Arguments over money, along with spending and saving habits, have become a major concern among married couples. While both partners may be earning and having separate savings bank accounts, many financial decisions require the partners to decidethings together. From credit card payments to home loans and from investing for children’s education to planning for retirement, several financial impact the lifestyle of both the partners. It is, therefore, important for newly married couples to work together while dealing with finances.
Tips to Make Your Financial Life Smoother
Money can’t buy love! But it can make life much more comfortable, allowing you to focus on each other rather than worrying about how to pay the bills. Here are some tips to get you started:
Start talking about finances:It’s best to have clear communication about your finances. Have open discussions with your spouse about any debt you may have or wish to take. Talk about how much each of you plans on spending and saving every month. Be clear about the kind of expenses that will warrant the other partner’s consent. For instance, you can decide that any expense above ₹10,000 would need both partners to agreeupon.
Make a list of your financial goals: Your long-term financial goals may have an impact of your lifestyle today. You may not be able to buy that fancy car or expensive jewelry you had set your heart on. It is, therefore,important for both partners to have an understanding of each other’s long-term financial goals. Once you have discussed and decided on them, write them down and put an amount against each entry.
Open a savings bank account for a major financial goal:It’s never too early to plan for retirement or any large financial goal, like your child’s higher education. In fact, the earlier you begin saving, the lower would be the burden. Consider opening a savings bank account for each goal. There are different types of savings accounts that can help you with this. For instance, if you’re keeping aside funds for your child’s education, you can open a minor savingsbank account in the name of your child.Remember that both partners need to be clear that they will not spend the accumulated funds for anything otherthan their goals.
Invest wisely: There are several instruments for long-term investing, like fixed deposits and mutual funds. You may also plan to buy insurance and invest in a home. Research together and get more details of these options before committing.
Have a joint account and an individual saving bank account:It’s a good idea to have a joint account, so either of the partners can access funds in case of an emergency. On the other hand, it’s healthy for married couples to have their own savings bank account. To make a choice, consider various features of a savings account, like high interest rate, free debit card, and unlimited ATM withdrawals.
While it’sessential to discuss financials, remember to do so with care and love. Money can become a touchy subject, so remember to maintain a calm tone and remember the above tips while planning a financially-secure future.
