Latest news with #finances
CNET
a day ago
- Business
- CNET
You Don't Have to Combine Finances if You Get Married. Experts Offer Tips to Make It Work
JGI/Managing finances may not be a first-date topic but it's important to establish early on how you both want to approach money. As a married couple, managing money requires even more communication and shared decision-making. These negotiations can potentially be a bit more fraught if you want to maintain financial independence from your spouse. Financial planner Uziel Gomez said many couples he's worked with start out approaching money differently and never decide on a clear plan. "Clients often arrive with a system for managing their finances separately, which may have developed more by default than by design," said Gomez, a certified financial planner and accredited financial counselor. Combining finances when you get married is not a foregone conclusion. In fact, if you and your partner each have your own money management methods that work for you individually, keeping finances separate can potentially help you divide your budget equitably. Managing your own money can also offer you each more financial independence, which can become especially important if the relationship ends for any reason. We asked financial planners and legal experts to weigh in with tips to help manage separate finances when you're married. Read more: More Couples Should Have the Money Talk. Here's Why (and How to Do It) Discuss WHY you're keeping separate finances Household money management might feel like a sensitive subject but avoiding these conversations could leave you unprepared to meet major financial or life goals together down the line. Discuss why you each want to manage money the way you do, and set clear guidelines for what you'll each be responsible for and how you'll make big financial decisions like buying property and saving for retirement. Consider the implications of income disparities A difference in income could potentially lead to tension if one partner is reluctant to ask the other for help so it's best to get ahead of it, Gomez said. An income disparity between spouses can create conflict in any marriage but it can be particularly challenging if you want to maintain separate finances. One spouse might take on the responsibility of paying household costs while the other shoulders other responsibilities. But ask yourself: What does that mean for your finances if the marriage ends? How does it affect the way you plan for the future? Can you build personal savings or a retirement account, even if you're not contributing to household expenses? Discuss these questions with your spouse to make sure you're on the same page, especially as your incomes evolve over the years. Keep a shared account (or more) for shared expenses Gomez recommended that couples keep some shared funds even if most expenses are separate. Feed money into a shared checking account to pay household bills so those can be automated or deducted electronically without added complications. He also noted that building a shared rainy day fund can help cover unexpected expenses or if one spouse is unable to pay their share. It's important to discuss early on what the shared accounts will cover. Some common expenses you may want to include: Mortgage or rent Property taxes HOA fees Homeowners insurance Utiltiies Home maintenance If you have a shared account, you can still build your own spending and savings accounts separate from your spouse. This not only lets you shop without the stress of shared decision-making, but it also helps you maintain financial independence if the relationship ends. And this doesn't necessarily mean divorce -- if the partner who always manages the money dies, it could create additional stress for the surviving spouse if they don't have control of the accounts or a credit history to help them rebuild their finances alone. If you do share an account, make sure you both have access to review expenses and contributions to avoid any unwelcome surprises (like insufficient funds). What to do if you have (or plan to have) children If you're raising children (or plan to) with your spouse, keeping finances separated will likely require some additional work. This might be a good time to set up one of those combined accounts we just mentioned. The account could let you both contribute to day-to-day expenses as well as medical care, day care and education costs. Some accounts, like a health savings account or 529 plan, can only be owned by one person. If you want to keep these separate for your children, you could each set up your own plan or have one plan that each partner contributes to. If you don't have children yet but both want to have them in the future, setting up a "family" account for future child-care expenses is a smart move. If either of you brings children from a previous relationship to the marriage, setting up a separate account for just their expenses will likely make sense, especially if the child's other parent is still involved. Agree on how you'll file taxes Financial experts tend to recommend filing taxes jointly if you're married because it gives you access to perks only available to married couples. But joint filing could be complicated if you want to maintain complete financial independence from your spouse. Speak with an accountant about the tax implications of filing jointly versus separately so you and your spouse can decide together what works best for you. However you plan to file, also ask about tax deductions or credits tied to various household expenses, like mortgage interest, energy credits and home office costs, and take those into consideration as you decide who will pay for what. Know who owns what under the law Even if you maintain separate finances and purchase assets individually, those assets might be shared property under state law. Assets (and debts) acquired by either spouse while married are considered to be "community property" in nine states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin. "Clients often face challenges when they discover that accounts or assets they believed were separate are considered shared marital property," said Nicole Sodoma, a family and divorce attorney. That could mean your savings, retirement accounts, home, and other assets and property belong equally to both spouses, regardless of who paid for them or whose name is on the account. A few other states let spouses opt into treating assets as community property, so pay attention to that decision when you get married. Community property is usually split 50/50 in a divorce unless you come to a different agreement. If you live in a community property state, Sodoma suggested that putting assets in a trust might offer some protection. But that depends on state-specific laws so work with a financial advisor and an attorney to make plans that work for you. Keep lines of communication open Your financial situation will change over the course of your marriage so maintain an ongoing discussion about money. Sodoma recommended a regular family meeting to check in on financial responsibilities, goals and priorities. This type of meeting makes space for conversations about money and it lets you keep the rest of your time with your spouse free from financial stress or questions. "Open and honest communication is crucial in any marriage, particularly when it comes to managing separate finances," said Gomez. "Establishing clear expectations and defining the roles each partner will play is essential for building a strong foundation for their financial future together."
