Publications
Partners
We
all know that cocktails, dinners and movies don’t come cheap. While it’s never
too early to start thinking about your entertainment expenses, once you’ve moved
from the courting stage to a long-term commitment is definitely a good time to
do it.
As a personal finance blogger, Nicolette Mashile doesn’t believe the financial burden should fall squarely on just one partner’s shoulders. With her savvy approach to money, she recommends that you open a separate savings account for entertainment which both partners contribute an equal amount to every month. She refers to this as a Mjolo account.
Regardless of who issued the invitation or whether you’re going out for a picnic or fine dining, the bill is then paid from this account. “This is important,” says Nicolette, “because it takes away the misconception that one partner must always carry the expenses, and it also takes the pressure off the person who does the inviting, knowing that they don’t have to pay for everything out of their own pocket.”
Her golden rule for having a successful relationship is this: “Date somebody who places the same importance on money matters as you do and keep discussions open and honest. Although the money in your entertainment account may be used for romantic date nights, it can also serve as a savings account towards a bigger goal, like a weekend away or a holiday. When you save, your money will earn more and more interest as the amount in the account accumulates.”
It’s also a good way to keep track of how much you spend on going out. “Seeing the balance drop, will show you just how much you spend on entertainment,” says Nicolette. “Doing things spontaneously could mean wasting money, because you don’t actually know how much you’re spending.” Working with a limited budget can help to make your dates extra romantic, as you plan creative experiences instead of spending huge amounts on extravagant purchases.
Simplify budgeting. Live better.
With Capitec’s Global One you get 4 free savings plans that you can name after your goals, such as having a “date fund”. If you use the Capitec app, you will be able to see exactly how much you spend and how much you have left to spend. What’s more, the money that accumulates in the account will keep on earning interest if you decide not to use it.
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This post and content is sponsored, written and provided by Capitec.
