{"id":1677,"date":"2020-07-28T15:39:00","date_gmt":"2020-07-28T05:39:00","guid":{"rendered":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/2020\/07\/28\/setting-financial-goals-as-a-couple\/"},"modified":"2020-07-28T15:39:00","modified_gmt":"2020-07-28T05:39:00","slug":"setting-financial-goals-as-a-couple","status":"publish","type":"post","link":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/2020\/07\/28\/setting-financial-goals-as-a-couple\/","title":{"rendered":"Setting financial goals as a couple"},"content":{"rendered":"<p><span>Tackling financial goals together can help a couple understand each other\u2019s priorities, develop good saving and spending habits, as well as create the kind of future that works for you both.<\/span><\/p>\n<p><span><img loading=\"lazy\" decoding=\"async\" alt=\"\" height=\"300\" src=\"http:\/\/internal.clientcommunity.com.au\/uploaded\/level\/1285\/man-and-woman-kissing-while-holding-balloons-3372052.jpg\" width=\"570\" \/><\/span><\/p>\n<h3 class=\"header   clear-div\">STEP ONE: WHAT ARE YOUR FINANCIAL PAIN POINTS?<\/h3>\n<p>When you start making plans, chances are you\u2019ll both come across financial pain points. In other words, the areas that need some attention and possible alterations. These might include:<\/p>\n<ul>\n<li>\n<p>Post-wedding or honeymoon debts.<\/p>\n<\/li>\n<li>\n<p>Different earning capacities.<\/p>\n<\/li>\n<li>\n<p>Different savings goals.<\/p>\n<\/li>\n<li>\n<p>Different spending habits.<\/p>\n<\/li>\n<li>\n<p>Disagreements you\u2019ve had in the past.<\/p>\n<\/li>\n<li>\n<p>Different ideas about couples bank accounts.<\/p>\n<\/li>\n<\/ul>\n<p>While it\u2019s normal to have pain points like these, it\u2019s important to recognise them for what they are and work on solutions.<\/p>\n<p>Talking to a financial planner\u00a0early on can help with this.\u00a0 Please contact us on |PHONE|. Money isn\u2019t the easiest subject to discuss, but somebody experienced in financial planning or advice for married couples may offer good ideas, such as how much to contribute in a\u00a0joint savings account.<\/p>\n<h3 id=\"section-step-two-separate-individual-goals-from-couple-goals\">STEP TWO: SEPARATE INDIVIDUAL GOALS FROM COUPLE GOALS<\/h3>\n<p>While you\u2019ll both have personal savings goals, it\u2019s a good idea to talk about what these are and why they\u2019re important to you.<\/p>\n<p>This will help you work on them, without compromising the goals you have as a couple. Examples of couple goals include:<\/p>\n<ul>\n<li>\n<p>Buying a home together<\/p>\n<\/li>\n<li>\n<p>Renovating your home<\/p>\n<\/li>\n<li>\n<p>Buying an investment property<\/p>\n<\/li>\n<li>\n<p>Travelling or moving overseas<\/p>\n<\/li>\n<\/ul>\n<h3 id=\"section-step-three-create-an-action-plan\">STEP THREE: CREATE AN ACTION PLAN<\/h3>\n<p>With a better grip on your financial pain points and the goals you both want to achieve, it will be easier to start making practical plans.<\/p>\n<p>Just like working with wedding planning list, setting out a clear timeline can help you visualise your goals, and importantly, make sure you\u2019re staying realistic about how and when you\u2019ll achieve them.<\/p>\n<p>It could be worth talking to a\u00a0financial planner contact us on |PHONE|. A professional can help you set up the timelines and look at ways of boosting your goals.<\/p>\n<p>Keeping motivated is important, but this often takes incentive. You could\u00a0set up a separate bank account, such as the\u00a0NAB Reward Saver, that has good interest rates and bonuses. You might also want to consider a\u00a0term deposit. These savings products offer fixed, competitive interest rates and you can choose a term to suit your needs.<\/p>\n<p>When you hit your milestones, there\u2019s no harm in rewarding yourself. A nice dinner or weekend away can remind you that your couple goals are worth achieving.<\/p>\n<p>Using an\u00a0online budget planner\u00a0(perhaps the same one that helped with your wedding budget) will help you find out where you can save money, as well as how much. MoneySmart\u2019s\u00a0<a class=\"external-link button-anchor \" href=\"https:\/\/www.moneysmart.gov.au\/tools-and-resources\/calculators-and-apps\/savings-goals-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">savings goals calculator<\/a>\u00a0is also a great tool to keep you on track.<\/p>\n<p>For more\u00a0budgeting and saving tips, NAB has plenty of tips and advice to give.<\/p>\n<h3 id=\"section-step-four-get-things-moving\">STEP FOUR: GET THINGS MOVING<\/h3>\n<p>You may have already opened up a savings account, but have you thought about\u00a0applying for a personal loan?<\/p>\n<p>With the right\u00a0repayment plan\u00a0in place, personal loans can help you achieve those bigger financial goals, such as paying for the costs of starting a family, moving overseas, or even paying off the engagement ring.<\/p>\n<p>If you\u2019re looking at property instead, it\u2019s best to start the conversation with your lender soon, so you can figure out how much you can afford and where you want to live.<\/p>\n<p>When you apply for a home loan,\u00a0you\u2019ll want to be prepared. Banks and lenders take into consideration a lot of factors before they decide to approve applications. But the more organised you are, the easier it will be to get things moving.<\/p>\n<p><span style=\"font-size: 10px\"><a href=\"https:\/\/www.nab.com.au\/personal\/life-moments\/family\/get-married\/budgeting-couple\" target=\"_blank\" rel=\"noopener noreferrer\">Source: Nab July 2020\u00a0<\/a><\/span><\/p>\n<p><span style=\"font-size: 10px\">Reproduced with permission of National Australia Bank (\u2018NAB\u2019). This article was original published at <a href=\"https:\/\/www.nab.com.au\/personal\/life-moments\/family\/get-married\/budgeting-couple\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nab.com.au\/personal\/life-moments\/family\/get-married\/budgeting-couple<\/a><br \/><\/span><\/p>\n<p><span style=\"font-size: 10px\">National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.<\/span><\/p>\n<p><span style=\"font-size: 10px\"> \u00a9 2020 National Australia Bank Limited (&#8220;NAB&#8221;). All rights reserved. <\/span><\/p>\n<p><span style=\"font-size: 10px\">Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<h2 class=\"heading active\">\u00a0<\/h2>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tackling financial goals together can help a couple understand each other\u2019s priorities, develop good saving and spending habits, as well as create the kind of future that works for you both. STEP ONE: WHAT ARE YOUR FINANCIAL PAIN POINTS? When you start making plans, chances are you\u2019ll both come across financial pain points. In other [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[19],"tags":[],"class_list":{"0":"post-1677","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-general-articles","7":"entry"},"_links":{"self":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1677","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/comments?post=1677"}],"version-history":[{"count":0,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/posts\/1677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/media?parent=1677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/categories?post=1677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gpadviser.com.au\/gpl-theme-1-2015\/wp-json\/wp\/v2\/tags?post=1677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}