How wonderful would it be if you didn’t have to worry about paying household bills or looking over your mortgage? Sounds great in theory but handing over the financial reins to your partner or letting go entirely, can lead to you losing your financial independence and confidence.
You don’t have to be a mathlete to take an interest in your financial future. Ladies, it’s time to exercise your financial muscle and gain back control. Head of Lending Operations at Finspo, Daisy Stevens shares insights on how to go about it.
Check-in with your goals
Whether you’re in a relationship or not, it’s important to regularly reassess your priorities and make sure you’re on track to realise your financial goals. Think about how your life will look when you feel financially comfortable. Will you be mortgage-free, own an investment property or have a chunky emergency fund? Does financial freedom mean you can pay for your kids’ private education or not bat an eyelid when planning a family holiday?
Every year you typically take the time to sit down and do your taxes, so why not also use this as a chance to reassess your financial goals either by yourself or with your partner. Or consider choosing a time of year where a financial reset makes the most sense for you.
Lean on the experts
Expert help is available, so don’t be afraid to seek out free or paid professional financial advice if you’re not sure what your options are. Your biggest household cost is typically your home loan, so chatting with a digital mortgage broker like Finspo is a great place to start to see if you could be saving some serious dollars. Finspo even has a free app which is designed to help you pay off your mortgage faster and save on bank fees where you can.
It can also be a worthwhile investment to speak to a financial planner to work on your budget, insurance and strategies to help you grow your wealth. Alternatively, an accountant can help you structure your assets, income, and sort out your taxes.
It’s important to feel a deep sense of trust with the financial specialists you work with. So if you don’t feel like you’re getting the clear answers or the respect you deserve, it’s okay to cut ties and find a broker, accountant or financial planner that you feel comfortable with – and importantly, understands you.
Be present
If you and your partner are making financial decisions together, it’s important to attend all sessions as a couple. As a mortgage broker and Head of Lending Operations at Finspo, the best conversations I am a part of are when both partners actively participate in the discussion.
By being present, you’ll have a greater awareness of all your accounts, money coming in, money going out, and accumulated debts, which will generally give you a greater sense of power over of your finances. You’ll be able to help answer questions around your family goals and expected outcomes. Plus, there’s less chance of important decisions and changes getting lost in translation after the session.
A great financial specialist should make you feel like there are no silly questions and explain things in terms you can understand. If you have a home loan, ask about how you can pay it off faster, or how to refinance to free up extra cash for a home renovation. But importantly, ask the ‘why’ questions – eg. Why is this a good idea for me?
It can be quite difficult synchronising calendars when both parties are working and juggling family life, but there are financial services, like Finspo, providing online appointments that can work in with your family schedule.
Start now
There’s no time like the present. You don’t have to know everything before you start working towards your financial goals. It’s never too late to start to gain back financial confidence and rediscover your independence.
Daisy Stevens – Head of Lending Operations at Finspo
