7 Tips On How To Protect Your Finances And Manage Your Money After Marriage
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The modern woman is fierce, independent and in control of her own finances. However, when another person comes into the picture, it can be a little difficult to plan things out. Rather than leaving all the financial responsibilities up to your partner, it is important for you to also get your own personal financial situation in order. Marriage is a new phase of life that you will be stepping into and you need to have some sense of security and be on the same page in terms of finances as your husband. Whether you’ve dated and known your fiance for years or you’re having an arranged marriage, you need to know what to do in the next course of life. Here are a few ways you can be financially smart after marriage:
1. You Need To Make Major Financial Decisions Together
Before marriage you would have probably confided in your parents or asked your friend for financial advice. However, since you’re now involving another person in your life, it is important for you to discuss major financial matters and decisions with them. Depending on how much you earn, and your financial goals, you should plan things out with your partner.
2. Share A Joint Account But Also Maintain A Personal Account
This is good advice for anybody deciding to enter into a marriage. Although you may have had one or two personal accounts to manage your daily and monthly expenses before, you will have to share an account with your partner. This is to cover important expenses such as household rent, EMI, and bills that you will be sharing. At the same time, both you and your partner should maintain separate financial accounts for yourself. It’s always good to maintain some kind of financial independence after marriage and ensure you keep a track on expenses.
3. Invest In Insurance
The future is certainly uncertain and you need to know about the right kind of things to do in order to make sure that your future is safe. It is prudent that you and your partner invest in a family insurance plan. Even if you’re individually covered by your company, you need to make sure that you have a separate plan just in case things get messed up. Investing in a family floater plan that would cover your future children as well as your spouse is a necessity.
4. Set And Discuss Financial Goals
Maybe saving was not that big a concern for you earlier because you probably lived with your parents or by yourself and your salary was more than enough to get you through the month. It is important for you to discuss both short term and long term financial goals with your spouse and ensure that you work towards them.
5. Discuss Your Family’s Financial History
It can be difficult to talk about money with someone you love. You may feel like it would be an awkward conversation to have with them. However, it is important that you do have that conversation and discuss all these financial plans beforehand. You can ease into the conversation by talking about how your own parents managed their finances or enquiring with your other married friends to see how they planned it or brought it up with their spouse.
6. Start Planning For Retirement
You’re never too young to plan for your own retirement. It is important that you and your partner can come to a mutual agreement for setting aside funds for your retirement plans. Rather than spending your money on expensive family vacations every year, it’s a smart idea to set aside some money from your salary as well as your partner’s so you can feel secure about your future. In the end, your financial future should not depend on your future or possible children. Even if you’re in the best health of your life, it’s always a good idea to save money and set it aside as life truly is unpredictable and you never know when you might need that money the most.
7. Make Smart Financial Decisions
Do you really need to have that brand new car when it is more economical and better for the environment to simply use public transportation or buy a two-wheeler? Even when it comes to buying/renting a house, it is important for you to plan and get a place that is the perfect size for you and maybe one more addition to your family. You don’t need to go all out and buy a four-bedroom house with five bathrooms if it’s just going to be you and your partner living together. No matter how rich or financially secure you and your partner are, you need to be smart when it comes to spending money in the correct areas.
At the end of the day, marriages aren’t just about love or having children. You need to be confident in what you’re planning and ensure that you and your partner are on the same page in a lot of things. Do let us know if any of these financial tips were useful to you. Also leave some of your own financial tricks and hacks in the comment section below.
