The Finance Bible
The Finance Bible podcast is your ultimate resource for financial freedom, personal growth, and business success. Hosted by Zeke Guenthroth and Oscar Don, this podcast is designed to help you achieve your goals through actionable insights, expert advice, and practical strategies.
Each week, we bring you fresh episodes packed with valuable tips on a wide range of topics, including investing, property investment, saving, budgeting, shares, cryptocurrency, inflation, interest rates, wealth building, and debt management. But that’s not all—we also dive deep into personal growth strategies and business success tips, helping you develop the mindset and skills needed to thrive in every area of your life.
Whether you’re just starting your financial journey, working to grow your business, or striving to improve personally, The Finance Bible equips you with the tools to create lasting success. It’s more than a podcast—it’s your guide to building a better future.
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The information provided in this podcast is general in nature and does not constitute personal financial advice. It does not take into account your individual objectives, financial situation, or needs. Always consider whether the information is appropriate to your circumstances and seek advice from a qualified professional if needed.
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The Finance Bible
#91 Setting Up Finances As a Couple
Can open communication really make or break your relationship's financial future? On this episode of the Finance Bible podcast, we promise you'll discover the essential steps new couples need to take to set up their finances together. From those initial, sometimes awkward conversations about money to aligning financial goals for the future, this episode is packed with practical advice on how to be transparent about income, spending habits, and any hidden financial issues like debts or gambling. Learn how to build a joint budget, set shared savings goals, and even the benefits of merging some—but not all—financial accounts to manage household expenses more efficiently.
We'll also uncover the importance of regular financial check-ins with your partner, offering the fun idea of making these meetings a monthly date night to track expenses and savings goals. We'll guide you on managing unexpected costs and setting specific savings targets for major life events such as retirement, weddings, and children’s education. The episode highlights the value of seeking professional advice from financial advisors, insurance brokers, and property investment experts after living together for about a year. Plus, hear our cautionary tales on the risks of merging finances too quickly and the potential financial pitfalls if the relationship ends. Tune in for strategies to ensure your financial journey as a couple remains smooth and stress-free.
For any enquiries or to connect with Oscar, Zeke, or their company, Asset Road, listeners can visit the following links:
The advice shared on The Finance Bible is general in nature and does not consider your individual circumstances. The Finance Bible exists purely for educational / entertainment purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs.
Welcome back to another episode of the Finance Firewall podcast Zeke here and your co-host, Oscar.
Speaker 2:But before we get into it, please note that nothing in this podcast should ever be considered as personal financial advice.
Speaker 1:Of course, if that is what you are seeking, reach out. We'll get you in touch with the correct professionals. Get the job done properly, sit back, relax and enjoy the show. Let's get into it. Today, we're just going to be talking about how to set up your finances as a new couple. So you're out there, you've just gone, and you might have been in a nightclub, you might have been at school, you might have been at uni, you might have been in the doctor's ward Doctor's ward interesting point there, yep, and you found the love of your life possibly new couple, and you need to set up your finances. Awkward conversation, awkward everything, and very annoying to deal with. So what do you do? And these are just spitballing ideas, different things that we would think about in that scenario. Oscar, probably, is currently.
Speaker 2:Well, I wouldn't say it's an awkward thing to do.
Speaker 1:Good.
Speaker 2:Well, you're not really a relationship man, so that's probably why.
Speaker 1:Yeah, but well, you're not a really a relationship man, so that's probably why yeah. But if you yeah it can, I love it. I think it's awesome. Oh yeah, no, you love it. But if your partner doesn't feel like the same kind of thing, then it might be a bit all right if the partner doesn't feel it's a yeah, different story.
Speaker 1:You probably wouldn't be, uh yeah like a lot of people get awkward talking about finances. They might not be comfortable with that straight out the bat, but open communication is probably the first point. Like you know, you want to actually discuss like short-term, long-term goals. Like you know, you, you want to get a house. How do you want to retire? Like, how do you feel about vacations, that kind of thing? Yeah, because you want to be on the same page, like if you're.
