Latest Financial Planning News

Hot Issues
Women still outpacing men in SMSF establishments
Economic and market outlook for 2025: Global summary
Preparing to lodge quarterly January TBAR
How to overcome your investment fears
Navigating the outcome of the U.S. election
Divorce doesn’t alter contribution rules
$3m super tax officially abandoned for this year
Top 20 Most Watched Christmas Movies ever - pre covid
A Unique Advent Calendar
ATO reviewing all new SMSF registrations to stop illegal early access
Compliance documents crucial for SMSFs
Investment and economic outlook, October 2024
Leaving super to an estate makes more tax sense, says expert
Be clear on TBA pension impact
Caregiving can have a retirement sting
The biggest assets growth areas for SMSFs
20 Years of Silicon Valley Trends: 2004 - 2024 Insights
Investment and economic outlook, September 2024
Economic slowdown drives mixed reporting season
ATO stats show continued growth in SMSF sector
What are the government’s intentions with negative gearing?
A new day for Federal Reserve policy
Age pension fails to meet retirement needs
ASIC extends reportable situations relief and personal advice record-keeping requirements
The Leaders Who Refused to Step Down 1939 - 2024
ATO encourages trustees to use voluntary disclosure service
Beware of terminal illness payout time frame
Capital losses can help reduce NALI
Investment and economic outlook, August 2024
What the Reserve Bank’s rates stance means for property borrowers
How investing regularly can propel your returns
Super sector in ASIC’s sights
Most Popular Operating Systems 1999 - 2022
Articles archive
Quarter 3 July - September 2024
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Quarter 3 July - September 2014
Quarter 2 April - June 2014
Quarter 1 January - March 2014
Quarter 4 October - December 2013
Quarter 3 July - September 2013
Quarter 2 April - June 2013
Quarter 1 January - March 2013
Quarter 4 October - December 2012
Quarter 3 July - September 2012
Quarter 2 April - June 2012
Quarter 1 January - March 2012
Quarter 4 October - December 2011
Quarter 3 July - September 2011
Quarter 2 April - June 2011
Quarter 1 January - March 2011
Quarter 4 October - December 2010
Quarter 3 July - September 2010
Quarter 2 April - June 2010
Quarter 1 January - March 2010
Quarter 4 October - December 2009
Quarter 3 July - September 2009
Quarter 2 April - June 2009
Quarter 1 January - March 2009
Quarter 4 October - December 2008
Quarter 3 July - September 2008
Quarter 2 April - June 2008
Quarter 1 January - March 2008
Quarter 4 October - December 2007
Quarter 3 July - September 2007
Quarter 2 April - June 2007
Quarter 1 January - March 2007
Quarter 4 October - December 2006
Quarter 2 of 2022
Articles
Talking money with a partner
Make the most of these super opportunities before June 30
ATO flags changes to TBAR reporting
RBA rate rise spurs mixed response from SMSF lenders
World GDP Ranking (1960~2025)
Work test changes open up TBC strategies for couples
Using trusts: Keeping it in the family
SMSF account openings shift from self-directed to advised clients
ATO ramps up identity fraud detection for new SMSFs
ATO ruling may offer solution to NALE issues
Largest cities in the world 1500 to 2100
Investors are becoming more ethically conscious
Weighing up value and growth
How advice gets you closer to your goals
Federal budget 2022: Winners and Losers
Government intervention in super a ‘low priority’ for consumers
ATO upgrades Online services for SMSF auditors
Constructing a portfolio using investor profiles
Investing for a house deposit
Where self-managed super funds are investing
SMSFs warned on NALE uncertainty
Federal Budget 2022 – Overview
Federal Budget 2022 and YOU - Part 1
Federal Budget 2022 and YOU - Part 2
Budget at a glance - Video
Talking money with a partner

Here are some factors to consider before you join finances with a partner.



While you've likely imagined what a future with your partner looks like, you may not have considered the financial implications of that future. Think: careers, kids, caring for aging parents, and even where you want to live and travel to. In reality, all these things have price tags attached.


Of course, every relationship is different and how each person approaches finances is highly personal. In any case, here are a few things to consider if you're thinking of joining finances with a partner.


Identify assets and liabilities


Start by identifying your own assets and liabilities. Assets are things you own - your investments, property, salary - and liabilities are things you owe, like rent, mortgage and student loans. Have your partner do the same so you can both be transparent about your financial situation.


Define shared goals


Just as when you're managing your personal finances and investments, it's useful to think about your long-term goals and what matters most to you both. Having shared goals can help ensure you have a coordinated approach to saving and spending, and what you need to do to reach them.


Decide if you want to join accounts


There are several ways to join finances, from combining some of your money for shared expenses to combining everything, including income and investments. There's no right one size fits all solution, but rather, it should be dependent on what you're both comfortable with. Consider keeping some financial independence and making sure there's equal control when managing money. If you're unsure what arrangement suits you best, it's always wise to consult a trusted financial adviser.


Decide on a budget


Once you understand your own financial situation, you can then decide on a budget together or at least have a rough idea of how much you can both afford to spend.


Begin by sorting your monthly spending into categories—housing, dining out, savings, etc. If you notice you're not saving as much as you'd like, you may want to cut back on your spending in other areas.


Keep in mind that you and your partner will need discipline to implement a budget and stick to it, and this may require changes or sacrifices in your everyday life. But don't be afraid to hold each other accountable. If you're trying to save but notice shopping packages piling up on your doorstep, ask each other if you're on the same page about what's needed. The conversations might get tough, but remember this should never feel like it's you versus them. You and your partner are a team working toward a goal.


 


 


Vanguard
24 May, 2022
vanguard.com.au




30th-June-2022