The financial aspect of a marriage can often be complicated and,
if not managed in the right way, can lead to a build up in debt
and a consequential breakdown in the relationship. The
statistics are there to back it up: 55% of divorces in South
Africa are a result of financial pressure.
“In order to get out of debt you need to equip yourself with the right financial knowledge,” explains money coach Gary Kayle of financial education institution The Money School, which models its coaching on what wealthy couples do and don’t do.
Moneyweb, in a joint venture with The Money School, is presenting a series of short videos that run through the mistakes couples make when putting their finances together, what they should focus on and what to avoid.
Primarily aimed at equipping South Africans with financial knowledge, the Wealthy Ever After series hopes to educate couples on what they need to know and how it falls into the greater scheme of things.
After running financial education workshops at top blue-chip companies for more than 15 years, Kayle explains that the couples approach was born out of a simple request for spouses of attendees to be there too.
Now, the focus is to get couples talking abour their finances…”without starting a war,” he quips.
Converting conflict into wealth
“The difference between the wealthy and non-wealthy is that they have an understanding of their finances,” Kayle says.
In the opening video of the Wealthy Ever After series, Kayle covers the biggest mistake couples make in their financial relationship, why they find it difficult to manage money and the key five areas that millionaire couples focus on.
“If you have an overdraft facility, credit card, car payment, mortgage facility and you feel like things are going badly – and you don’t know how to get yourself out of that situation – then you’re a normal couple,” he explains. The average household debt to income ratio in SA is 76%.
Unfortunately, couples only talk about money when there is none. “Don’t take a lucky-packet approach to your finances. You need a game plan,” says Kayle.
“We believe in hard work, there’s no get-rich-quick scheme, but your financial life should be geared towards spending more time with your family, more holidays, and getting out of debt… if it’s not – then you need to watch this video. It explains things that you need to know with regards to your finances and relationship, that you didn’t know were important.”