Speaker 2:If let's, for example, say you're really wanting to buy a house, but your partner is really wanting to just travel or just keep saving for another 20 years and doesn't believe in what you believe in, that would be. That's when it becomes a little bit uncomfortable, a lot harder to actually have those conversations. But, yeah, be on the same page and letting them know what you want to achieve, because there's no point really joining bank accounts and being like a couple financially if you're not on the same page. Like you, may as well just do it by yourself or do it with a mate who is on the same page, so you can still get the benefits of doing it with two incomes yeah, finances are the number one reason for divorce, so you might as well get it out of the way nice and early.
Speaker 1:Just break up if they don't have the same goals as you. If that's how you want to do it, save a bit of time, a bit of money um, don't invest so much into it. Maybe the other thing in this part of it, like open communication, is you need to be up front with, like what you actually earn, what you spend, like all of your actual financial habits, because you don't want them found out down the track. Like you don't want someone thinking you're on, you know, 300 grand a year and you're actually on 50 grand a year. You don't want someone thinking that you like really good with savings or something and then all of a sudden you've got a gambling addiction.
Speaker 2:I was was going to say a gambling addiction. It's so popular in our age group. I know a lot of people, like friends of people and also ex-partners of people I know, who have very, very bad gambling addictions and they kind of kept it from their partner until it kind of, you know, hit the fan and then it all came out and it's like well, you've been lying to me for about two years. I saw a future with you and this has happened. So like, obviously I'm not going to go down the path because I can't level up my investment or property goals in the future if you're going to keep doing this. So yeah, figuring out really the truth behind everything, yeah, just be honest, it's not hard Be honest.
Speaker 1:You might find someone who loves gambling too. You can link up, you can. Probably not a great idea, but it's definitely possible.
Speaker 2:Once you have communicated and you are on the same page which is good news, good start then it's time to create a joint budget. So it's probably best to outline your combined income, your expenses, your savings goal. You might both want to have a goal to save $30,000 by the end of the year. So how much per week each from your own individual pay, do you both have to individually contribute to your joint account to reach that goal when 31st of december hits and it's kind of working backwards? So this will help you both really get an understanding of where the money is going and keeps you on track, like an accountability partner, to reach the goal overall. Because accountability partners if it's finances especially it's good to have in a gym helps you keep lifting in life. You just need an accountability partner.
Speaker 1:Yeah, absolutely do. I think the part of here like creating the budget, you know to track your expenses and you know figure out what you should and shouldn't be spending and then you know sticking to it. You kind of need to run your family or your relationship like a business, so you need to actually sit down and go all right, we've got x amount of money coming in per week or whatever. We can allocate some to this, we can allocate some to that and figure it out from there. Um, I'd be in favor of merging some accounts and not all accounts.
Speaker 1:Yeah, I completely agree. So I I would assume that you do like. You know your general household expenses and stuff like that you'd put together in a joint account. But each person should still, in my opinion and you probably share it have their own spending account too. So you know it might be a percentage of each of your pays goes into your own account where you can go and do what you want to do. You know you might be having a few beers with the boys, it might be going and getting your nails done. It could be anything.
Speaker 2:Yeah, literally because it's good to have your own individual money, because there's a lot of couples that I've read I know a couple as well who every cent of their pay is in a joint account and then if one of them wants to go see their friends or go on a little trip or something, well, they're taking money from the joint account and if the other person is not happy about it, well there's a bit of conflict coming. Joint account, and if the other person's not happy about it, well there's a bit of conflict coming. So having you know, having your individual accounts and kind of separating yourself, it's good for being individual and also keeping that healthy distance and relationship going.
Speaker 1:That's actually a great example, because I know a couple that, um, they unfortunately they do that same management method. They have it all put into one account, oh really. And the male in the situation was going to go on a bit of a boy's trip Details are not valid and not necessary for this but he wanted to go there and you know it was going to be like two grand or something. And then she was like, well, I'm not spending two grand.
Speaker 2:Oh, because all the money was together.
Speaker 1:So like why would you be able to just go spend two grand if I can't?
