How to Manage Finances As a Couple

We recently shared this video on how we, Team Arbo, manage our Finances as a couple.

Sharing the transcript of the video:

Hi everyone! I’m Ginger and I’m the vlogger behind this channel. Today, I pulled in my husband to help me answer a question that I’ve always been asked: how do we handle our finances as a couple? 

Just to put things into perspective, we have been married for 12 years, we both just turned 41, and we have two young daughters, both under 10 years old. One is actually still a baby. We also both founded a tech startup business with 2 other people. We were not born rich and what we have now all came from working in the corporate world, from running a business, and also from a LOT of side hustles. We’re a middle income family trying to make everything work so that we can enjoy retirement later on.

So let’s get to it: how DO we handle our finances as a couple?

QUESTION #1: So what’s our money system?

Ginger: We have 2 joint accounts: one passbook and another with an atm card. The passbook one we use for our savings and the inconvenience of moving money out of that account is a feature. The atm card is more for our “operating expenses.” I also have 1 checking account for my business. We also have 1 “in trust account” for our eldest daughter. I have 2 non-joint accounts in Unionbank (an EON Cyber account) and an ING account. EJ also has the same with ING and Unionbank.

So moving on to our system, I guess we should share our different sources of income.

So we both have our salary from our business which individually goes to our UnionBank accounts. Then I have my earnings from blogging and from her events business. EJ also has some speaking engagements and consulting gigs that he earns from, those go to his personal account as well. For everything that we earn or spend, we log everything into a shared google sheets that we turned into a Google Form. We used to have apps where we track income and expenses, but ended up using Google forms since the pandemic started because the flexibility of a spreadsheet is just unmatched.

EJ: So when it comes to expenses, Ginger and I have assigned expense items. This setup just works for us. As for savings and investment, we have what we call sinking funds for these. A sinking fund is basically a way of setting aside a little bit of money each month for bigger expenses or balloon payments later. In our case, we use it for big expenses like our daughter’s tuition fee – it’s due twice a year so we set aside a certain amount every month so when the due date comes, we have the cash. We also do it visually, with simple boxes which we color each month so it’s encouraging and empowering to see that we’re building up funds slowly for that.

QUESTION #2: Do we fight about finances? 

EJ: I don’t recall any time when we fought about money. Not to say that we don’t worry about it though – instead what happens is that, somehow, we’ve never worried about finances at the same time. Usually one of us gets stressed and the non-stressed person tries to pacify the worried person. And then other times, that role reverses.

Ginger: We are always transparent though and we always talk to each other about our finances. We share not only our concerns or worries but we also share new things that we have discovered like investment strategies, or new ways of handling money. We’re both open to learning new things when it comes to handling our finances.

EJ: I have to say that before getting married, we did talk about money and how we both view finances. Like if Ginger starts bringing in more money than me, how will that impact our relationship? (hint: it doesn’t) Big questions like that. We made sure to talk about these things as part of this pre-wedding Discovery Weekend that we attended. If you’re getting married – we highly recommend attending that.

QUESTION #3: What are your investments?

Ginger: As of December 2022: 70% of our investments are in mutual funds and VULs (Variable universal life insurance), 14.70% are in Stocks, and 6.30% are in Cryptocurrencies and NFTs. We set aside money for investment after we‘ve placed money into our sinking funds.

QUESTION #4: Advice that you can give other couples?

EJ: You should be aligned on how you both view money. What is money to you? How important is it to your relationship? When you’re all out, are you willing to get from family? How do you both think about that? Big questions like that. If there are any other couples out there what other big money question should you both answer? Share those questions in the comments!

On a more regular basis, Ginger and I also have family planning sessions every year to align what our financial priorities are for the year. That way, we’re on the same page on our goals and if there are any new realizations, we also share them with each other so we help each other get better as well when it comes to handling money.

Ginger: Know your partner intimately when it comes to handling money. As you’ve noticed, we are in sync when it comes to planning but we both maintain our own separate accounts. We found that this kind of system works for us since we both know that each one is responsible when it comes to handling our own money. You have to be open to talking to your partner about your strengths and weaknesses when it comes to handling money.

That’s it for today. We hope that this has helped couples who are watching this in managing their own money. We actually enjoyed recording this episode, so we hope you enjoyed watching it! We’ll be doing some more of these kinds of topics that can help couples with their journey to financial freedom.

If you would like more videos like this one, please hit like, share and click on the notification bell to be notified when we release another video like this. Feel free to let us know in the comment section what other topics you’d want us to talk about!

Fixing My Family’s Finance (Family Finances Workshop)

I was telling a friend recently that having a vision board really helps a lot in achieving my financial goals. I have this vision board (more like a vision paper, since it’s just in one sheet of bond paper) that I taped to the wall in front of my bed. I did this so that when, I’m contemplating during the evenings, I can stare at it and become more motivated to save up so that I have enough to invest.

