Financial Planning and the Impact on our Relationship

Jan 3, 2018

     

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Assalamualaikum and Olla everyone!

Let’s talk about “moolah”, relationship and also financial planning today. I do understand that talking about money is taboo to some. However, let’s just be real. Other than time, money is second most valuable resources and resources needs planning. I always think that planning your finance is not about being able to buy bigger or better things. It is about being prepared to take care of yourself, your family and people around you.

According to 2017 Prudential Relathipship Inndex, compared with the rest of Asia, couples in Malaysia are relatively unlikely to share financial responsibilities with each other. 32% of couples in Malaysia pool all their financial resources together – the second lowest proportion in all nine countries surveyed in 2017 after Singapore. 17% don’t pool any resources together and keep all their financial matters separate. Pooling resources is linked with good relationships. Those who make plans together for all their financial matters have a partner relationship score of 72/100, whereas those who keep their financial plans separate have a relationship score of 52/100. While most may not pool resources together, Malaysians are quite open with each other about financial matters. 53% share everything about their financial matters with their partner, with a further 39% telling each other most things.

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I am grateful that my husband and I are very transparent about our financial health even from dating stage. We come clean of our financial burden, any debt that we have and how much we make. In order to be organized we need detailed information. Being transparent with each other about our financial state provide all the information we needed. Like any other plan, it need to be revisit and improvised from time to time according to our need.

Different stages of life have different financial goal, we used to think about us, about marriage. Now that we have two kids, we also need to include financial planning for them.

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Like it or not, life and death is just unpredictable. We existed from moment to moment, never knowning who will leave the world first. One thing for sure, it is going to happen. That is just how the universe works. I would be lying if my husband and I never talk about death. We totally agreed with 2017 Prudential Relationship Index that shows 39% of Malaysian believe their family would suffer financially if anything were to happen to them. Since we can’t escape death, best to be well prepared. Couple of years ago we start saving religiously and took some insurance in order to protect our family from financial burden.

I am glad that we have a reliable agent who explain what can be done in order to have an umbrella. You would be suprised the amount we paid monthly compared to the protection provided. We didnt really pay much monthly, but it gave us a sense of security. So, we could focus on other things. It is like living on a boat that have many holes. In this case holes represent financial worries. Once we patch one hole at a time the boat could sail better to the destination.

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“Other than saving for future retirement, the financial goals for many Malaysians involve doing more for the family and investing in their children’s education. 57% aim to travel with their family. Other goals include addressing immediate concerns like settling debts (49%), buying a home (47%), buying a vehicle (35%) or starting a business (35%)” - 2017 Prudential Relationship Index.

If we put the same effort in planning the rest our life like how we plan our next vacation, it would be so amazing. Almost everyone will be walking around with less stress. Because being in control of your finance is a great stress reliever. With lesser stress you get to focus more on creating memories, achieving your life goal, helping others and even treat your partner even better.

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To understand more of what you want out of your relationship, which state you are in and to compare it with your partner. Do check out The Relationship Quiz on Facebook. My result is a bit #geligeli haha.. but im glad my husband and I are on the same page for now and hoping that we will continue to plan and try our best to keep it that way for as long as we could.

Thank you so much for reading this. I hope this post give you some insight over our own personal concern on financial planning. I bet you have even better personal relationship with your spouse and a well planned financial. However, it also never too late to start. The time for action is now, it is never to late to do something.

That’s it for today. Till next blogpost, take it easy and smile!

More details : https://www.prudentialrelationshipindex.com/my

To download : https://www.prudentialrelationshipindex.com/my/en/relationship-index-download

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