Speaker 2:Yeah, so it just removes problems like that happening, which would happen a lot. And that kind of goes back to your point. The number one source of divorce is finances. Yeah, and that would be mainly one of the reasons why would be mainly one of the reasons why, if you do have a joint account and the expenses, it's a good way to figure out how you handle the expenses. Like, if it's going to be a 50-50 split, if one of you is on a higher income, another one's on a lower income, will the person on the higher income pay a high percentage of the bills. Figuring out how that works and that obviously comes down to being open with your communication figuring out hey, how much do you want in your salary? We've got X amount per week to pay in bills. If you pay this, I pay this. I'll be able to keep saving to our goals. So figuring out based on your income is probably an important way, as opposed to just going 50-50 split.
Speaker 1:Yeah, absolutely. And you need to then figure out as well you've already sat down, you've sort of figured out your goals and that in the open communication you've merged your accounts. You've figured all that out. All the transparency is out of the way. Now you're at a point where it'll be creating a rainy day fund or an emergency fund. So you I mean this varies a bit here and there, but you probably want between three and six months worth of a buffer so that if anything happened to one of you or both of you, that you could afford to pay your actual fixed expenses for the next. You know three to six months, yeah, yeah, because you never know what happens, like we all saw in covid and unfortunately that fixed expenses for the next, you know three to six months.
Speaker 2:Yeah, yeah, because you never know what happens, like we all saw in COVID and unfortunately couples had to start selling their assets because, realistically, a lot of people lost their jobs, especially if you're a business owner and you're a small, you know in-person and actually helping people and serving people well, you were shut down. Actually helping people and serving people well, you were shut down. So having that emergency fund is vital and even, like, aside from having a joint emergency fund, it's not a bad idea to have your own individual emergency fund as well, because, let's just say, you unfortunately break up. Sometimes it's a messy breakup. You don't know if you will get half of the joint emergency fund back, depends on the circumstances. But if you have your own individual emergency fund on the side, if anything did happen, we kind of set up, like for at least three months or six months, depending how much you've saved, and it's a good kind of thought to have in the back of your mind. It's a bit of a security blanket at the back of your mind. It's a.
Speaker 1:It's a bit of a security blanket at the end of the day yeah, I'd definitely be building up a individual one and just having it on the side in a different bank account, um, or in you know shares or something. Just you know building up over time a little little something to fall back on in an Armageddon.
Speaker 2:Yeah, and going on like, let's say we've ticked off all those points Every, let's say, three, four weeks. It's not a bad idea to actually just sit down. You can make it a monthly date night kind of thing, have a glass of wine and go out for dinner and then get the spreadsheet out. Let's see how we're on track. How are our expenses, how close are we to reaching the savings goals? Because you can easily go off track. Let's say, one weekend you've got two engagement parties, one wedding. All of a sudden you're spending quite a bit of money. And then, let's say you're wanting to save a grand a week. Well, because you're spending a bit of money on gifts, you can only save 200 a week for that week. So, figuring out and having those meetings with your partner over a candle on a dinner table, it's a good idea. Keep yourself on track, Keep the love alive. Keep the love alive, keep the vibes going and keep the money flowing.
Speaker 1:Yeah, you in those meetings too, like, ideally before that meeting of having the regular check-ins, you've also figured out, like you know, your retirement savings, your insurances and stuff like that, and figured out in your goal session, like, okay, we want to put X amount into the retirement fund, we want to put X amount into planning the wedding, we want to put X amount into this, that and the other, the house account, whatever. And then kids as well, kids, yeah, private school fees, whatever it is, holidays, you want all these different things set up. Where you're going, oh, we're putting that there, that there, that there, that there. And then in those meetings that you're having, you know, once a month, then you can sit down and go okay, well, this is tracking. Well, this is tracking well.
Speaker 2:This one one not so much. What can we do to change that? And you might be able to alter your trajectory pretty heavily. Doing that every month, hmm, yeah, and with your insurance point and your retirement planning, that kind of leads into actually seeing professionals and getting professional advice. Because it's all well and fine to join your accounts, split the bills whatever percentage that is and have a goal, a savings goal. But when it gets to the overall planning, like you may want to see a financial advisor to sit down with you and say, hey, you're on this trajectory. If we perhaps invest in something like this, this will change it overall. But getting professional advice, if it's a financial advisor, insurance broker, property investment advisors like yourselves there's so many people out there but that would be a good place if you are serious of growing with that individual financially as well as emotionally.
