The credit repair company Resolve tu Deuda carried out a study to demonstrate the behavior and management of finances as a couple for the celebration of Valentine’s Day, which is becoming increasingly important in Colombia.
44.7 percent of those surveyed affirm that they spend around 100,000 and 200,000 pesos in gifts or outings with their lover, taking into account that 68 percent pay for these expenses in cash, and very few use credit cards.
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What is recommended to couples is that, if they know that a celebration that they share together is coming up, part of the money to spend must come out of savings by this date, so they will not affect their monetary health and they will not get into debt easily.
According to the study, the percentage of people who live with their partner is 68.4 percent, so they have greater financial responsibility in terms of the relationship for sharing the home. The remaining 31.6 percent corresponds to those who thus have a love bond and do not live together.
It is important to take into account basic data of your lover at an economic level before making the decision. decision to live togetherthis in order to have a broad knowledge of how you manage your finances and thus know if they can replicate that use for both or, on the contrary, start with a plan to improve financial techniques and avoid unwanted indebtedness.
For 95.7 percent of the sample, they believe that being aware of their boyfriend’s or husband’s income is something absolutely relevant and, for this reason, they claim to know this information perfectly.
The study also shows that half of the people assume the obligations in equal partsand the remaining 50 percent split the payments proportionally based on each other’s income.
It should be noted that 85.3 percent are aware of the debts that their partner currently has (credit card payments, known loans or banking entities, among others), because they affirm that they are data of vital importance for growth economy of the relationship.
Personal finance experts say that it is ideal for relationships to have the Adequate planning to assume household expenses and likewise cost the debts they have together, they can rely on a monthly budget followed by an effective savings method to have in case of an emergency or unforeseen event.
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How to take care of finances as a couple?
Financial health care should be one of the main purposes of all Colombians, much better if those who are willing to help achieve them can be involved in these projects, so establish a financial plan as a couple to meet the goals in the short, medium and long term it will always be a good option.
A good way to start building a financial plan together is to make a list of assets and liabilities as a coupleonce both know their financial situation, it is suggested to establish the commitments and expenses to share in the case of living together, for example, public services, market, administration, rent (if applicable) or entertainment.
Generally, there is always someone in the couple who works better for the issue of finances, either because they are more aware of commitments or because they are more organized. Therefore, try establish these roles with your partner and define between the two, who will be in charge of keeping the household accounts and expenses.
As part of the celebration of Valentine’s Day, Camilo Garay, Vice President of Consulting at DataCrédito Experian, shares some financial advice for working on joint projects:
flat joint goals
It is important to establish with your partner the projections that have a future for the fulfillment of the same as, for example, know a particular countryor achieve financial independence with your own business.
In this sense, there are certain economic resources that must be allocated for this, which is why it is advisable to define what are those objectives that they have in common in order to work to achieve them.
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set deadlines
To achieve goals, in addition to intention and planning, action is necessary. For this reason, it is important to determine the amount of savings over a period of timeFor example, three months, six months or even one year. It is suggested to do so based on the economic capacity of each one.
Saving tools
It is important to define the means by which they will make the contribution, some of these could be:
• Joint account: They can create a joint savings account that has a specific purpose, it serves as a savings modality as a couple to make payments independently and meet financial goals.
• Automatic saving: It is a programmed savings in which each one debits automatically from their respective accounts. An amount must be established that will be debited month by month and thus the fixed monthly contribution will be ensured.
• Savings to invest or for an emergency: It works for those goals that you want to build in a long-term period of time, for example, in the case of wanting to invest in studies, or in the purchase or renovation of an apartment. Likewise, to cover any unforeseen event or an emergency that occurs at an unexpected time.
Seek financial stability
Although the projection and the achievement of common objectives is important, job stability or peace of mind as a couple cannot be affected. Therefore, it is important that both feel comfortable with what they must contribute and that they do not exceed their borrowing capacities.
