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    HomeMoney‘She earns more now – but I’ll be richer within the long-term’

    ‘She earns more now – but I’ll be richer within the long-term’

    Ali Husain and Atifa Yakoob have just celebrated their second wedding anniversary. The couple, who met at an inter-university conference while they were studying, live in Peterborough and split all of their costs 50/50.

    Atifa, 24, is a pharmacist, and is currently the fundamental earner, while Ali, 23, has just finished his post-graduate legal practice course. He currently works part-time for his father as a legal assistant, and supplements his income with acting work, and other side-hustles.

    The couple say they are frequently aligned in relation to money, but could they discover anything recent about one another? Telegraph Money sent Ali and Atifa to Italian restaurant, Sartoria, in Savile Row, London, to seek out out. Before they sat down, we asked them just a few questions.




    Atifa currently makes greater than her husband, Ali, but his earnings will soon eclipse hers


    Credit: Clara Molden

    Atifa

    Which of you is richer?

    Ali. He has more sources of income – he’s an acting extra, does Amazon deliveries, and other part-time jobs, whereas I just have my job. He also has the support of his family if he needs it.

    Who’s most definitely to duck out of a round on the pub?

    Neither – but me if I had to decide on. I’d accept a drink whereas Ali would fight to pay.

    Who’s most definitely to fall for a scam?

    Me. I’ve had scam texts before and Ali could be very quick to discover them.

    Do you’ve a running away fund?

    No. I’m the only earner in the mean time, but I’d wish to have my very own savings for my very own goals.

    When you got £10,000 what would you do with it?

    It will go straight into our savings. Even though it wouldn’t go far as we’re attempting to move house!

    Ali

    Which of you is richer?

    Atifa – within the short-term. She’s been working for seven months so has had access to extra money. Within the long-term, I’ll be richer as my field has more opportunities to climb the salary ladder.

    Who’s most definitely to duck out of a round on the pub?

    Atifa – but only because her social battery runs out quicker than mine! Ducking out of rounds isn’t cool and we each share the philosophy to respect people. We’re more prone to split the prices upfront anyway.

    Who’s most definitely to fall for a scam?

    Definitely Atifa. She’s a bit naive and her mind is usually elsewhere; she’ll be enthusiastic about work or making food, for instance. I’ve had more experience with money and shopping online, and I’ve had a bank card since I used to be 14.

    Do you’ve a running away fund?

    No. I feel like if I had one, it might be undermining the trust you’ve in your partner.

    When you got £10,000 what would you do with it?

    I’d mix it with my savings and put it towards the property we would like to purchase in the following two years.





    The couple hopes to save lots of between £60,000 and £80,000 in the following two years to purchase their first home


    Credit: Clara Molden

    After dinner

    Ali and Atifa celebrated their second wedding anniversary with fresh spaghetti with prawns, deep fried zucchini and roast potatoes.

    The couple say they’re open about money and are on the identical page for many things. They’re each aware of their financial roles of their relationship – and the way they could change.

    Atifa says: “In Islam, women are queens! We’re told ‘a girl’s money is her own money, and her husband’s money can also be her money.’ We’re encouraged to run our own businesses and spend money on whatever we would like. But it’s best to even have the mindset that you’ll support one another. I’m currently supporting Ali and I do know he’ll do the identical for me in the long run.”

    Ali says he recognises his responsibilities. He adds: “It’s a person’s role to support the family and I’d wish to contribute more once I start working.”

    Ali also helps Atifa appeal a, not insignificant, variety of parking fines. Over the past two years, she thinks she’s had about 50, amounting to over £1,000. Ali says he’s managed to get around 40pc reduced or cancelled.

    Meanwhile, Ali’s costliest mistake was a one-off about three months ago. After purchasing £750 price of Moroccan dirhams at Gatwick Airport, he Googled the exchange rate and realised he’d only got about £400 price of currency. Nevertheless, after complaining, he got his a reimbursement.

    Atifa says: “I’ve never seen him so upset. He didn’t stop talking about it for 2 days.”

    They couple each have their very own goals – Ali desires to work his way up the legal sector, while Atifa desires to in the future run her own business and write a novel. Together, they need to save lots of between £60,000 and £80,000 in the following two years to purchase their first home.

    Hugh Johnson, financial planner at Old Mill, says: “Ali and Atifa’s goal deposit is sort of ambitious for a pair so early on of their careers. First-time buyers generally need to save lots of for between five and 10 years before having enough capital for a deposit. Nevertheless, there are alternatives available to potentially reduce this burden.”

    For instance, he says many persons are turning to the so-called Bank of Mum and Dad to assist.

    Gifts from parents could serve a dual purpose of helping grown-up children get on the property ladder, while reducing future potential inheritance tax. Nevertheless, Mr Johnson says skilled advice is really useful as gifting rules will be complex.

    Alternatively, a mortgage that uses a guarantor’s assets or income to “boost” the quantity they’ll borrow, and lower the required level of deposit, could work. Mr Johnson says: “Such arrangements allow borrowers to profit from the wealth of relations or a trusted person without the necessity to sell down investments or break into life savings. If Ali and Atifa each have high future earnings potential, this could possibly be particularly appealing. Each options will be structured in such a way as to comply with Sharia law.”

    Nevertheless, one topic the couple don’t see eye-to-eye on is gift-buying.

    Ali says: “Atifa is big on presents – she’ll get them for everybody on a regular basis, like eight times a 12 months. I don’t think children really care about how much you spend on gifts for them so my go-to present is something free.”

    Atifa says: “Ali has a rule that you would be able to’t spend greater than £2 on a gift for under-fives as they won’t remember it. He judges me for spending a lot of my money on gifts.”

    But there aren’t the identical price limits for treating themselves.

    Ali’s costliest purchase was a £650 Ps 5 bundle, which included the console, controller and headset, when he was at university. He says: “I didn’t regret it, despite the fact that, on the time, I used to be struggling to purchase groceries. It was during lockdown and it meant I could socialise with my friends from our own homes.”

    Whereas Atifa says she wishes she hadn’t recently spent £400 on tickets to the stage adaptation of Studio Ghibli’s Spirited Away. She says if she knew they were going to maneuver house, leading to the necessity to buy recent appliances, she wouldn’t have bought them.

    The couple were also surprised about their differing views on private school, as they’d not discussed it much before.

    Atifa, who went to a state school, says she got higher grades than Ali, who was privately educated, and doesn’t think spending money on schools necessarily leads to raised results. Moreover she says: “I also feel public schools foster elitism and shelter children from the true world.”

    But Ali says Atifa’s missed the mark. He says: “We don’t go to non-public school for the grades. It’s about the life-style. You’re more prone to meet people from more stable backgrounds and have more access to opportunities from that. Private school is sweet in case you can afford it, and in case you can’t that’s advantageous, too. You may also teach children good values from home.”

    Mr Johnson says: “It will be important for any couple to grasp each the short-term expectations, akin to monthly budgets and lifestyle costs, in addition to the larger, long-term priorities. For instance, how will Atifa fund her business start-up? In the event that they plan to have children, how will early years care be covered, and can they go for personal education and/or university? These events could appear a good distance off, but they’re potentially significant costs, so will take long-term planning.”




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