Money often turns out to be the biggest discord between married couples and many divorce cases can be attributed to monetary issues. In most cases, it is because of the lack of communication. However, there is always scope for miscommunication as communication cannot always be clear between individuals. Here are some tips on financial planning tips for couples:
Individualism –When it comes to money matters, it is always better to let the other person remain independent about his/her financial planning. If your spouse wants to save some money in the form of mutual funds or recurring deposits, it may be because he/she has a specific plan in mind for the both of you. Let your spouse proceed with personal financial agendas as long as it is not uncalculated gambling.
Privacy – Even in the most intimate of relationships, some privacy or fencing is required to protect the relationship. As far as finances are concerned, it is not necessary that your spouse should be aware of your income and expense ratio. Let the non-earning member be content with the money needed to fulfill his/her needs. If you divulge details of your income and expenses, your spouse might feel that he/she deserves more money and friction might begin in the relationship.
Save and then marry – Many people make the mistake of not saving up enough money before marriage. Ideally, you should be prepared to take up marital responsibilities only after you have enough funds to take care of all your family needs for at least six months to a year post the wedding. Marriage comes with a lot of responsibilities and no matter how strong at heart you may be, you need to be financially prepared before tying the knot.
The homemaker should save some funds – The homemaker, normally the lady of the house, should understand that it is not always possible (for the earning member) to save the same amount every month or year because additional and unexpected expenses arise and need to be managed. As a home maker, you should keep aside some money for a rainy day as you never know what life has in store for you.
Invest in health plans – All is well when your health is protected. Invest some money in health insurance so you do not need to grope around in the dark if and when there is a health concern.