The economic landscape is one of the issues that most influence life with your partner, and financial products are a powerful tool for your mutual well-being.
The opinions expressed by employees are personal.
Couples discuss on average three days a week for financial matters, according to data collected by Forbes in 2019. That is why finding the ideal financial products for you and your partner is essential for harmony in their lives.
“Believing that affection or love is a feeling that is not affected by money is false to some extent. Suppose the emotional relationship is solid, but at some point one of the two loses their job and never manages to recover, would the state of finances as a couple be strong enough to get them both afloat? ”Says Luis Madrigal, director of Coru .
The economic landscape is one of the issues that most influence life with your partner, and financial products are a powerful tool for your mutual well-being. The financial services platform Coru.com guides you on the main ones that help you manage money with your partner:
Savings When you live as a couple there are many plans in common. The expenses that each one does, are as simple as the departures of the weekend or the trips. Any outflow of money impacts the couple and if they have a common savings fund it will be easier to pay for joint expenses. Here it is important to be clear on what each one can contribute and the deadlines for doing so. With proper planning they will get medium and long-term plans with no setbacks and no liquidity problems.
Insurance If you have already chosen someone with whom you want to spend the rest of your life, it is important that they consider emergencies. What will happen if someone gets a disease that prevents them from continuing to work or dies? In addition to the emotional gap will have many expenses. To prevent leaving your partner at a disadvantage, it is better to take precautions. Does anyone engage in dangerous activity or suffer from chronic illness? Start there. If they have children it is more important because the affectation will be to the family. Depending on the needs of both, it will be important to consider health or life expenses insurance.
Credits If the time has come to create wealth together, in some cases it will be more advantageous for both of you to request a couple credit, for example to purchase a house. Mortgage loans will offer you better conditions if both have a good credit history. In addition to a larger amount, you get better conditions such as more favorable interest rates. The risk of lending to two responsible persons is less, which is very important for financial institutions. Before applying for these types of credits, it is important that they have a long-term life project as a couple. Avoid a common debt at all costs after a separation.
Investments Like saving, it will always help to invest if you have a relationship full of projects. If they set an adequate deadline for them it is even possible to arrive with a profit margin. Unlike savings, investments offer an extra percentage at the end of the period. Before deciding to take one, it is important that they consider the risk factor, the greater the percentage of profit. They should also be clear that during the time the money is invested they will not be able to touch it. If both are clear on the amounts they can contribute and the time they can spend without that money in the end they will have extra money that they earned together.
While money is not the central issue for a couple, it is often a great tool to keep it healthy.