![]() ![]() ![]() It gets even trickier if the two individuals have different spending habits, financial beliefs and goals,” says Mr Valecha. “It’s not always easy to shift from a mindset of looking after your own finances to balancing your and your spouse’s needs. She says that managing a house, paying for groceries and other related bills is a different experience compared with life before their nuptials, when she wasn’t accountable to anyone about her finances. The experience to manage finances as newlyweds can get challenging, especially if your spouse has different spending habits.” Tripthi Tharoor and Nikhil Ravindran had an honest discussion about what they were earning and monthly expenses before they got married in August 2020. “We were quite open about what we were earning and our monthly expenses before we got married,” Ms Tharoor says. Ms Tharoor and Mr Ravindran have maintained separate accounts after their wedding and also have their respective car loans as well. “Getting a good grasp on each other’s spending habits will better enable the couple to make budget decisions, set spending limits and even help on deciding how to merge their money after marriage, if that must be done in the first place.” “Being open about your financial situation will help prevent financial surprises,” Vijay Valecha, chief investment officer at financial consultancy Century Financial, says. This includes being truthful about their current financial situation, debts owed, spending habits and goals for retirement or buying property. They decided that the responsibility of saving would be handled by Ms Tharoor, and Mr Ravindran would transfer money to her account every month to prevent him from wasting it on unnecessary purchases.įinancial experts say it is vital for couples to have an honest money talk before saying "I do". However, before the wedding, the couple had an honest conversation about how they managed their finances, with Mr Ravindran admitting he was a spender. Her then-fiancé had more expenses because he was living alone. Ms Tharoor says she is a saver and managed to keep aside most of her income while living with her parents until the wedding. From March, I have been getting my full salary and we are back on track with our finances,” she says. “From December 2020 till February 2021, my university payments continued to be deducted and we were living on my husband’s income alone. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals. Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.ĭecide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. Set a budget: A budget can keep the couple be mindful of their income and expenses. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.ĭecide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. ![]() He offers his top five tips for couples to better manage their finances.ĭiscuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. ![]()
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