Learning to manage your money is a very important skill to ensure your marital stability.
While you may have been a carefree soul about money before getting hitched, post-marriage things may turn out to be different. Careful planning and candid discussions ensure that you don’t mess up your finances as a couple.
Set your goals clearly
One essential stepping stone to managing money better after marriage is that you have to tune in to your spouse’s goals, and this applies to both men and women. Calculate how much money you will need for short term and long term goals, and plan your savings accordingly. Also, learn to use money judiciously. Instead of depending on some bonus or windfall profit to fulfill your insurance needs, find more ways to augment your savings.
Save from your household budget
Even if is a minuscule figure, go push it into a recurring deposit. In fact, these days it is so much easier because you can do it online via net banking. Gradually, you will amass a significant amount which you can put towards investments or essential household purchases. Even a few thousand rupees saved every month can go a long way.
Discuss the needs and the dreams
So what if you do not have the fanciest car despite a good income. Discuss what your priorities are. Do you have parents to take care of? What about your higher education if you’re planning something? These are things may appear manageable initially but not planning or saving amply leads to trouble. Invest in short term bonds or tax saving deposits. Cut down on EMIs by choosing a good car instead of the best car.
Share the responsibilities
The puzzler in marriage is to decide how much money each of you can push towards savings, expenses or daily needs. It really helps when both partners shoulder some responsibilities. For example, if yours is a double income houselhold, one partner’s salary can go into a planning fund pool while the others can be used for household expenses.
Fish out the skeletons
Often, we unknowingly spend on things that we do not need or want. Make an exhaustive list of expenses and weed out the ones you can do without. For instance, do you really need all those channels on your TV? Or organic prune juice for that matter? Small things like these add up to big expenses over time, and you will be surprised at how much more you can save by being a little more aware.
Think mutual, not mean
The truth is that money matters are a handful to deal with. While personal perspective is important, your spouse deserves to have an equal say in the matter. Consider your age and your repayment propensity before you jump at a fabulous loan offer. Always weigh the monetary and psychological risk of paying back a loan over two decades or so. Think not only for yourself, but for both of you.
Learning to manage your money is an important skill that will ensure marital stability and a good quality of life in the years to come.