Recently, we have been reviewing our family’s finances and I think we’re doing pretty okay in that department (not excelling, but at least we’re okay). What we really want to eliminate are debts. We have a lot of credit card debts and of course, we have to pay off our mortgage. I say that we are pretty “okay” even with all of these debts, since we have a plan on how we could pay it off.

How about you? Do you have a plan for your our finances? How about your family’s finances? If you are still uncertain, join us for the Ready to be be Rich Family Finances Workshop. This will be on September 20, 2014 from 10am to 4pm. It will be at the vOffice Philippines Branch – 10th floor Fort Legend Tower in Bonifacio Global City!

Family Finances Workshop

Family Finances Workshop

This workshop is for:
• Couples who are finding it hard to budget their income to sustain the needs of their family.
• Breadwinners who are taking care of their parents, or involved in elder care at home.
• Single parents who are finding it hard to achieve work-life balance.
• Newlyweds who would like to know how to become financially independent from their parents.
• People who have relatives who depend on them financially.

Expect to get practical advice and real-life exercises that will teach you exactly how to achieve financial security for your family. After the workshop, you are expected to go home with a list of action items for your household and a concrete work plan that you can immediately apply.

Here are some questions that you’ll be able to answer after the workshop:
1. How can I save money if my income is just enough to support my family?
2. How do I teach my child to be financially smart?
3. How should I handle family members and relatives who constantly borrow money?
4. How do I manage my finances so it can support the medical expenses of my aging parents?
5. How can I invest if I’m too busy working and taking care of my children?
6. How do I secure the educational needs of my child?
7. How can I afford my dream house?
8. How should I prepare for retirement, so I won’t be dependent on my children when I grow old?

Instructor:

Fitz Gerard Villafuerte, RFP is a civil engineer who decided to quit the corporate world in 2003 to pursue entrepreneurship. In 2014, he became a registered financial planner.

His blog, entitled, Ready To Be Rich, has already received several recognitions including the Best Business and Finance Blog at the Philippine Blog Awards for two years in a row. Moreover, an international finance publication, Wise Bread, has likewise ranked his website as among the Top 100 Personal Finance blogs in the world. Fitz has also been recognized by Moneysense Magazine as among the top 12 most influential people in Personal Finance in the Philippines.

To sign up, please visit this link: FAMILY FINANCES WORKSHOP

Ready to Be Rich: Family Finances Workshop

Hi Everyone! Is anyone here already planning their family finances for next year. Ej and I are a bit delayed in planning for next year. Normally, by December, we already have a concrete plan for the following year. I’m not worried though since I always believed that when you do something you love and you believe in, money will follow.

This year, I have been taking bold steps in entering into different businesses. OF course, Manila Workshops, my main business and my main love, will still be bringing you quality workshops for next year. We, my husband and I, have already figured out though what our magic number is, so that we can retire at 45-50 years old. All we have to do is stick to our plan and I think everything will be okay.

For those couples, breadwinners, lolos and lolas, moms and dads, children, etc. who are still figuring things out in terms of managing their family finances and household budget and investments, the first Ready to Be Rich Workshop for next year is about Family Finances. It will be on January 11, 2014 and will be held at Insular Life Multi-Purpose Hall at the 12th Floor Insular Life Building in Makati City (Ayala Avenue corner Paseo De Roxas). This will be from 10AM to 4PM and it will be a very hands-on workshop.

Fam Fin - Jan 11

To be conducted by Fitz Villafuerte of Ready To Be Rich (FitzVillafuerte.com)
– Best Business Blog from the Philippine Blog Awards
– One of the Philippine’s most influential people in Personal Finance (Moneysense Magazine)

The learning investment is very affordable at:
Regular Rate: Php 1,500 per participant
Early Bird Rate (register & pay before January 1, 2014): Php 1,000 per participant
Couple Rate (bring along your spouse or partner): Php 2,000 per couple

To sign up, all you have to do is fill out the form below and then you will receive an email on how payments can be made. You can pay via BPI, UnionBank or Paypal.

 

Hope to see you there! 🙂

*The Family Finances Workshop is brought to you by Manila Workshops and the Ready To Be Rich Workshop Series

Preparing your Finances for Pregnancy and Your Baby

Mommy Ginger was a guest speaker at the Setting up Mommy’s FB (Finances for Baby) Event at Mothercare Active Fun. I was invited by Insular Life to speak. It was actually my first time to have a talk which was not either about mompreneurship, business or digital marketing. Normally, I would get invited to speak for those topics. I was really excited because I really wanted to talk about this topic.

Setting up Mommy's FB

Setting up Mommy's FB (Finances for Baby)

Left to Right: Ms. Phoebe of Stemcord, Mommy Ginger from MommyGinger.com, Chay from Insular, Mariel from Mothercare and Anna from Insular

I know that one of the things that hinders a couple from having a baby is their finances. They always think that their money is not enough. A lot of my friends, who have stable jobs and great marriages, don’t have a child yet because a lot of them are still ‘saving up’ for a kid. In my blog, I get a lot of messages through my Mommy Ginger Facebook Page on how much do you actually need for the following:

1. Preparing for conception: How much would doctor’s fees, shots and vaccines (HPV, Flu shots, etc.), medicines cost for if you and your husband are still preparing for a child?

