving responsibilities.
4 How much more learnings will you and your wife pursue?
If you’re nearing forty and thinking about going back to college, take some time to understand what kind of goals your partner has for school. You may find that you’ll be more understanding and supportive of their choices.
5 What type of responsibility do parents have for their children’s college education?
Some parents believe that they need to financially and emotionally support their children after the age of eighteen. Others feel like this responsibility ends at high school.
Some parents give their kids an education all the way through college or graduate school—regardless of whether their child is married or not. To be open about your opinion on this, you should talk with your partner.
Parents will need to make sacrifices and be flexible when it comes to their own professional careers. If we want our children’s education to be affordable, we will need to become more creative about how we spend our money on them.
We also need to recognize that they don’t always have the same needs as other children, such as extracurricular activities, new clothes, etc.
6 Should debt be avoided morally and plan accordingly?
Some people are practical about debt while others consider it to be immoral. It’s important you and your wife talk about your views so that either of you don’t feel judged or misunderstood.
There are three ways of looking at debt. We can look at debt as inevitable financial burden, as a form of investment or as an opportunity for economic security.
It is important that the decision to take on debt be made on a case-by-case basis, as there are many different couples who approach debt in both different and nuanced ways.
Some couples choose to avoid taking on any debt whatsoever, while others make some investments but not too many where they potentially hurt their financial stability down the line.
7 What sort of budget and range for cars will you drive?
It is important for couples to make a shared financial vision when it comes to cars, so they know how much they can afford and what sort of range of cars they will be driving.
Some people have a budget in mind for the car they buy, while others plan the sort of car they want before figuring out how much it will cost.
A shared financial vision can help you figure out whether you’re on the same page financially. If you have a big difference in what type of cars you drive, then this could be a sign that there is something wrong with your relationship.
8 Where and when would you like to go on vacation?
Family trips are a source of happiness for most people, while others view them as a burden. What is your opinion on them and how will you handle the situation when travelling with your family?
When your kids grow up, you might not be able to predict if they will visit home with their families or just pop in. Make sure to have a plan for your vacations while they are still at home.
9 Deciding factors for your retirements?
The most important factors for your retirement are goals, priorities, values, how much money is needed per year to live comfortably given one’s lifestyle, knowing how long one wants to live in retirement and what are the sources of income that will be available in retirement.
Plan ahead so that you can retire when and where you want. Some people can’t imagine what they would do without their current job – they never fully stop working.
What’s the 50 30 20 budget rule and does it applies for couples too?
The main idea behind the 50 30 20 budget rule is that most people spend up to 50% of their income on living expenses, 30% on savings and paying off debt, and 20% on fun or leisure activities.
This doesn’t mean that this applies for every couple. There are some cases where one person earns far more than the other partner. In these cases, it is really up to them to decide what percentage they want to spend on each category.
How to Designate One Person as the “Money Manager” of the Relationship
It’s essential to choose a designated person to be the money manager of the relationship because this person will handle all the bills and finances. And if you don’t do so, you might find yourself overwhelmed with bills and not knowing where your money is going.
The designated person should know how much money is in the account, how much it should be, and what expenses are coming up. They should also take care of paying any one-time or recurring bills that need to be paid.
If someone doesn’t want this responsibility, they can switch with another partner from time to time or split up their duties.
The Role of Managing Money as a Couple vs. Individually
The first thing most people have to figure out when they get married is how they are going to manage their money. It might be easier for people who have no credit score or any debt because it is easy for them to start fresh after getting married, but others have more work ahead of them.
For many married couples, it can be difficult to find a balance between spending money together and spending their own earned funds. However, there are lots of ways to make money management work better for married couples rather than going at it alone.
Some people think that it is more efficient to have separate bank accounts because one person can pay all the bills and other household expenses while the other person deals with everything else, such as savings or investments.
However, this strategy has some drawbacks because there will be no way to truly know what another wife spends on until they get home from work each day and it can also lead to missed opportunities for joint purchases due to timing issues.