Financial and banking management at the beginning of a couple’s life

Starting a life together is not only a big step emotionally, but also a leap into the world of finances and shared responsibilities. It may sound scary, but it doesn’t have to be. In fact, facing the world with a partner you trust can be amazing.

Here is our practical guide to financial and banking management as a couple, to help you start your life together:

• Starting from the basics of financial management
• Prepare for eventualities
• Prevent future medical expenses
• Make investments together
• Talk about your financial situation
• Create a financial and banking management plan
• Save together
• How to cut expenses
• Learn to manage money as a couple

Starting from the basics of financial management

Life is full of ups and downs, and no matter how detailed your plans are, things can turn out completely differently than you expect.

Together they form a team and now they must face life together, learning to accept and adapt to the unexpected. To deal with these unexpected events, some things can help, such as having good financial and banking management as a couple.

For example, having a safety net for your family through insurance can provide the security you need to deal with a future emergency without compromising your financial stability. That said, the fact that they now share life as a couple may justify new insurance or investments. So, talk about the type of coverage you might need and make sure you are prepared and protected against various eventualities.

Prepare for eventualities

No one wants to think about their own death, the definitive validity of their profession, a serious illness or a situation of involuntary unemployment.

But responsibilities as a partner and parent may require it. As you begin a life together, it is important to ensure that your partner and children are protected from possible financial hardship in the event of a fatal accident. This is especially important for the party that contributes most to the family budget.

Having good life insurance can give you peace of mind when it comes to family finances.

Prevent future medical expenses

Health insurance by Generali Tranquilidade it can ensure you don’t have to face large hospital bills in the event of illness or accident and is a great way to protect your financial future.

There are several plans that can be shared, so check all your insurance plans to see which can be combined. For example, in the case of Salute Tranquilidade insurance, you have access to additional and increasing discounts the greater the number of people included in your insurance.

Make investments together

Investing might not seem like much when you live alone, but starting life as a couple can change everything. Living with your partner is an excellent incentive to organize your financial life as a couple.

It helps you get your finances in order, start budgeting, and make investments for a future together. Tranquilidade provides investment plans that can help you achieve your goals.

The financial life product Tranquilidade Investimento Protetido guarantees you at least 90% of the invested capital and also allows you to maximize profits – in the worst case scenario you could lose 10% of the invested sum. The invested amount is divided equally between the two financial components: Guaranteed Component (50%) and Protected Variable Component (50%).

Talk to family and friends who understand the world of finance, or a professional investment advisor, to expand your portfolio as a couple and better define your financial goals.

Talk about your financial situation

In addition to talking about your dreams and plans for the future, talk about your individual financial situations and how they can work together. If you are moving in together, it is important to be able to communicate openly and know each other’s income, expenses and debts. If you are unaware of your financial situation, the first thing to do is understand it and control your finances.

Create a financial and banking management plan as a couple

Organizing begins with budget planning. Will you continue to have separate budgets in addition to the common budget? Will you split the money or pay expenses using a joint account? Some couples prefer to combine everything, others choose to keep separate accounts and budgets for their respective expenses and savings.