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Financial Planning Tips for Couples

Many couples encounter serious challengeswhen it comes to dealing with their finances.

sunilchugh
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Financial Planning Tips for Couples

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  1. Financial Planning Tips for Couples

  2. The F-word i.e. “Finances” still remains a taboo topic among couples. Many couples encounter serious challenges when it comes to dealing with their finances. According to multiple studies, finance is one of the most common reason of stress between couples. Everyone has different spending and savings habits. It has a deep impact on their relationship and most couples realize that soon after they start to live together. It gets even more challenging when they get kids. There can be several differences in opinion on how to manage their finances. • Moreover, majority of people don’t feel comfortable talking about their finances even with their other half., Though it is one of the most important yet under-looked aspects of a relationship. In a relationship, one often shares the debt, assets and liabilities that come along. Here are some critical financial tips for families to take into consideration. • Develop financial goals that are acceptable to both of you: • This is perhaps the most critical financial tips to take into account. Being a couple, you need to build up mutual financial goals otherwise you’ll end up having never-ending disputes regarding money. From the very beginning you must plan what you want to do with your money in order to avoid future disputes. Nonetheless, financial goals for family must be developed & accomplished mutually.

  3. Stick with a budget: • To steer clear of overspending & running out of cash, you should have a budget and stick to it. Shortages of cash prematurely often prompt unwanted strain in families. Having a family budget in place will surely help you in keeping your spending in check. Sticking with your budget means you can avoid living beyond your means and know precisely where your wealth goes which in result help you to cut down expenditures if you need to. Regardless of how much you and your other half earn, if you don’t stick with a budget, you will not be able to move forward financially.

  4. Set Financial Goals • Budgeting is not enough if you don’t set your financial goals. As a couple you need to find the way to grow your earning so that you can pay for things that you wish in the future. Financial goals are important as they help couples steer clear of the stress related with being stuck in the same class for a long time. However, by setting solid financial goals now you can afford a new car or house in the future which eradicates financial burden in the future.

  5. The majority of family issues revolve around money. Most couples fall into dispute due to lack of sufficient money, misuse of cash, untruthfulness when dealing with cash, etc. The above-mentioned tips every family should follow in order to avoid common family finance issues. • If you need further guidance on setting your financial goals, contact Sunil Chugh – a Certified Financial Planner operating from Mississauga and helping couples across the GTA with their Financial Planning needs. • For more tips on financial planning for SMBs go to www.sunilchugh.com. • About Sunil Chugh • Sunil Chugh is a Mississauga based certified financial planner specializing in estate planning, insurance solutions, education planning, tax planning and preparation. For more information, please visit the website at https://sunilchugh.com/. Sunil Chugh is registered to provide securities advice as agent of Aligned Capital Partners Inc. (ACPI). ACPI is regulated by the Investment Industry Regulatory Organization of Canada (www.IIROC.ca) • This commentary is for general information only and is not intended to be personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

  6. CONTACT SUNIL CHUGH 5755 Coopers Ave Mississauga ON L4Z 1R9 Phone: 19055688338 www.sunilchugh.com • https://www.facebook.com/Sunil-Chugh-Certified-Financial-Planner-2559083747437087/ • Facebook: • https://twitter.com/SunilChugh_ • Twitter: • https://www.instagram.com/SunilChughFinancialPlanner/ • Instagram: • YouTube: • https://www.youtube.com/channel/UCGhvAEETwsAZEPgq5y4SGkA

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