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Financial fitness checklist

It is important for couples to regularly review their financial situation. This allows time for money-specific conversations. It’s also a great opportunity to talk about what you’ve done well as a couple financially and what your future aspirations as a couple are.

Consider the following:

  1. Have a family meeting about your finances regularly i.e. monthly or quarterly.
  2. Review your expenses, income and how you are tracking with your budget each quarter.
  3. Discuss future significant expenses (car or home repairs, travel, changes in work or personal circumstances).
  4. If you want to make a significant purchase or change, discuss it openly and financially plan for it.
  5. Meet with your financial adviser and/or accountant for an overall financial health check at least once per year.

Your professional relationship support team

Having a professional, reliable and trusted team that you could turn to for guidance and assistance is invaluable. Your team supporting your relationship from a financial, legal and emotional basis may include:

  1. Legal advice about financial agreements and/or wills. When you get married, it is important to get legal advice to discuss your situation. You may want to consider documenting your assets including any assets that you came into after the union as well as any particular wishes that you would like performed if you pass away.
  2. Accountant. Being in a partnership, like marriage or as de facto, means potential changes to your financial and tax affairs. Consider getting professional advice on financial and tax related matters such as whether to lodge your tax returns together or independently.
  3. Financial Adviser. A financial planner or adviser could help offer financial strategies and advice about your assets and investments.
  4. Relationship counsellor/family psychologist. Talking to an independent party when things are going well creates a wonderful foundation to openly discussing challenges if they arise.

Remember to regularly check in with your professional team and update your documentation as your circumstances change.