Money can put a huge strain on a relationship, and as the saying goes, “when money goes out the door, love flies out the window”.
It is currently UK Marriage Week and with Valentine’s Day also just around the corner on 14 February, one of the most respected financial planning businesses in the South West, Francis Clark Financial Planning (FCFP) is getting involved by encouraging married couples to plan their financial futures together.
UK Marriage Week is coordinated by Marriage Foundation and runs from 7 to 14 February. The week celebrates the strengths that marriage brings to society and is supported by many charities and individuals across the country.
Francis Clark Financial Planning advocate that one of the essential building blocks to a happy and successful marriage is having a stable financial position. Of course, some financial issues are unavoidable, with life throwing up many unexpected issues that sometimes are completely out of our control, however having your finances organised and as fit as possible can help you weather the occasional storm.
FCFP suggest that you start with the basics by ensuring you have adequate life assurance and cover to provide a replacement income, should either of you fall ill. Many employers provide this cover as part of your employment contract – when did you last check what is provided?
Another area to keep tabs on is ensuring that your mortgage, credit cards, and other monthly commitments such as electricity, gas, car insurance, mobile contract etc. are regularly reviewed to ensure that you are not paying too much.
This may seem a really mundane, some might say, ‘boring’ side of marriage however, it can provide the foundation for enjoying the fun side of living your lives how you want. We all have dreams and aspirations, whether these are to have a family, enjoy nice holidays, progress in careers or just spend more quality time with each other and solid financial footings and planning all enable these to become reality.
Gary Quick, Director and Chartered Financial Planner said:
“Marriage is a journey, and longer term it is important to have put some money aside to continue enjoying life together in retirement, even if it seems like a long way off at present. The earlier you plan, the more chance you will have of a comfortable retirement. Saving into a pension plan either privately or through your employer will help you build a pot of money to support you after work has finished. It also provides some attractive tax benefits to help you along the way.
“Most of all, enjoy life, have fun; don’t forget to keep an eye on the finances though!”
Francis Clark Financial Planning are Chartered Independent Financial Planners, providing advice to families across the South and West of the UK. Please get in touch if you would like an initial chat with them to see how they could help you build a successful financial future.