Bloomberg
2 days ago
- Business
- Bloomberg
New World Seeks More Banks to Join Up to $2 Billion Loan
New World Development Co. is looking for more banks to join an up to HK$15.6 billion ($2 billion) loan backed by its key asset, Victoria Dockside, according to people familiar with the matter, as the cash-strapped company tries to shore up its finances. Deustche Bank AG, which is arranging the deal, sent invitations this week to some banks that aren't already lenders to the developer, the people said, asking not to be identified discussing private matters. The base size of the three-year facility is HK$4 billion, they added. Proposed terms that the company sent to other banks in March didn't specify a base loan size.
The Standard
2 days ago
- Business
- The Standard
NWD reaches 95pc of contracted sales target
Most US households say finances all right even as inflation still bites, Fed survey shows
The Sun
3 days ago
- Business
- The Sun
The common money mistake that is lazy and losing you £100s a year – I know how to fix it
WE all work hard for our cash, and most of us could probably do with a bit more of it in our pockets. But there's one way that infuriates me as many of us are accidentally throwing it away through sheer laziness - and it's SO easy to avoid. One of the biggest crisis facing finances for my generation (those in their 20s) is undoubtedly sticking with what we know when it comes to our finances. It's easy, isn't it? Your bank offers you insurance, a mortgage, or a savings account. You've been with them for years. They seem trustworthy. So, you just say "yes". Job done. But here's the truth: loyalty rarely pays when it comes to money. In fact, it often costs you - and it could end up making you £100s poorer each year. When did you last shop around for your car insurance? Your home insurance? Your mortgage? Your savings or investment platforms? If the answer is "years ago," or even worse, "never," you're almost certainly paying too much. As Chief Consumer Reporter for The Sun my email inbox is regularly pumped full of press releases from financial firms and government departments telling me that people are missing out on cash. To make matters worse, banks and other financial institutions rely on our laziness. They know that most of us can't be bothered to switch. It feels like a hassle. There's paperwork, phone calls, comparisons... But honestly, in today's world, it's easier than ever. Switch bank accounts for free perks Is comfort costing you The costs can quickly add up. I'm moving home this week - so, checking my bills is top of my agenda. For example, I bank with HSBC, and I asked them for a quote on insuring a typical three-bedroom semi-detached house, it would cost £489 per year. But just five minutes spent adding my details into Money Supermarket I'm given a policy with the same cover for just £236 a year. And remember the golden rule when it comes to paying for insurance - always pay annually upfront if you can. It's almost always cheaper than opting for monthly payments, as you'll avoid the added interest charges that come with instalment plans. The same goes with other financial products, such a mortgages. For example, if you bank with NatWest and wanted to borrow £250,000 with a 10% deposit on the open market, you'd be offered a 4.7% two-year fixed rate. In comparison, opting for Lloyds Bank's deal for the same loan would provide you with a more competitive rate of 4.32%. And it all adds up - that's a saving of £1,143 in the first two years of your mortgage. However, to get the most competitive mortgage rates, speak to a broker who has access to whole of market deals. Some rates are available from as low as 3.72%. Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender. You can find local brokers through your estate agent, word of mouth or online. Make sure the broker is a qualified mortgage adviser – the most common qualification is called CeMAP. 4 That monthly pay cheque hitting your account? A great feeling, isn't it? But if you're not actively managing the money you don't spend, your inaction could be diminishing its potential for growth. Experts at AJ Bell recently revealed a staggering statistic - £280billion is languishing in current accounts, earning absolutely no interest. And even if you do have a linked savings account with your high street bank, you're unlikely to see much of a return. According to TotallyMoney, the average easy-access account (allowing unlimited withdrawals) on the high street pays a paltry 1.2%. That's a full 2.3% below the latest inflation rate (3.5%), meaning your savings are effectively shrinking in real terms. On a £5,000 deposit, this would add up to just £60 in interest annually, whereas the top rate currently available elsewhere could yield an impressive £239 a year. If you're saving for a house or a holiday that could make a REAL difference. The truth is, you don't need to keep your savings with your current account provider. Most