by Scotiabank, Jamaica
I
BUILDING YOUR
FUTURE AS A COUPLE
f you just got married, no doubt you’re
looking forward to many years of
wonderful co-existence with your new
spouse. One of the best ways to get your
marriage off on a solid footing is to establish some
simple financial guidelines that you both can
abide by.
The process of planning for your financial future
will require cooperation and compromise.
Remember that you should not think only of your
own desires; you need to be considerate of your
spouse’s requirements and concerns before taking
making any major decisions.
Let’s look at some strategies that will allow you
work effectively together as a couple:
Control your spending
If you still have wedding bills to pay in addition
to the regular household expenses, it is very
important for you to take early control of your
spending. If you don’t create some boundaries for
how your money is used, you can be setting up
yourselves for financial difficulties in the future.
Understand your money habits
Challenges may arise when couples have different
approaches to spending and saving money. If
you want to put away more income for the future
while your spouse likes to receive immediate
gratification with money, there may be conflicts.
You have to find a happy medium for you both.
Budget for your needs
Calculate your expenses by preparing a detailed
household budget, and allocate your income to
pay them. You need to be on the same wavelength
on discretionary spending on items such as
entertainment or decorating, so that you both can
be satisfied that money is being well spent.
Discuss major decisions
It’s also important to reach a consensus on money
decisions which may affect your financial viability
in the future, such as borrowing to pay for bills
or to purchase a vehicle. After you have agreed
on strategies for managing your money, you then
need to consider your future needs.
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