Welcome back for another episode of the Make that Money Hunni Podcast!

In this episode, we dive into the crucial topic of merging finances for couples who are moving in together or getting married.

Managing money as a couple can be both exciting and challenging, and we’re here to help you navigate this new chapter smoothly.

Whether you're deciding between joint or separate accounts, figuring out how to split bills fairly, or aligning your financial goals, we provide practical advice and real-life examples to help you set a strong financial foundation for your relationship. Tune in to learn strategies for budgeting, debt management, and future planning while keeping financial harmony at the center of your partnership.

In the example in the podcast, I use generic names John & Sarah to demonstrate a percentage calculation of joint finances. The calculation is below:

John earns $250,000 per year

Sarah earns $80,000 per year

Their Household Income is $330,000 per year

Their Joint Living Expenses are $5,000 per month.

Using the percentage model, we determine what each of their incomes are as a percentage of the total household income:

Sarah: 80,000/330,000 = 0.25 ~ 25%

John: 250,000/330,000 = 0.75 ~ 75%

We then apply each figure to their joint living expenses to determine how much each person contributes to the joint account per month:

Sarah 0.25 x $5,000 = $1,250 per month

John 0.75 x $5,000 = $3,750 per month

The same percentages can be used towards the $1,000 monthly saving goal, where John contributes $750 (0.75 x $1,000) and Sarah contributes $250 (0.25 x $1,000).

This is one of the most important concepts in talking about money as a couple and how to join finances, so if you'd like to work together, you can book a free consultation call here or check out my website for more details on how we can work together.

www.sandrajoe.com

Until next time, please be sure to share, follow or leave a review!

Go make that money hunni!

Sandra

In this important episode, I explain why Canada was the first country in the G7 to announce an interest rate cut on June 4th, 2024 and what that means for investors, homebuyers, and personal spending.

I break down the decision process for the Bank of Canada into their government policy, factors that contribute to inflation and unemployment rates, and how the rate cute will impact home buyers and sellers in the coming years.

This rate announcement was a pivotal move that will have a flow-on effect into many different areas of finance, and this episode covers many of those topics.

We'll discuss:

Impact on Homebuyers: How the rate cut affects mortgage rates, affordability, and long-term financial planning.

Impact on Sellers: The potential influence on property values and the housing market dynamics.

First-Time Property Purchasers: What this means for those looking to enter the real estate market and how to leverage this opportunity.

Personal Spending: The broader implications for consumer spending, savings, and investment strategies, unemployment rates and inflation.

Tune in to get a practical explanation on navigating these changes in the changing interest rate environment. Whether you're planning to buy a home, sell property, or simply manage your personal finances, this episode provides essential knowledge to help you make informed decisions.

Thanks for listening and until next time, go make that money Hunni!

Sandra

Resources:

Financial Times Article

Rate Hub

Bank of Canada

This episode is a refresher from my very FIRST episode, back in 2021 when I launched the Make That Money Hunni podcast, and is still one of my most popular episodes to date. Ep 1. Why Talking About Money is Important for Our Relationships

As we navigate the dating world, new relationships or coming out of long-term relationships or marriages, where financial stress was a huge contributor to previous relationship break-down, it becomes increasingly important to learn how to talk to your new partner about money, even in the early stages of dating.

One of the most important financial decisions a person will ever make, is their decision about who they marry and how that person can either amplify their success, or destroy it, so being aware of red flags, how to bring up challenging conversations and understanding the importance of ensure you're both on the same page about how money will be handled between the two of you, regardless of what you come into the relationship with, is becoming increasingly important in today's dating world.

This episode gives you ideas, conversation starters, and wisdom on just how important talking about money is in your new, mature or lasting partnership.

We’ll discuss why talking about money early on is so important, how to approach the subject without feeling awkward, and ways to ensure both of you are on the same page financially.

From discussing who pays the bill on dates to planning for larger expenses like vacations or shared living expenses, this episode covers it all. We’ll also touch on the importance of understanding each other’s financial backgrounds, expectations, and goals to avoid future conflicts.

Whether you’re just starting to date someone new or looking to strengthen your financial communication with a partner, this episode is packed with valuable insights to help you navigate these conversations with ease and confidence.

Don't forget to download, check out previous episodes for more financial wisdom, and connect with me on Instagram at @makethatmoney.hunni For more resources and to explore ways we can work together, visit www.sandrajoe.com. Let’s make those money talks less scary and more empowering!