Tag Archives | Goal setting

Money Management for Newlyweds

Money Management for Newlyweds

Relationships aren’t like they used to be a generation or two ago. The path to a ceremony is a more gradual one, with couples typically living together beforehand and sharing expenses. Women, through both necessity and choice, continue to earn an income after marriage and are confident in managing their own money. The result is that young couples are increasingly managing their financial affairs separately. Making a life-long commitment should be a trigger to review how money is managed within a relationship. Over a lifetime, a degree of financial interdependency can arise, especially if there are children. The ideal outcome is that each partner’s needs and wants are both respected and protected and money is managed effectively within the relationship to achieve common goals.

It is very common for partners to feel differently about how much money should be spent now rather than saved to spend later and how much money should be kept on hand as a slush fund in case of unexpected expenses. Some people are uncomfortable using credit cards, while others feel nervous about having debt. To avoid ongoing arguments about money, there needs to be agreement on these money basics. It is very important that each partner continues to have access to money of their own. There are two ways to achieve this. Incomes can be paid into a single account for joint expenses and goals with a transfer to each partner for personal spending. Alternatively, incomes can be paid to separate accounts with a transfer to a joint account for expenses and goals. It’s really a matter of deciding how much of each respective income should be used for joint purposes. In a healthy, committed relationship, allocating a high percentage of income to joint expenses and goals enables money to be used more effectively.

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Set Your Happy Goals

Set Your Happy Goals

It’s that time of year again, when we start with what feels like a clean slate; the whole year before us and the prospect of good fortune ahead. The pace of life is much slower during the holiday period, giving us time to reflect and think about what is important to us. It is as if we are all being given another chance to get things right. It’s the same chance we had this time last year, and every year before that. So why don’t things go according to plan? Despite the best intentions, life takes over. We get busy, and in the process of keeping up with the business of life, we let go of the great aspirations we had at the start of the year.

The key to being able to keep on track is to think about your ‘why’. The ultimate human goal is happiness. Every person finds happiness in different ways, and once you understand what truly makes you happy, you will find the motivation to succeed at your goals. Billionaire Richard Branson had it right when he said “Most people would assume my business success and the wealth that comes with it have brought me happiness. But I know I am successful, wealth and connected because I am happy”. Branson asks all his employees “What is your happy mantra?” When asked about his personal mantra for happiness, Branson said “The way I see it, there is a reason we are called human beings and not human doings. As human beings we have the ability to think, move and communicate in a heightened way. We can co-operate, understand, reconcile and love. That’s what sets us apart from most other species. So in 2017, don’t forget the to-do list, but remember to write the to-be list too”.

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Redesign Your Life

Redesign Your Life

Have you ever wished you could do something completely different with your life? Many people live their lives in a linear fashion, with one step logically following another, only to realise that the place they have ended up in doesn’t give them happiness or fulfilment. In the extreme, what results is often termed a mid-life crisis that can involve sudden changes in relationships, careers, finances and lifestyles. If you are unhappy with the path that you are on, you have two choices: stay on it and remain unfulfilled, or transform your life by taking a different path.

 There are many reasons why people choose to stay on an unfulfilling path. Of these, the two principal reasons are fear of change and a belief that money (or lack of money) is a constraint. To make a fundamental change in your life, there are three extremely important ingredients that you need:

  1. A clear and compelling vision of how you want your life to be and why
  2. A plan for the changes you need to make to let go of the things that are holding you back and propel yourself towards the life that you want.
  3. The courage and motivation to take the necessary action.

 The greater your financial resources the easier it may be to change your life, but lack of money should not be a barrier.

 Making a fundamental change to your life means taking risks and letting go of things that have previously given you comfort and security, such as your job, your house or other assets and even friendships. The transition can involve sacrifice and discomfort in the short term. It helps to imagine yourself living the life of your dreams because your imagination will produce the energy and creativity you need to bring it into reality.

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