Couple's financial planner
A simple tool on Google Sheets that let's you simulate your future financial decisions to assess their impact on your future net worth
Finances are often an afterthought for most couples in a serious relationship
When making big financial decisions such as
Buying or renting a home
Moving to another city
Spending big on lavish goods
couples often do not realize how much this spending impacts their net worth
"The money spent today is making you work the extra years in your 60s"
MD Meets Techie's Couple's Financial Planner breaks down for future financial decision making into four simple steps
Iterate over your future financial decisions to arrive at a net worth amount that you're comfortable retiring with your partner.
Know exactly how much you'll have saved and how long the money would last you.
A Case Study - Derek and Angela plan when to have kids
Derek and Angela were a young couple in their mid-20s who were thinking about starting a family but were unsure about when the best time would be financially. They decided to use MD Meets Techie's Couple's Financial Planner to simulate their income and expenses over the next 30 years and plan for their big financial decision of when to have kids.
The couple inputted their current income, expenses, and future income projections. Derek, who was currently working as a software developer, had a desire to change his career to a lower paying job in the non-profit sector. Angela, on the other hand, was currently working as a resident in a hospital and had a higher income earning potential when she becomes a Doctor at the age 29.
The Google Sheet template took into account Derek's career change and Angela's income projections and provided them with a detailed analysis of their financial situation over the next 30 years.
According to the financial model prepared by the couple, the best time for them to have kids was when they were 32 years old. This was because Derek's income would be lower during his transition to a new career, but Angela's income would be at its highest as a doctor. Additionally, the template also showed that waiting until they were 32 would also give them more time to save money and pay off any outstanding debts.
Overall, the "Couple's Financial Planner" template was a useful tool for Derek and Angela as it helped them to make a well-informed decision about when to start a family based on their financial situation. They felt more confident and secure in their decision knowing that they had taken their finances into account and planned accordingly.