recommended savings accounts listed by comparison websites only include those covered by the Financial Services Compensation Scheme (FSCS). This means that if the company were to go bust, your savings, up to a value of £85,000, would be protected. So, with potential savings rates of up to 4.77% available elsewhere, why stick with your high street bank? To find the best savings rates, use comparison websites like and instead of checking individual bank sites. Look for accounts paying more interest than the current inflation rate of 3.5%. Keep some money in an easy-access savings account for emergencies, but for long-term goals, consider fixed-rate bonds or a Stocks and Shares ISA for potentially higher returns. I've been lazy too - my biggest mistake I learnt this hard way. Like many others, I made the classic mistake of sticking with my high street bank when I opened my first Stocks and Shares ISA years ago. I wrongly assumed it was the best option, but my bank was quietly taking a hefty 0.25% of my entire investment's value in fees every single quarter. For example, if I had £10,000 saved, they'd take £25 in the first quarter alone, followed by further chunks, including a cut of any interest I earned in the following three. And that doesn't even include the fees to buy, sell, and trade funds and shares. However, like me, you can get rid of these fees completely. Specialist investment platforms like Trading 212 and InvestEngine don't charge any annual fees or trading charges. If you'd prefer to trade on a more established platform, Interactive Investor charges just £4.99 a month, and Vanguard charges £4 a month on balances below £50,000. Of course, the exact amount you'll be charged depends on how much you've invested, so grab a pen and paper and compare the fees before you get started. Before you start investing, you need to make sure you have at least two months' worth of salary saved into an easy access account in case of emergencies. Most experts advise having a cash buffer to fall back on. If you do invest - you have to be willing to lose the cash, as it's a gamble. But the biggest gamble of all if letting your bank or current provider scam you into taking out a product with them. It's rarely going to save or make you more money - but it can be avoided. It's time to stop being lazy! 4
Telegraph
4 days ago
- Business
- Telegraph
‘I'm polyamorous – my money is shared with hundreds of people'
Genevieve King describes herself not as polyamorous – where a person has more than one committed romantic relationship, and is open about all those relationships with everyone involved – but as a 'relationship anarchist'. This extends beyond the romantic or sexual sphere, eschewing the traditional set-ups that many of today's societies adhere to: things like exclusive marriage to one person, parenting in a twosome, or confining financial responsibility to people within one legally recognised family unit. Many of us grow up with vaguely traditional ideas about finances. We might hope to work and be paid for it, meet a spouse who also works and is paid, and buy a home with our shared income. In long-term relationships between two people, such daydreams often crash headlong into the reality of trying to plan with another person who might not share the same traditions or assumptions about money. 'So much pain in failed or failing marriages comes from a lack of structure to have those difficult financial conversations,' says Richard Davey, a certified financial planner and one of the founders of Marriage Money Bootcamp. But what if you find yourself not in a twosome at all? What if, unplanned or by design, you have to care for children or other dependents without the structure of a single long-term relationship? Who pays the mortgage if there are many of you in the relationship? 'Whatever is mine is theirs' King, 38, doesn't have one single romantic partner, or aspire to be part of a nuclear family. Rather, she has many different partners, and is part of a 'polycule' – a term used to describe a connected network of people that might include open relationships, polyamorous dynamics, friendships, ex-ships, and more. For King, this isn't about just being romantically playful with a multitude of people, though playfulness is certainly part of what she experiences with her partners. It's an ethical decision, based on how she and her closest friends and lovers, and their partners, want the world to be. And it's also how she thinks about money. 'All of my accounts and assets are independent,' and in her name alone, says King, who is American but lives in Berlin. 'However, all of my friends and partners, and their partners, I consider to be extended family. Whatever is mine is theirs. 