Five essential tips for planning your finances as a new luxury-loving couple

Getting your finances in order can help you to enjoy a much happier love life filled with adventures and luxury experiences. While it might seem like a rather dry and irrelevant subject, let’s be honest, not agreeing on monetary issues can tear relationships apart. Polling of couples in the UK regularly puts money firmly at the top of the list of problems. Having a strategy in place to deal with all things money related will lead you to a more satisfying, fulfilling love life filled with glorious pomp.

So, what does this mean in practice? Let’s take a look at five key tips for building your financial future as a couple so you really can live that 7*Life minus those pesky rows.

Set financial goals together

To begin with, you’ll want to ensure that you’re both on the same page, and that you have the same ambitions, financially. Do you want to pay off the mortgage early, or do you want to frolic frivolously on overseas trips throughout the year? What kind of house do you want to live in, and do you intend to have children?

By setting out answers to these questions, and others, you’ll not only provide clarity for your future as a couple – you’ll also have a series of objectives around which to build your finances.

Create a joint budget

Your budget as a couple should incorporate both your incomes, and the money you intend to spend. Expenses that you share, like rent, utilities, food and the internet, can be drawn from a joint account. You might also set aside a little bit of money each month that you can use for personal expenses and all essential personal items, like the odd pair of Hermes sandals for that long awaited holiday.

Manage debt wisely

Debt is an unavoidable part of life. For some, it’s a source of nagging discomfort; for others, it’s something to be managed, and be generally relaxed about.

Think about the costs that your debts are imposing, in terms of interest. If you have multiple debts, you’ll want to prioritise the ones that impose the greatest costs. High-interest loans should be paid off first, perhaps by taking out additional loans elsewhere.

Plan for emergencies

Are you financially prepared to cope when something goes wrong? What if the boiler suddenly breaks down? What if your car won’t start one morning? Having enough money set aside will allow you to take action straight away. You might also consider home insurance for savings and protection, which will give you peace of mind in the case of high-value assets.

Regular financial check-ins

Talking about money shouldn’t just be a one-off event. You should have regular discussions on the subject, where you can adjust the budget and monitor your progress. Think of it in the same way you would a small business. To make it less daunting throw in some doughnuts or sushi or go for an exciting date afterwards. Take this approach, and you’ll neatly contain your money worries to a particular time and place, and prevent them from spilling over into the rest of your life. Because no one wants random comments about money spoiling their lavish caviar laden, champagne breakfasts…

Mitra Msaad

Editor in Chief