We’ve all had those nights when you stay up late into the night, talking with your partner about the latest Netflix series you’re binge-watching or Trump’s most recent tweet gone viral. But do you ever sit up late discussing finances, investing or saving for your future? No, probably not. Discussing money and finances with your partner can be stressful and uncomfortable at times, but it’s an important piece in growing your relationship and building your future together.
If you see yourselves staying together as a couple, and we hope that you do, discussing your finances is something that you’ll have to do a lot of. Once you combine your finances, you may not agree on each other’s spending habits, like expensive spa weekends or hefty bar tabs. To kick start the conversation, start by asking yourselves these questions:
- What are you saving for?
- What degree of risk are you prepared to take?
- When you think of ‘risk’ and ‘money,’ what comes to mind?
- How would you feel if your investments fluctuate?
These basic questions are a good way to get the ball rolling so that you and your partner can discuss money and get on the same page when it comes to investments and timelines. Take this opportunity to talk about money with your bae, so that you can learn about each other’s financial status, goals, dreams and future plans. It’s a lot easier to save money when you know what it’s going towards – a trip to Jamaica or a brand new Jeep might just be worth skipping out on happy hour or your weekly online shopping spree. Being comfortable enough to share your finances and discuss how investing can play a part in your lives is the first step to a happy financial future as a couple. Start with this one simple step so that you can reap the benefits:
Make Small Contributions
‘Saving money’ doesn’t have to be a daunting process. Start by setting up a weekly or monthly automatic contribution that you know you won’t miss in your everyday life, whatever the amount. You can start a savings account with as little as $100, making a $25 contribution weekly, monthly, you name it. We bet you spend $25 on a meal out at least once a month – so, what if you put just one of those outings towards your future and made dinner at home with your partner instead? The more you save now, the more money you’ll earn, which means more date nights out in the long run.
Reward: Less Stress
Sit down with a glass of wine (or three!) and talk it out. If you think kids, a house, a new car and a lifetime together are possibilities, these are things you’ll want to start saving for as soon as possible. Let your money work for you now so that you can work less and stress less in the future.
Reward: Financial Freedom
With the beauty of compounding, your money will start to grow in your account instantly, regardless of the level of risk you choose for your investment. However, the more you’re willing to risk, the faster your money will grow. TFSAs, RRSPs, CASH, RESPs – whatever you’re interested in, ATB Prosper can help you start saving now. By talking openly with your partner, making regular contributions and planning your financial future together, not only will you grow in wealth, but together as a couple. These are the hard conversations that no one wants to have, but are eternally grateful for once they do. Sharing your goals and future plans with each other not only creates transparency, but a relationship built on trust and integrity.
“So how do I get started?”
Lucky for you, ATB Prosper makes it simple to invest your money. Whether you’re saving for further education, a family, travelling the globe or early retirement, the ATB Prosper digital investment experience asks you key questions to create a portfolio specific to your level of risk and desired timeline. In fact, ATB is giving away $200 for one lucky individual to invest in his or her very own account. Spot the ATB contest on our Instagram Feed with more details on how you can win:
- Must be over 18 years old.
- Not employed by ATB.
- Four entries per account.
- Lives in Alberta.
- Tag a friend in the comments.