Money is the number one cause of arguments among married couples, yet surprisingly few address this issue. Now with both the partners being earning members, planning finances is a big responsibility.
It is imperative that couples discuss important issues, such as handling debt, buying a home, planning for kids and retirement, creating a financial safety net with insurance and emergency funds.
Shaaditimes spoke to couples to know how they handle this sensitive issue.
Varun Badola and Rajeshwari Sachdev
Do you consult each other before taking any important financial decisions? Varun: Yes, we do take each other's advice; otherwise we wouldn't have been married. I think as it's our hard-earned money it's important for both of us to know where its going.
Rajeshwari: Yes, we do consider each other before taking any major financial decisions / investments except for small surprises that too if it doesn't involve huge monetary transactions.
Who manages the finances? Both of us. Of course if it's a bigger expenditure we discuss about it.
Do you hold individual or joint bank accounts? That's something very personal to answer and how does that matter.
Have you planned for the future? How? Varun: I think everyone wants to have a secure future. But I'm very careful about what I'm investing in. Shares are something for which you need to have an eye on the market and I don't have the time for that. Also the risk involved is higher. So shares are not my cup of tea. I think mutual funds are definitely a better alternative, which has good returns.
Rajeshwari: Nothing is as secure and safe as fixed deposits for which you can completely rely on our Nationalized banks. I think it's very important to invest for your future by taking up any plan (mutual funds or any other scheme) so that your future is secure.
Have you ever fought over money? Varun: No we've never had disputes over money matters. We both know the exact worth of a 10-rupee or a 100-rupee note. So, we are not the extravagant spenders.
Rajeshwari: We've been just been married and I think it's too early for any kind of monetary dispute.
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