Women’s Web is saying Goodbye! Please make sure you read this important notification.
Marriage can become a financial nightmare if young couples do not take stock of their money situation. Here are 5 important vows to take.
If you are in your 20’s and early 30’s, you have faced the onslaught of people’s wedding pictures on Facebook, their matrimonial hashtags and rosy pre-wedding photo shoots. While love and marriage can create heartburn in a lot of single hearts, marriage can become a financial nightmare if young couples do not take stock of their money situation.
Here are some vows, that every one seeking a happier marriage should take!
While many people think that space and privacy is necessary to a happy marriage, this does not apply to money matters. If you have undertaken the decision to jump into a life-long partnership, you might as well keep the books clear. Your partner should have access to financial details in the event of your death (morbid, I know, but important), nominees, account numbers, financial status, health insurance details and cover, as well as stuff you are doing for children and parents. I have seen women STRUGGLE deeply because their husbands controlled the purse reins to such an extent that they were paralysed. Tell your spouse everything – your life and that of of your dependents could depend on this.
Here is the truth. There can not be a relationship where both partners spend and save in exactly the same fashion. Your motivations and interests are completely different from your partner’s. Hence it is imperative, that in a relationship – you do not hand over complete financial access to your spouse. Always retain control over your login credentials, PIN details etc. This is not lack of trust but common sense – what if you had an emergency tomorrow and your partner had splurged out your account already?
It is ideal to have a Yours, Mine and Ours Account. Saves everyone a lot of trouble and having a joint account gives a non-working partner or stay at home partner more flexibility.
Bottomline: Your partner SHOULD know how much money you have put away but not necessarily have access to it IF they are in the habit of splurging and dipping into funds.
Most couples are conditioned to ignore deep questions on money management and financial habits till it’s loo late, and they find themselves in a condition where either their partner is: (1) Spending without a thought (2) Saving so much that you feel suffocated
Here is a handy list of questions you should ask directly or get a sense from your partners on:
There is a predictable pattern in reaching out to friends, relatives and parents for financial advice. This can be construed as interference by the other partner as well. Ideally, do your own investing as a unit or reach out to professional financial advisers who can guide you suitably. Self-medication can be a bitter pill to swallow when you find your finances mis-managed.
Typical financial arguments in a marriage are centered around saving and spending discussions. Investing due to complexity is trusted to one partner (in our society, the man). Hence partners spend all their time squabbling over things like – “Why did you buy a new phone again?” while:
Marriage is not just a union of two people and their families but also of two incomes and two financial futures.
As a couple you should tick the following boxes:
So, while you get your band – baaja – baaraat in place, don’t forget to assess your Income, Investment and Impulses.
Here’s wishing you wedded bliss (and a retirement plan once you get there!)
Image via Unsplash
Ayushi Mona co-leads Broke Bibliophiles Bombay Chapter, India's first offline reader driven community. She is a poet and writer who evangelizes Indian writing in English at the India Booked podcast and has also read more...
Women's Web is an open platform that publishes a diversity of views, individual posts do not necessarily represent the platform's views and opinions at all times.
Stay updated with our Weekly Newsletter or Daily Summary - or both!
Dear Women’s Web Community Member,
You may have wondered at our being on the quieter side during the last couple of months. Thank you for your patience, and we wanted to come back to you with a detailed note on what’s been happening at our end of things.
When we first began Women’s Web, as a blog from one woman’s desk along with a few like-minded souls, little could we have imagined the heights that it would soar to. Over the years, Women’s Web has published over 20000 stories (almost all by women), empowered countless women with the ideas, community and resources to chase their dreams, employed hundreds of women in core and project-based roles, and in the process, emerged as the OG women’s community in India. It has also inspired many others to build communities of a similar nature, all enabling women (and other-underrepresented groups) in their own ways.
Please enter your email address