Your big day is just a month away. You are busy with the marriage preparations. Your marriage will be one to remember. A grand wedding hall….the best food with lots of variety…The best photographer…No expense spared on decoration…Your marriage will be the talk of the town. You’re busy distributing invitation cards for the Big Day. This is certainly not the time for a lecture. But aren’t you missing something important? Are you and your soon to be bride, financially compatible? What’s so important about financial compatibility? You like movies…she likes movies. You like ice cream…she likes ice cream. You like to drive…she likes sitting beside you. You’re compatible with your bride, there’s no doubt about it. Just being compatible with your bride is not enough. You need to be financially compatible. Can you and your bride have the money talk? Are you and your soon to be bride, capable of managing money? Can you talk money with your soon to be spouse?
Your marriage ceremony is going to be really long…A whole week. Would it not be wise for you and your soon to be spouse, to just spare a day and attend a financial education workshop? You’re well educated, why do you need a financial education workshop? Financial literacy among working youth in Urban India is very low. Youth today are well educated, but have poor financial literacy. Financial education workshops tell you, why you need to have the money talk. Discussing money with your soon to be spouse can be unpleasant…but don’t get me wrong, very necessary. If you and your soon to be spouse cannot discuss money, you’re preparing for failure. Why is discussing money between couples, popularly called the money talk, so difficult? The money talk involves WE…no more I... What if your soon to be spouse asks you, why are you spending so much money on yourself? Every week you buy new clothes, which you use one or two times and then throw away…It’s your money, why should you discuss it with anyone, even your soon to be spouse? Time for a famous saying "Your future is always more valuable than today, the sooner you realize that the better".
This could happen if you and your soon to be spouse, do not attend a financial education workshop. You learn the value of money and how to spend money in this workshop. You understand the difference between needs and wants. She’s your soon to be spouse now. Tomorrow she’s your wife. Tomorrow your wife could say “Let’s stay in a house which costs a crore”. You cannot afford to buy a house this expensive. Yes, buying a house is a must, but you are availing a home loan to buy it. Your wife wants you to buy a 3 BHK house. You definitely don’t need a 3 BHK house. A 2 BHK house is more than sufficient for you, even though you are eligible for a loan of a crore. You would struggle to pay your home loan EMI’s, just because you are availing a home loan of a crore, to buy a 3 BHK house you don’t really need. All of this because…. Your wife wants a house which costs a crore. You’re sure this is because her cousin recently bought a house of 1 crore. Just a simple financial education workshop would have solved all this headache. The financial education workshop teaches you the value of money and the difference between a need and a want. Just because you have money in your pocket, does not mean you must spend it. Always keep some money aside for an emergency. Your wife would not have asked you for a house of a crore, if both of you had attended a financial education workshop. She would have identified this as a want and not a need. You could also tell her that if she insists, you will buy her the home. This would mean a compromise on living standards. She would have to cut down on parties and foreign trips. You just would not have the money for all this. Tell her “If you buy things you do not need, soon you will have to sell things you need.”
One of the main cause of fights in the first few years of marriage…you guessed right…Money. Couples fight over money and this could mean a divorce. Financial Literacy could go a long way in avoiding a messy divorce. You found something new about your wife after marriage. Your wife spends a lot on shopping. She just keeps swiping her credit cards. When she is in severe debt….you have to get her out of it. All your money is spent paying for things, she really doesn’t need. All this hassle could have avoided with a simple financial education workshop. Financial education teaches you how debt is bad for your married life. You keep borrowing money using a credit card, or availing a personal loan to buy things, you don’t really need. Credit cards and personal loans charge you a very high interest. Soon you fall behind in your loan repayments. You fall into the debt trap. What happens…Fights …Money fights. There is no money and you blame each other. Your marriage is full of lies and deceit. Soon a messy divorce. Financial educations helps you choose better lines of credit and manage liquidity for emergency expenses at the same time. This would be a much better world if more married couples were as deeply in love as they are in debt.”
It does not matter if you are single or married. There are many more reasons for you to be financially literate. Better consult our team of wealth doctors at IndianMoney.com, always ready to help and guide you. You can explore this unique Free Advisory Service just by giving a missed call on 022 6181 6111. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Mr. C S Sudheer is the founder and CEO of IndianMoney.com – India’s largest Financial Education Company. He started his career with ICICI Prudential Life Insurance and later on worked with Howden India. After his brief stint in Howden India, he moved on and incorporated Suvision Holdings Pvt Ltd which is the sole promoter of IndianMoney.com. He aims to build a nation that is financially literate with investment savvy citizens.
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