Speaker 1:And it becomes a point of like when do you actually sit down and get the professional help as well? Like at what point do you think that comes in? Get the professional help as well? Like at what point do you think that that comes in? Like for me, I'd probably say after a couple of years, when you you're like eric I think this could be more long term like you still have the chats in that anyway early, but instead of bringing a professional in, like for me, I feel like it'd be, you know, maybe three, four years down the track. You've tried and tested a bunch of things in the relationship. You know where it's going and you know you've done a bit of savings here. You've got your emergency fund, you've got all that. You're far enough down the track where you can go all right. Now it's time to figure out where we're investing and what we're doing properly, to start building on what the foundation we've already made. When would do that? Would you be similar or would you do it a bit different?
Speaker 2:no, I'd probably do it after. I'd probably merge accounts and and get advice after you've been living with someone. Yep, because firstly, like, once you start living with someone, that's a, it's a make or break, and then you'll you'll pretty soon know all right, this isn't working or this is working. So I feel like, maybe a year after living with someone and you're pretty committed to them, I think that's when I would look at getting actual financial advice. But you mean a year of being with them or a year of living with them.
Speaker 1:Living, yeah, okay. So let's say you're dating for Like four years, two years and then you move in together. You're a year together, so probably three years in that circumstance, yeah, yeah.
Speaker 2:Everyone's different, though. I know someone who's just started dating this girl, like a month, two months ago, and like already moved in and joining finances. And yeah, some people move quick. It could be a recipe for disaster yeah, you never like it's.
Speaker 1:They could also be love struck. You never know. You don't know. All I know is I would be. I'd be slowing this down as much as I can. I'd be making sure that you know if I'm putting the time and effort into. You know, putting the plan, investing in the person and all of that kind of stuff you'd be.
Speaker 2:And it, you know, doing the plan, investing in the person and all of that kind of stuff, and you don't know what you don't know. Like if it ends, if your relationship ends and your financials emerged and you've got everything going on together, like you've got a house together and you've really jumped into it. Well, when settlement comes with the divorce, like it's a pretty big stitch up for some people. So be careful, because you can really lose half just like that.
Speaker 1:Or more.
Speaker 2:Yeah well, most of the time it's more, isn't it?
Speaker 1:Yeah, it can really leave a bad taste in your mouth. I've seen in our profession obviously a lot of divorces go through and one of them literally one, has been good, like the couple still talk. They literally just spoke. They were like, oh look, I think it's fair that you have this and this and blah, blah, blah, yeah, and you know that it was more for the kids. They were like all right, well, shit, we can't screw each other around because the kids blah, blah, um, and they still have like sort of like a monthly call just to check what's going on with finances and stuff.
Speaker 1:That's good as real. I read that and I'm like that's how everyone should be. Yeah, that's good. How easy is that? Imagine going through all the rigmarole of having your solicitors and oh, it's already stressed the kids are getting annoyed, like everything is a problem. Just chill out and deal with it. Naturally, yeah, like you're not in high school anymore. No, you're not. Unless, obviously something bad has happened. Maybe the relationship ended in a terrible way. Yeah, you never know, but you could just fall out of love and fizzle out. That is also true.
Speaker 1:There's a bit of love advice.
Speaker 2:I was going to say you're a bit of a counsellor now, aren't you?
Speaker 1:A bit of a counsellor. I reckon I'm in the wrong profession I should be. I could talk real soothing. I could really help people and make sure that they feel really good.
Speaker 2:Wow, all right, on that note, we'll leave it there.
Speaker 1:Yeah, that's all we really have to say for that one really have to say for that one. Enjoy your, your day and we'll catch you next time. See you next week, ciao, see ya. We hope you enjoyed the episode. As always, you know exactly what to do.
Speaker 2:Hit that follow button, subscribe whatever platform you listen to this podcast on. Also share it to friends, families, co-workers, whoever you think may benefit from it. But unfortunately it's the end and we'll see you next week.