'So while it is mine, if somebody needs anything, I see what I can do to help. Even if I'm not close to them, if they're in my extended network, we tend to rally, and pool our resources, to lift up anybody that might need it. And I think it offers a sense of security, because then if I am ever in need, I know that I'd be lifted up in the same way.' This financial peer support extends, for example, to subsidising rent for others in her network who have unstable housing. It might involve making sure people have what they need in other ways, like a phone, help with childcare, food, or emotional support. King's main work and source of income is offering peer support to people in non-monogamous relationships. Her Instagram handle, Chillpolyamory, has almost 190,000 followers. She tends to have multiple partners, some of whom come and go, while others last many years, and often overlap. She has 'spicy friendships', as she calls them, in Germany and around the world. Right now she also has a male partner to whom she is married – a decision that made sense, logistically, when the two of them wanted to move together from the US to Europe four years ago. She also 'chooses to be child-free'. But her financial responsibilities are manifold. 'I have savings, I have an investment fund. I'm financially stable with what I earn, which comes in the form of Patreon [a popular tool used to give money to content creators], and peer support calls,' which clients pay for, King says. 'It feels like my income is crowdsourced' 'I really enjoy that my income is dispersed over hundreds of people. So that way if one or two clients withdraw, it feels like my income is crowdsourced as well.' She doesn't have a pension, but mentions Germany's social safety nets as a potential fallback once she has citizenship. King doesn't think of her income – which would put her in a very comfortable earnings bracket as a single person – as hers alone. 'If my partner's partner is living on the poverty line, and I know my partner is paying for more things on their end, well then maybe I'll pay for more things on our end,' she says. In practical ways, the polycule is 'aiming to balance the scales in a world that doesn't give out resources equally to begin with … and make sure everybody feels taken care of,' she explains. When it comes to money, 'we just factor in the extended family network, of who has what and who is able to offer what,' King explains. That means thinking broadly about 'all kinds of labour, and all kinds of contributions,' not just monetary earnings. 'So if one person is paying for the entire mortgage, let's say, then another person might be growing food or making clothing or doing more of the labour around the home.' 'There are many types of labour' She notes that, in her network, emotional support is also a recognised contribution – one which often goes unrecognised in wider society. 'There are many types of labour that don't get compensated, systemically,' she says. 'We factor that in as a material contribution. So that way I don't feel like I'm giving more and they're giving less.' Can that lead to times when one person doesn't seem to be pulling their weight? And what about the pain and mess that can often be part of relationships? 'Obviously we have break-ups, and it's not always so clean,' King says. But she adds that, so far, they have mostly been able to work them out. Right now, King lives with the partner she is married to, but her living arrangements, and those of others in the polycule, remain fluid. She travels a lot, spends time with partners at their places or at her own, and would like to live with more people in the future. However, the set-up is nothing like a 70s-style commune. Rather, it involves a network of people with close ties, some of love and others of friendship, some of whom live near each other. Others might live far away, spend significant periods of time elsewhere, or travel a lot. Some have children. It has taken time, King admits, for her to really embrace the plural nature of what everyone in a polycule was able to give. 'Earlier on, my mindset was not where it is today,' she says. 'There was more conflict, when I was contributing more money and I did not see or weigh evenly the non-monetary contributions from people around me … I realised there was a lot of shifting in my own mindset that needed to happen around how I valued things.' She is currently house-hunting for a place to buy, which she hopes to do with only her name on the mortgage. She may need to look outside Berlin, she says, because she would like more space, so that she can live with a bigger, and potentially shifting, subset of the polycule. 