If we’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.
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.
Couples can decide on goals such as travelling overseas, buying a home or starting a family. We need to make sure we set financial goals together and agree how to achieve them.
For example, if both partners join KiwiSaver, they could both be entitled to a first home withdrawal after three years. Depending on how much they’ve contributed, this could be quite a boost to their deposit – as much as $20,000.
Find out about using KiwiSaver to buy a first home on the Housing New Zealand website.
We should know how our financial situation will be affected if the unexpected happens. Here are some things to think about when planning finances as a couple:
Seeking independent legal advice can be a valuable investment, in case of separation or death.
The New Zealand Law Society website has free guides on a range of topics such as:
If either 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.