Top 5 questions about love and money – with answers!

love & money

 

  1. What’s the number one piece of advice you say to women about managing their money? 

    Know your numbers!  You should always know where your super is, how much interest you are paying on loans, credits cards etc.

  2. I’m thinking about separating from my partner, what should I be thinking about?

    If you are across your financial affairs great.  If not get up to speed quickly so that you understand what is your personal liability.

  3. My partner and I just cannot agree on money – we fight every month about out strategy.  Any advice?

    Understand what you are fighting about…..  Do you simply have different values when it comes to money? Do one of you feel like you contribute more than the other?  Understanding the way each other see/treat/value money will help you have more meaningful conversations, and hopefully be able to calmly come up with solutions.

  4. I have been divorced now for a year and still have my settlement money sitting in an account; I’m unsure of what to do next.   

    Take your time!  There is no rush, but make sure that you seek the advice of a professional before you do anything (not family, friends, new partners etc.)  Most importantly take your time to find the right professional to help you.  Most will see you obligation free and you should get a feel for who feels right for you.  Importantly pick an adviser who understand that you are coming off the back of a traumatic event and you will need time and education before taking any major steps.  Pick somebody who will be patient and perhaps ask if they have had other clients in your situation.

  5. What’s the best arrangement you’ve seen for couples to share their money? 

    This is very dependent on the couple and back to my comment about understanding how each party feels about money.  Certainly in a long term relationship where you are going to be setting goals and managing money together if makes sense that some of this money is in shared accounts, but that each party also has their own ‘guilt free’ money and you discuss and take equal responsibility for the budget and big purchase decisions.  There is nothing wrong with one person taking the lead but there should still be transparency and regular discussions about how you are tracking.  Sometimes an adviser can be a good person to help you with that.

Virginia Heyer will be hosting upcoming FREE online workshop:
‘Love and Money: Finding Domestic Bli$$’

Enrol now!

You can find out more about Virginia, here.

women and finance

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