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7 ways to show your partner you’re financially savvy

It’s common for partners to have different views around money.  While one might be all over every cent, planning for the future and across every bill, the other might be completely clueless.  And that’s okay, until it’s not okay. In our line of work we’ve seen too many couples argue over money, or worse yet, one partner be completely left out of the key decisions in their life while the other partner takes full control. Empowering yourself when it comes to finances is key, but sometimes it’s just knowing where to start. Read on to find out.

1. Set common goals

The first place to start is with clear, open communication with yourself and your partner so you can both get a sense of what you’re working towards. One of the pitfalls of having only one partner manage the finances is that you end up working towards their interpretation of your future, or not working together at all. Start by sitting down and determining your shared vision, before creating a budget for you both to manage and be excited about.

2. Monitor your accounts

Haven’t logged onto your internet banking for a while? It’s time to up your game. Checking into your account daily or at least three times a week is a good way for you to feel connected to your money and continue to be across everything. Check your balance, ensure there are no strange charges on your credit card and become familiar with how your money is flowing in and out of your life.

3. Schedule your bills

Prevent late fees and overdue bills by setting up direct debits for as many bills as possible, then schedule them into your calendar so you know what’s due when. Not only will you start to take control of your bills, but you’ll also be demonstrating to your partner that you’re capable of managing the finances and are also across what’s going on. In most cases, this will be a huge relief for your partner and lighten the mental load they might be experiencing around money.

4. Pay your debts

There’s a big price to pay for late fees and unpaid debits and it’s not just interest – your credit rating is affected too. In the game of financial awareness, a bad credit rating is a big strike out, so make sure you pay any debts as quickly as you can. If you’re struggling to find the money, work with a financial adviser to help you create a plan.

5. Be proactive

Be proactive when it comes to ways to save money.  These means shopping around for a better deal when it comes to utilities, mortgage and even Foxtel. It’s amazing what just one phone call save you.  Talk to your partner about your current bills and explain you’re willing to call around and try to save some cash – this will score you serious brownie points.

6. Make a conscious effort to cut down

All those secret little splurges you think you’re hiding from your partner aren’t really going unnoticed. In fact, they could potentially be causing more harm than good. It’s so important to be on the same page financially, especially if your partner is financially opposite to you. Have an open conversation about your spending expectations and work together to fulfil both your needs.

7. Plan for the future

While retirement might seem like a lifetime away for some of you, it’s always important to plan ahead.  This means having a contingency fund for hard times and putting money into super. If you’re unsure of where your plan is taking you, it might be worthwhile speaking to an expert to help create a roadmap for long term financial success.

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Our response to limit the spread of COVID-19

  • As COVID-19 continues to spread, we would like to take a moment to let you know what Financial Spectrum is doing to respond.

    While we haven’t been directly affected with any confirmed cases, we are taking all reasonable precautions to remain safe.Our priorities are:

    1. Keep our staff and clients safe
    2. Stay fully operational in our service delivery and continuing to manage your financial affairs
    3. Play our part in minimising the impact on our community against the spread of COVID-19

    Financial Spectrum has the technology, infrastructure and systems to continue business as usual remotely and our staff will now be working from home.

  • You should notice no change to our service, with the exception that we are encouraging our clients to meet via video call, rather than face to face, unless requested. We will be contacting all clients with meetings booked over the next two weeks with instructions for a video call.This is an evolving situation and we will continue to monitor developments. We will keep you informed of any material changes to our approach.

    These are unprecedented times and we understand that many of you will be feeling unsettled about your finances. We would like to assure you that we are open for business and are here to help you. If you don’t have a meeting booked but would like one, or if you have questions, please contact us at info@financialspectrum.com.au or on
    02 8238 0888

Brenton Tong

Managing Director

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