Couples given finance advice

Monday 24 August 2009

Article by Mozo

Australian couples have been given advice when it comes to sorting out their finances.

Economic journalist David Koch and wife Libby have offered a series of suggestions for partners on news.com.au.

The pair state people should regularly set aside time to pour a glass of wine and sit down to discuss money matters.

They say issues under discussion should be: "Where’s the money coming from, where’s it being spent, what about future expenses, what’s happening to the superannuation, insurance issues, bank accounts and credit cards?"

Speaking about finances can help to strengthen a relationship since this can be a sore point for many couples, which could be good advice for those with high interest savings.

It is essential to know the source of income as well as expenditure, as well as ensuring large amounts of money from joint bank savings accounts are signed by both parties, they write.

Setting a monthly expense budget can also be useful, as well as designating financial tasks, such as day-to-day expenses or investments.

Families should ensure they pay off more of their home loans initially so that they have room to manoeuvre in the future should the need arise, according to the Smartline Personal Mortgage Advisors.

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