SEPTEMBER 24, 2021
By Sun Life Staff
Read time: 2 minutes
Talking about money can put a strain on any relationship. The good news is that it’s possible for couples to achieve financial harmony and plan their dream projects too.
A good budget helps you make decisions and plan your life together. And the secret to a good budget is good communication between spouses.
Talk openly and honestly about your:
How do you get started on a budget? Here are some options:
An advisor can help you come up with a sound plan. Then, they can work with you to create a savings strategy. “As someone who’s neutral, an advisor can focus on a couples’ financial best interest,” Frédéric Désilets explains.
Some households split expenses based on each spouse’s income. Other couples use a fixed percentage.
Frédéric Désilets, Sun Life advisor, recommends thinking of the couple as a team. “It would be awkward to divide the couple’s expenses evenly if their incomes are different and don’t reflect how hard each person works.”
Take a doctor and a nurse, for example. “Their incomes are different but they both work very hard. Some might feel it’s unfair to ask the spouse who earns less to pay as much as the spouse who earns more.”
Instead, Frédéric suggests looking at household income as a whole. “The spouse that earns more pays more.” The couple can then decide on a lifestyle that works for both of them.
And remember, living within your means as a couple is just as important as open communication. “Disagreements usually happen when money is tight,” Frédéric says.
Need help figuring out what’s right for you?
An advisor can help put together a solid plan that suits your goals.
This article is meant to only provide general information. Sun Life Assurance Company of Canada does not provide legal, accounting, taxation, or other professional advice. Please seek advice from a qualified professional, including a thorough examination of your specific legal, accounting and tax situation