2. How much would you need to set aside for shopping for your baby’s things?

3. How much would you need for Ultrasounds, OB check-ups, etc.

4. How much would you need for labor and delivery

5. How much would you need for baptism, the child’s first birthday party, etc.?

6. How much would you need for education?

2013-10-26 16.36.27

2013-10-26 16.29.24

Mommy Ginger speaking at the Setting up Mommy’s Finances for Baby

2013-10-26 16.24.53

Chay from Insular Life discussing their product called Gift of Dreams

For those who want a copy of my presentation, all you need to do is like my page on Facebook (https://www.facebook.com/mommyginger) and send me a message there with your email address! 🙂 I will definitely get back to you and email you back the copy of the presentation.

2013-10-26 16.50.02-2

Baby Zeeka was playing while Mommy was Speaking 🙂 hehe!

For those who want to learn more about finances, my friend, Fitz Villafuerte is having a Family Finances workshop on Nov. 9, 2013. I would love to meet all of you there. You can register HERE: http://manilaworkshops.com/2013/10/family-finances-oct-2013.html

The organizers will also give Php 200 off from the rates if you place MOMMYGINGER in the Blogger Referral Code field in the form.

Thank you to all those who attended the talk. I hope that you learned a lot from me. Thank you very much, Insular Life and Mothercare Philippines! ‘Til the next event 🙂

Family Finances: Learn How to Manage and Balance your Family’s Budget Today!

I was invited to give a talk about preparing for pregnancy related expenses and baby related expenses by Insular Life of the Philippines. I’m not sure if the talk was already announced, but it’s a free talk. I’ll let you know when it will be and i’ll definitely share it with you here on my blog. These are for couples who are expecting a baby and are wondering how much will it truly cost to prepare and have a baby.

But preparing for a baby and having one is just a part of the whole household budget. It takes great practice, ‘couple’ communication and teamwork and prayers to get through having enough money for all the family’s expenses. But it, of course, takes a lot of knowledge in that aspect of handling money, budgeting and investing to be able to really get by (okay, fine… prayers can only take you so far – I admit!).

One person, who I really consider as a mentor in this field, is Fitz Villafuerte. By just listening to all of his talks, I have learned and have applied a lot of great stuff in handling our family finances. That’s why after my talk on October 26, I highly recommend you to attend this rerun of the FAMILY FINANCES WORKSHOP of Fitz Villafuerte.

Fitz Gerard Villafuerte is a civil engineer who decided to quit the corporate world in 2003 to pursue entrepreneurship.

His blog, entitled, Ready To Be Rich, has already received several recognitions including the Best Business and Finance Blog at the Philippine Blog Awards for two years in a row. Moreover, an international finance publication, Wise Bread, has likewise ranked his website as among the Top 100 Personal Finance blogs in the world. Fitz has also been recognized by Moneysense Magazine as among the top 12 most influential people in Personal Finance in the Philippines.

Family Finances

This workshop is for:
Couples who are finding it hard to budget their income to sustain the needs of their family. If you need to transfer money to Mexico to help your extended family, this could help figure things out.
• Breadwinners who are taking care of their parents, or involved in elder care at home.
• Single parents who are finding it hard to achieve work-life balance.
• Newlyweds who would like to know how to become financially independent from their parents.
• People who have relatives who depend on them financially.

Expect to get practical advice and real-life exercises that will teach you exactly how to achieve financial security for your family. After the workshop, you are expected to go home with a list of action items for your household and a concrete work plan that you can immediately apply.

Here are some questions that you’ll be able to answer after the workshop:
1. How can I save money if my income is just enough to support my family?
2. How do I teach my child to be financially smart?
3. How should I handle family members and relatives who constantly borrow money?
4. How do I manage my finances so it can support the medical expenses of my aging parents?
5. How can I invest if I’m too busy working and taking care of my children?
6. How do I secure the educational needs of my child?
7. How can I afford my dream house?
8. How should I prepare for retirement, so I won’t be dependent on my children when I grow old?

Date: Saturday, November 9, 2013
Time: 10:00 AM – 4:00 PM
Venue: Studio SnR, 3rd Floor, Millenium Place, Meralco Avenue, Ortigas Center, Pasig City, Philippines 1605
*Please bring a calculator

For a Php 200 discount, don’t forget to use MOMMYGINGER for the Blogger Referral code:

Sign up now using this form:

Take advantage of our early bird rate of Php 1,700 by registering and paying on or before November 2, 2013 or you can bring along your partner and avail of the couple rate of Php 3,000 per couple.

Sign up now!