5 ways to show your finances some love this Valentine’s Day
Chocolates and flowers are great, but nothing says “I love you” like the gift of good financial health.
Whether you're single, in a relationship, or somewhere in between, taking care of your financial well-being can be a form of self-love that’ll last longer than the flowers. It’s the gift that keeps giving!
So, whether you’re your own Valentine or somebody else's, why not give a little love to your finances this V-Day?
From breaking up with a bad bank deal to searching for your savings account soulmate, we've curated a list of personal finance tips that’ll have you swooning over your savings this Valentine’s Day.
1. Get to the heart of your finances with a budget
One of the most important relationships you’ll have is the relationship with your finances. And building a bullet-proof budget is the bread and butter of having a solid financial relationship.
It lets you know what your financial obligations are so you can still live and treat yourself with the peace of mind that your bills have been taken care of and you’re consistently contributing towards your savings goals.
Here’s how you can set a budget with Mozo’s free budget calculator:
- Step 1 - Work out what’s coming in: List out how much and how often money is coming in (regular pay, wages, pension, government benefits, income from investments).
- Step 2 - Work out what’s going out: Note down any regular bills, debt and other expenses you have (including rent or mortgage payments, phone and internet bills, insurance).
- Step 3 - Set a savings target: Once you’ve worked out how much of your regular pay will need to go towards bills and expenses, you should set an amount that you’d like to save each month.
- Step 4 - Work out an allowance: The money you have left over after expenses and after you’ve added to your savings account is what you can safely spend each month (or fortnight, depending on your pay cycle) without impacting your ability to pay bills and save.
2. Give your finances some attention
Show your wallet some TLC with regular financial checkups. This might involve reviewing your budget, tracking your spending with a handy app, and re-assessing your financial goals.
By staying proactive and keeping on top of finances, bad deals and overspending won’t just fly under the radar. Staying financially aware allows you to make tweaks as needed to help keep you on track towards greater financial success.
3. Learn the love language of finance
Money can be a touchy topic in relationships, particularly when your beliefs around money don’t align – which is why communication is key. Just as you’d share all your hopes and dreams with your partner, it’s also important to communicate your financial goals and priorities.
Having open communication about finances in your relationship will help you get on the same page regarding your intentions and choices around spending money. This way, you’ll know what to expect from each other and can hopefully avoid any nasty surprises or arguments.
4. Set some couple's savings goals
Following on from the previous tip, another benefit to having open communication about your finances is that you can set financial goals that you can work towards together. This might be saving up for a house, an overseas holiday together, or a future baby (or fur-baby) fund.
5. Break up with a bad bank deal
Just like you shouldn't settle for a bad relationship, you shouldn’t settle for a bad or even mediocre deal on a banking product. Unlike in dating (where this tip could land you in hot water!), make it a habit to always compare your bank account options and keep an eye on what’s around.
Don’t stick it out with a bank just because you’ve been with them since your first Dollarmite account – unlike in relationships. Loyalty means nothing when it comes to being a banking customer.
For more finance tips, news, and guides, check out our life and money hub.