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Explained: 5 financial tips for married couples

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Money is key to realizing aspirations — not just personal aspirations but collective ones as well. Therefore, a couple must work towards fulfilling those aspirations.

Explained: 5 financial tips for married couples
Money is key to realising aspirations—not just personal aspirations but collective ones as well. Therefore, a couple must work towards fulfilling those aspirations.
According to Adhil Shetty, CEO, BankBazaar, transparency, trust, open discussions, ironing out differences, understanding each other’s financial challenges, assigning responsibilities, planning, and respecting each other’s boundaries are some of the keys to financial harmony in any marriage.
“The absence of these may lead to discord,” he believes.
Here are other financial tips married couple should follow:
Talk about money matters
According to Anuj Kacker, Co-founder, Moneytap, it’s important to learn how to talk about each other’s money mindset and what each of them aims to use the money for.
“Having an open discussion and discussing goals together can help align the short and long-term financial goals and decide on budgets for the same. Respecting partner’s decisions on their financial and life goals is key, even if the money mindset is not the same,” he opines.
Set financial goals together
Getting married can have serious financial advantages. It’s a great way to double the income without doubling the expenses, in case both the partners are earning.
To be money-ready and keep partner/spouse on board, as Kacker suggests, it’s important to synchronize financial and life goals.
“One can reach goals much more quickly together than he/she could by working alone,” he adds.
Set up a joint emergency fund
Setting up a joint emergency fund is also a good way to be money-ready for any untoward situations.
“Some couples find it helpful to schedule a time once a month, once a quarter, or once a year to check in on short- and long-term financial goals. Enlisting the help of a financial advisor or planner for impartial advice is highly recommended,” Kacker suggests.
Knowing and managing debt
Partners should not be disturbed by the pre-existing EMI and credit card bills. Rather, they should be aware of each other's debts, experts say.
Additionally, it is better to make a budget and keep in mind the monthly cash inflows to avoid overspending on credit cards/EMIs.
Managing bank accounts
A couple should also keep a joint bank account, experts suggest. However, here the need may differ from person to person.
According to financial experts, having one joint bank account offers a number of benefits. The money in the account is easily accessible to both partners. This could help the partners plan their finances and manage their wealth seamlessly.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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