Making money plans with your partner

If you're partnered up and planning finances as a couple, both sides need to be involved in the process. It’s all about getting on the same page and making sure our families will be taken care of in the future.

Compromise gets results

The more we discuss money matters openly and honestly with each other from the start, the more we avoid stress later.

When two people are managing their money together, it's only natural that there'll be differences of opinion. So it’s important to talk about finances as a couple openly and honestly, and be prepared to compromise. Often the two perspectives can bring out many more solutions when planning finances as a couple.

Guide to managing money in a relationship

Setting goals together

You might be choosing goals such as travelling overseas, buying a home or starting a family. It's important to make sure we set financial goals together and agree how to achieve them.

For example, if both of you are in KiwiSaver, you both could be entitled to a first-home grant after three years. Depending on how much you've contributed, this could be quite a boost to your deposit – as much as $20,000!

Find out about using KiwiSaver to buy a first home on the Kāinga Ora website.

Things to consider

It's key to know how your financial situation would be affected if the unexpected happens. Here are some questions to ask yourselves when planning finances as a couple:

Do we have a joint emergency fund? If not, do we have another way to access cash quickly?
Do either of us have a superannuation scheme? What happens to the scheme should one of us die?
If we’re making a financial plan for retirement together, will our plans be sufficient if we both live well into our 80s or 90s?
What happens if we’re separated – by death or otherwise – before reaching retirement age?
Have we considered life insurance or income protection insurance in case either of us can’t work?
If we share a mortgage, will payments be covered by mortgage or life insurance if one of us dies?
Are there debts that either of us are liable for?

Here's some more information on separation and losing a partner.

Getting legal advice

Seeking independent legal advice can be worth doing.

The New Zealand Law Society website has free guides on a range of topics such as:

Making a will and estate administration
Powers of attorney
Buying or selling property
Living together
What happens if a relationship breaks up
Family trusts

If either you or your partner owns property (either together or individually), there is also relationship property law to think about. Find out how the law affects this on the Family Court website.

BLOG

COVID-19 and your money: 7 things to do right now

23 Mar, 2020

We’re living in such a changed world that it can feel overwhelming. The coronavirus has upended our working lives, our kids’ lives, and our money lives as well.

BLOG

Spending futuredollars

12 Jul, 2019

Perhaps it’s because our future selves are strangers to us.

BLOG

Context is king!

1 Mar, 2019

What’s good? What’s not? How can you tell? Sometimes you can go by how you feel or connect with something or someone.

BLOG

Date night!

13 Feb, 2019

“Will you be mine?” As you’d expect, for Valentine's Day the focus turns to cards, flowers, chocolates and romance.

BLOG

Keeping up with Christmas

14 Dec, 2018

Right about now, there’s a tremendous Santa-sized pressure to deliver the best Christmas experience possible at home.

BLOG

Emily McLean

Are you a cheap date?

19 Nov, 2018

I was once on a date with a guy who pulled out a voucher.

6 steps to live Sorted

Start your safety net

Get your KiwiSaver right

Start tackling your debt

Cover your people, money, stuff

Run your retirement numbers

Set your targets, then hit them!

Guides

Wondering about money? Stay curious.

Having a go at investing in shares

Is food shopping online better for your budget?

Ko Matariki he kāhui whetū hei arahi i ngā ritenga mō te anamata – Guided by Matariki, it’s the perfect time to prepare ahead

Where will you be in KiwiSaver at 65? 2 ways to drive up your results

Learnings from lockdown

Out of work? 3 steps to take

Top tips for shopping online right now

About

Learning

Resources

Even more...

Making money plans with your partner

Compromise gets results

Setting goals together

Things to consider

Getting legal advice

You may also like...

COVID-19 and your money: 7 things to do right now

Spending futuredollars

Context is king!

Date night!

Keeping up with Christmas

Are you a cheap date?

6 steps to live Sorted

Start your safety net

Get your KiwiSaver right

Start tackling your debt

Cover your people, money, stuff

Run your retirement numbers

Set your targets, then hit them!

Guides

Wondering about money? Stay curious.

Having a go at investing in shares

Is food shopping online better for your budget?

Ko Matariki he kāhui whetū hei arahi i ngā ritenga mō te anamata – Guided by Matariki, it’s the perfect time to prepare ahead

Where will you be in KiwiSaver at 65? 2 ways to drive up your results

Learnings from lockdown

Out of work? 3 steps to take

Top tips for shopping online right now

About

Learning

Resources

Even more...

Log in to your account

Create your free account

Making money plans with your partner

Compromise gets results

Setting goals together

Things to consider

Getting legal advice

You may also like...

COVID-19 and your money: 7 things to do right now

Spending futuredollars

Context is king!

Date night!

Keeping up with Christmas

Are you a cheap date?