Times are tough for many people right now and COVID-19 left many gay people out of work. No matter if your aim is to live comfortably with your partner, get out of debt or get on the right track with your retirement plans, you need to learn how to save. If you employ these strategies, you will become a gay power couple in no time.
Talk about your future
Many newlywed couples, straight or gay, often get into arguments about money. However, all this conflict can be avoided if you just talk about your plans for the future. Sit down, develop a financial plan and communicate your hopes and expectations of your life together. In case a financial bomb lands in your house, you will know how to handle it much better.
By some measures, gay and lesbian couples seem to earn more money on average than their heterosexual peers. However, this can be a little tricky to handle, especially if you don’t have a set plan on splitting your money. There are no right or wrong solutions here as long as you settle on something that works for both parties. Some couples choose to split expenses 50/50 while others choose to contribute based on their disposable incomes. If you avoid this conversation, you can quickly develop feelings of resentment and argue about your spending in the future.
Don’t neglect your protection planning
No matter if you’re a gay couple that’s married, engaged or just living together casually, your financial house needs to be in order. Regularly check whether your beneficiaries are up to date and review your life insurance plans. Yes, LGBTQ+ couples also need to think about life insurance. Finally, invest in proper insurance for homeowners and car owners.
Save, save, save
While women and men in same-sex marriages earn a nice amount of money, your paycheck is just one part of the picture. Since there’s a lot of poverty in the LGBT community still, couples who want to get ahead need to learn how to save. Even if you can only spare $50 a month, it will pile up. Also, make sure to use a good credit card for your payments. LGBT folks who live in Australia have various choices here. One of the best choices is the Humm90 interest free credit card in Australia that offers interest-free instalment plans and cash-back benefits. All of this will get you in the habit of saving.
Have an emergency fund
Even though it’s a realistic fear, no one really expects to get sick, fired or develop an age-related disease. If you live together long enough, one of these life-changing events will happen for sure. But if you have an emergency fund in place, it will help you stay prepared for these events and reduce the chance of having to cancel purchases, trips or other fun parts of your financial plan. It will also help minimize the financial stress both you might feel.
Create a “fun” budget
While most parts of your financial plan are reserve for basic needs and security, you also deserve to have some fun as a gay couple, so make sure to set something aside for this part of your lives. If you’re struggling at the moment, your fun budget will go towards date nights and movie tickets. If you live comfortably, you might want to save up for a gay cruise or a house remodel. When you’re saving up for a retirement that’s decades away or trying to live green, you might get a little bored, but if you mix in some fun, you will definitely stay on track with your financial plan.
No matter if you’re just a gay couple, newlyweds or an older married couple, it’s important to wake up and start seriously working on your life together, which greatly includes finances. With a financial plan in place, you will get to sit back, relax and enjoy your life together to the fullest.