These days the mantra ‘a man isn’t a financial plan’ is one women are hearing more and more often.
But the reality is when you are in a relationship you’re far less likely to think you need your financial independence – sometimes until it’s much too late.
While you may have some savings stashed for an emergency, for some investing in property has proven a much smarter way to ‘man proof’ their cash.
NSW-based Diana Barnes owns two properties, one in Sydney’s Blue Mountains and another in Queensland’s Toowoomba – and she bought both properties independently of her partner.
NSW-based Diana Barnes (pictured) owns two properties, one in Sydney’s Blue Mountains and a second in Toowoomba, Queensland
Speaking to FEMAIL, the leadership development coach revealed she bought her first home before she met her partner as a 25-year-old and her second not long after she started her current relationship.
She said her decision to buy another property, just a year into her relationship, was one that made simply good sense at the time.
‘For me, the security of having a home, particularly close to my family was important to me, but it wasn’t important to him at that point in time.
‘My partner was very supportive and he understood the reason why I was doing it.’
The 32-year-old said she has always held the view – one drilled into her by her mother – which was she needed to have an independent source of income from her partner.
‘Mum has always encouraged me to save for myself and it’s something I’ve taken on board.
‘I’ve always taken the view that if I “pay it forward” to myself before marriage and children, the money stressers that cause so many marriage breakups would be minimised or removed.
Ms Barnes said her decision to buy another property, just a year into her relationship, was one that made simply good sense at the time
‘And ultimately it’s an investment in my long-term happiness, knowing I have a place to call home.’
She explained that when she first began saving, before she even started saving for a home deposit, she put away a sizable amount of emergency money.
‘It’s important for women to be able to stand on their own two feet just in case anything goes wrong with a relationship.’
‘I believe it’s important for women to be able to stand on their own two feet just in case anything goes wrong with a relationship’ said Ms Barnes (pictured left with her partner)
According to figures from the Australian Bureau of Statistics, divorce rates are on the rise with as many 46,604 couples splitting in 2016.
The 39th AMP. NATSEM Report found that not only did it take up to five years to recover from divorce, overall divorced women were worse off than divorced men.
De facto separations can also be costly and in some instances leave people financially vulnerable, especially if there has been a shared division of assets.
According to figures from the Australian Bureau of Statistics, divorce rates are on the rise with as many 46,604 couples splitting in 2016 (stock image)
Ms Barnes said while she hoped at some stage to buy a joint property with her partner, this isn’t something couple haven’t made firm plans.
Ms Barnes believes each person needs to be responsible for their own financial well being
She said she believes taking charge of creating her own wealth, and making sure she has a safety net to protect her in case anything ever goes wrong has actually given her more flexibility in her relationship.
She said her motto is: ‘I will look after me for you and you look after you for me.’
It’s an attitude she explained has really helped in terms of taking the pressure off her and her partner:
‘Each person having control of their own assets means you know where you stand.
‘Everyone would love to just feel like they could put their hands up and be taken care of, but the fact is this is much less likely to happen these days.
‘The more you stand on your own two feet the better it is for everyone.’