Band, Baja & Baraat: A Wedding series special
@moneycontrolcom Personal Finance.
Why it's important for newly-wed couple of plan their finances jointly
✅ What is the right time to start talking about finances? Many times, during the courtship period, both the girl and the boy, in an effort to impress each other, may not disclose their true financial picture.
✅ Discussing finances even before the marriage is key to building a strong foundation for a future relationship or marriage.
✅ Talking about debt is especially important during courtship. Whether it is a student loan, credit card debt, or other financial obligations, being open about each other’s financial situation allows for transparency and planning.
✅ “The level of maturity is a must at this stage. If this bridge is crossed at a very early stage, and the couple knows each other’s financial strengths and weaknesses, they will work on building their finances around it,” says
@kalpesh_ashar, an investment adviser.
✅ After marriage, should you merge your finances / bank accounts / investments, or keep them seperate?
✅ While it is preferable to maintain joint finances, both- especially the wife- must be in control of some aspects at the very least.
✅ "Rather than merging finances, I would use the term sharing of responsibility and planning for the future. One of the problem situtations is that suppose both the husband and wife are working, and if one spends more than the other and the other keep on investing. That can lead to problems later,” says
@SureshSadagopan, an investment adviser.
✅ “If the partners are not in sync when it comes to managing money together, it makes sense to keep finances separate and have a common account for family expenses,” says Mrin Agarwal, a personal financial educator
@FinsafeIndia.
✅ Harmonise your investments, financial goals. “Take a look at risks first. Investments will come later,” says
@kptelang, an investment adviser.
✅ Enjoy life and travel, but spend wisely. You will need to soon start saving up for your joint goals like children's education and future,” said
@harshaddc, CFP, co-founder of MyWealthGrowth.
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@Abhinavkaul's story
@moneycontrolcom Personal Finance.