'If I ever needed anything financially, my partners have my back' The phrase 'it takes a village to raise a child' is often quoted, yet many people find themselves living the opposite life. In Western society, we tend to raise children in small, financially dependent nuclear family units. We might pay for childcare, or rely on grandparents to help out, but don't often share the responsibility any wider, beyond the odd playdate. Earnings also tend to remain confined to families – relatives may help one another financially, but it's rare for friends to do so. In north London, however, AJ England – who also describes herself as a relationship anarchist – has found a way to bring three children up without adhering to any of those structures. It has involved three different co-parents with vastly different attitudes to their responsibilities, as well as those co-parents' families, other partners, and a lot of learning along the way. England became pregnant at 21, and her partner at the time had no involvement with the child. His family later stepped in to help, however, even paying for schooling at points. Now in her 50s, England has three children. While the eldest two are now financially independent, she co-parents her youngest son with his father, although they do not live together. England currently rents a flat in London, which she shares with her youngest son for a week of every fortnight, while he spends the other with his father. They both support their child in an amicable, informal arrangement. When it comes to making money, many of the non-monogamous relationships England has right now also have financial links. Two of her current partners – both men, whom she refers to as The Vikings – have recently been involved in England's work running wellness gatherings in her garden, building a sauna and other practical tasks. 'So there's been money crossing hands there,' she says. 'And I also know that if I ever needed anything financially, they'd have my back.' Meanwhile, she works with another of her partners, Ria, running a Queer sauna and sensual sauna events, and another partner, Mercury, styling interiors. She describes her work as as a portfolio career, which also includes combining therapy and counselling with 'breathwork and embodiment practices,' interior design for 'intimate spaces' and, recently, podcasting: a forthcoming series called Bathtime with AJ – in which she interviews guests while they share a bath in the clawfoot tub installed in her living room. She also owns two properties, and runs her own business. Her work is hugely varied, but she estimates she earns about £40,000 a year. 'I didn't really grow up knowing about money,' she says. 'It was never talked about, but there was a feeling of never-enoughness.' Such silence about finances is extremely common, according to Sara Jane Maxwell, founder of financial coaching business Wealth Coach. 'We're told, as kids… you don't ask somebody what they earn, that's so rude.' But it means we're often unprepared for such discussions as adults. 'In a relationship, during the early days, [we think] 'I can't really ask that person what they earn' in case it comes across as mercenary,' she adds. While England is in a stable financial position now, it hasn't always been the case. England says that until around the time she had her third child, she 'didn't even look at the cost of a pint of milk. I wouldn't have had a clue.' She lived in and out of debt, often using credit cards to keep afloat, especially once she became a parent. England's income also took a hit recently when she was going through cancer treatment. She has 'been on the receiving end of friends' generosity, with them lending me money when I was going through cancer treatment,' she says. When she couldn't work because of her medical needs, she knew she could rely on her partners – who also all have other partners – to help her both practically and financially. Facing her potential death spurred her to take out life insurance, she says, and she also has savings in a stocks and shares ISA, as well as a self-invested personal pension (Sipp). She often travels to the small properties she owns, one in Europe and the other in Southeast Asia, and says she uses a credit card to pay for everything during the month, paying it off in full every time, to earn air miles. Now, she helps friends with any support she can offer, including her business expertise. 'My friends are my family, so it's easy for me to give my time and knowledge,' England says. 'It really does 'take a village'. Currently I'm supporting two dear friends to navigate the process of buying their first home as they are expecting their first child, helping them understand the terminology, the financial implications, then the DIY aspect. Also the emotional aspect of money and all that brings up.' She enjoys working with her partners, coming up with schemes and projects. Right now she is talking about buying a property with her partner Mercury, but as an investment rather than to live with him there, and is setting up a new venture with 'erotic friend and business partner' Aleksandra that aims to bring 'inner desires into the aesthetics of the bedroom,' inspired by the Netflix series How to Build a Sex Room. 'It feels good to support the people in my life who matter,' England says. 'The exchanges that happen may be practical, it may be emotional support, financial support, shared business ventures, shared time. But it's connection and care at the centre of it all.'
