After marriage, the personal finance habits and other financial decisions of individuals need a minor tweak which can be beneficial for the wholesome financial independence of the couples.
New Delhi: After marriage, the personal finance habits and other financial decisions of individuals need a minor tweak which can be beneficial for the wholesome financial independence of the couples. There should be proper management of finances after the marriage, be it for two independent working individuals or one of them working. The lack of communication and a few misinformed decision of the couples may lead to increased bitterness in a relationship.
Here are 5 tips for good financial health after marriage
The spouses should always discuss the finances which are yet to be incurred single-handedly or jointly. Following the informed decisions about the expenses, the possibilities of confusion get minimised.
If both the partners are working, then each of them should contribute to the common household expenses such as rent, electricity bills, kitchen supplies, furniture, etc. The active contribution from both sides may help in de-escalating biases toward buying behaviour and personal preferences.
Take collective decisions
There should be considerations and openness for ideas and couple should take conclusive decisions, be it a small financial expense or a big one. With this, if a decision goes wrong, then a single person won’t be blamed for it. Couples should strictly avoid taking big quantum individual decisions.
Don’t overburden each other
Partners shouldn’t overburden each other in expectations of surprises or in the name of caring for each other. Leaving a personal space for each other’s individual expenses is a good practice.
Maintain financial independence
Couples should maintain financial independence to a considerable extent for their respective upcoming requirements and retirement planning. Two individuals can open a joint account for retirement but it is advisable to keep a separate emergency fund.