Chantal and Drikus Venter are a fun-loving couple who live in Empangeni and while they know the meaning of enjoying life, the couple also know how to practice money management.
Chantal, 31, an occupational therapist by profession, said that as a couple she and her primary school teacher husband both work full-time jobs and they both take care of the household expenses.
"We both work full-time jobs and we share the load of expenses. We both have our set expenses that we each pay. For example: He pays the rent and I pay for food," Chantal said.
The couple, who spoke to IOL as part of the Valentine's On A Budget series, said that budgeting is key when it comes to balancing their finances and still being able to do fun things as a couple.
"We make a budget every month with all our expenses, and we leave R300 for entertainment or takeout. This gives us one special night out. If we are saving for something bigger, we save that R300 and use it the next month or when we need it."
In terms of advice for other couples who are trying to manage their money, Chantal said that they should avoid loans and credit card debt.
"Avoid credit card debt and loans as much as possible. Of course, It is easier said than done."
"We also advise that couples put money away in a savings account that is specifically for something they really want or are looking forward to. R50 or R100 per month goes a long way. The hard part is having discipline to not spend it within that month."
Chantal said it was important to have conversations about money, and that was something they did as a couple.
"Communication is key in a relationship and it’s important to be open about finances with each other. Our goal is to do activities together, which means discussing how we are going to achieve it and what we both need to do to get there," Chantal said.
Communicating with your partner
John Manyike, head of Financial Education at Old Mutual said that there are several reasons why couple discuss their financial situation.
Reason One
Just like any team, couples need to be one the same page about their financial goals, whether it is buying a home, saving for a vacation or planning for retirement. This helps the couple work together towards common dreams and goals.
Reason Two
Discussing financial situations helps couples avoid misunderstandings as money is a common cause of disagreement. So when you openly discuss your finances, you can avoid misunderstandings and build trust.
Reason Three
Discussing financial situations also helps with budgeting because it creates a certain level of transparency in how couples budget and how they can better their budget.
Being in debt
Managing debt as a couple begins with open communication and being willing to help each other. It is very important to be transparent about these debts because someone might feel that you came to the relationship with historical debt.
"I think you need to first establish to what extent is it practical for you to help each other. Understand the basis of those debts. If there is willingness on your part to deal with the debts, you need to be clear," Manyike said.
"Is everyone else working on their own debts or are you going to say we are attacking all our debts collectively at the same time."
You are bound to face challenges when it comes to these debts, especially given the fact that if you are a couple to be married at some point, it is going to affect the type of marriage you want to enter into.
If you marry someone in community of property, it means you inherit the debt that they come with.
Maybe you want to do ante-nuptial contract which means whatever debts you came with are yours, your partner deals with their debts and you deal with your debt. But whatever you accumulate together from the time that you get married is debt that you both have to deal with.
"Couples need to agree what they are comfortable with and what is practical," Manyike said.
Expert advice
Manyike offers tips to help couples manage their finances and practice good money habits.
Set goals
The financial goals of you and your partner need to be in line with one another, as you both as a couple should be working towards these financial goals.
Budget
Manyike said: "I also encourage couples to have some kind of a joint budget."
When you are clear on what you are contributing to then you will have a system that works. A lot of couples do not discuss these things and things are just assumed and you end up having an argument.
You should also discuss and decide on bank accounts and the bank that you want to go with.
Open communication
Couples must learn to communicate openly. You need to make sure that you and your partner talk about money openly as a couple.
When you discuss your financial goals and your spending habits, you have a clear communication and understanding which will allow you to build a strong financial partnership.
Treat your relationship as a partnership and that partnership extends to the topic of finances.
Money meetings
You need to schedule regular meetings as a couple and discuss the issue of money.
It shouldn't be an accidental conversation. You must plan and agree that on a set time in the month when finances are discussed.
Couple should discuss things like wills, so you have proper planning and talk about life cover in the event that someone passes away, ensure that you have got proper life cover to take care of your partner.
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