Joshua and Sharlene discussed how to budget as a couple. We shared some suggestions and tips on the importance of budgeting. See below:
1. Why don’t people budget as a couple?
????️ Some of the areas are: trust issues in the relationship, lack of communication, the need to control the other partner and the perception of financial freedom.
2. Should a couple split the bills 50/50? What is the best method to split bills?
????️ Splitting bills should be based on the amount of salary one makes. One suggestion would be to use a percentage formula.
3. What are your financial goals?
????️ Everyone has their own financial goals, and if you do not have one, there is great value in having one or many as a couple. Some things that may be valuable to you are: planning for a house, travelling, buying a new vehicle, and retirement.
4. How are you planning for retirement?
????️ By creating long-term savings or investments accounts. There are investments out there that one can sign up for that provides financial opportunity or stability. The extra benefit of these is that they build interest while it saves.
5. Does making a budget cost anything?
????️ Budgeting cost us nothing financially, however, time and being vulnerable with each other will make the process well worth it.
???? Investment Options Joshua and I Use ????
???? RBC Roytrin: http://www.rbcroyalbank.com/caribbean/tt/investments/roytrin-mutual-funds/income-growth.html
???? Unit Trust Growth & Income: https://www.ttutc.com/product/mutual-funds/equity-funds/growth-and-income-fund/
You can get additional tips on How to Budget in our part 2 episode. Click here to view.
For additional resource, check out this book; you can learn some valuable lessons with Simple Steps to Becoming Financially Whole.