Building a financially secure future
Getting married is essentially entering a partnership with your spouse. Every decision made will affect the both of your lives and lifestyle. As partners, one of the most important factors the both of you need to be on par with is your finances to build a financially secure future.
'Financially Security' can be subjectively defined, but it essentially refers to having the optimal financial ratios. For example, you need to ensure you have the right amount debt in comparison to your savings or have an appropriate amount of the right type of insurance coverage. A financially secure future does not only focus on having sufficient savings to get through rainy days or to raise a child. Instead, there are eight various aspects of personal finance that need to be considered.
As a couple, you should start building this financial foundation as soon as you can. It is imperative to have a mutually motivating goal but more importantly, building a financially secure future requires a certain degree of commitment and discipline from the both of you.
Before beginning this journey, consider your financial goals. Once these goals are set,
discuss the feasible methods that will help you reach them. While most couples may start off
on the right track, mistakes are bound to occur. Some common mistakes couples make are,
not itemizing expenditure, failing to watch their current investments and, finally, not opening up about their debts and/or income.
Thankfully, this can be avoided through financial planning with a qualified adviser. Financial planning acts as a platform for couples to align their interests and work towards their financial goals together. With a qualified adviser, couples are also able to receive professional and unbiased advice and feedback on their progress and plan.
A qualified adviser will be able to advise you to set realistic goals based on your current financial situation and lifestyle. This way, your spouse and you can eliminate the possibility of working towards unrealistic goals that will only cause unnecessary pressure or tension between the both of you and strain on the marriage.
For more information on financial planning and for qualified financial advisors, contact Joseph Tan and Associates at [email protected] or 9853 0208.
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Financial Services Manager, Joseph Tan and Associates
- 51 Scotts Road #03-11 Singapore 228241.
- 9853 0208 / 6572 6967