“Chains do not hold a marriage together. It is threads, hundreds of tiny threads which sew people together through the years.”
- Simone Signoret
Your marriage is held together by several threads. One of these threads….money. Yes managing money is very important, to have a happy married life. Marriage is all about communicating with your spouse. The first thing you need to do….start talking money with your spouse.
Both you and spouse have decided to buy a car. This is a mutual financial goal. Now you both decide how to save/invest to achieve this goal.
This is a very important discussion. Should you and spouse have a joint bank account, or go separate ways. Pooling money through a joint account shows trust. However if things go sour, this is a decision, you could regret.
Have a weekly money meeting with spouse, where you discuss….only money. This is a time to align financial goals. You want to buy gym equipment. Your spouse wants to buy some good clothes and have a grand holiday. Look for middle ground.
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Marriage changes your life in more than one way. Marriage brings happiness into your life and also additional responsibility. Marriage could mean double income….where both you and spouse work, or you are working and your spouse is a homemaker. How much you earn and what you spend on….determines your standard of living.
Managing money starts on day 1 of your married life.
Both you and spouse are working. You are a double income family. Now to the big question…..How to manage money? Simple….You are the primary breadwinner and earn a higher salary, than your spouse.
Your spouse’s income, is used for investing and also for paying the life insurance and health insurance premiums.
You and spouse must save for a rainy day. Well…rainy days are those financial emergencies, which strike without warning.If you are newly married, have at least 6 months worth of living expenses, in your emergency fund. You must be able to withdraw this money in a hurry, in case of an emergency. Invest this money in a liquid fund or a fixed deposit.
You work very hard and save/invest for your children’s education and marriage. You hope your children will take carry of your financial needs, in retirement. Great….your children would definitely look after you in retirement, but why depend on them? Why not save and invest some money for retirement? When it comes to retirement….think long term.
“Money is either the best or the worst area of communication in our marriages.”
Sure….bad money management might not lead to a divorce in India, but it can lead to a lot of fights. Be Wise, Get Rich.
Mr C.S.Sudheer is a management graduate. 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.