Finance management in couples

 Nowadays when we have migrated from the culture of single earning to double earning , we have increased the stress level also manyfold. 

Stress is one of the major reasons of illness , seperation , divorce and leads to many more problems in life . 

Let me take you to a journey of  High qualified/paid individuals . All are working very hard to get their degrees and get the Job . Finding a job is the biggest stress in someone’s life and finding the first jobs is the life changer for many people . First job will decide which area a person will be going to spend their next 10-15 years or more . 

After a lot of struggle and pain people get the job then comes the most important phase of life MARRIAGE. Marriage is always a big event in life where two different individuals need to start their journey together towards the same goal(Happy and prosperous life). When two working individuals got married and started their journey together ,then comes the real challenges of life . If we overcome these challenges then everything will be going to be great otherwise life will be going to be a rollercoaster ride of emotions . 

Major Challenges every couple face is to take up the new responsibilities that come with marriage.  

In India , still many of us have migrated from small towns and our fathers are always single earners and we have seen the different lifestyles that they had and now  we got into  , suddenly everything changed . We have seen when our dad comes home they are welcomed to home and now everything has changed. Either a vacant home is welcoming you or you need to welcome yourself to your house . 

Here there is no mistakes from anyone end , time changes and we need to act fast and change fast ,lekin Dil to bacha hain Ji Asaani se nahi manta  :) .

The major mistake that most of Indian working couples are making is not discussing the finance and expense on the table in an open manner, still it’s considered to be macho that Men will run the house expense and Female will save their salary or use it wherever she likes .  Although it has changed a lot but still we can find this old and outdated practice in many households .

Let me take one Couple's issue at one article and get the feedback from others and their perspective on the same : Today’s topic is Finance management in couples.

1. Finance discussion : Both the partners need to discuss openly about saving and expenditure . It should never be one person’s duty to take the burden of expenses . 

2. Saving & Investment : All the female should actively participate when it comes to saving and investment . Most of the times when it comes to investment or tax planning ,females are inclined to leave it to their husband or dad .  Start Investment as early as possible and as much as possible . The penny invested will be multifold in future.

3. Don’t rush to buy the luxury (House & Car) : From childhood we used to hear roti, kapda aur makaan so we are very eager to buy House as soon as we get married merely for showing it off . The same goes with Car .  A decent car is a necessity in the city but not a luxury car . Until we have clarity that we will be going to spend our next 10-15 years of life in the same city , don’t buy a house  . It will be the biggest burden of life when we move out of that city , it’s very difficult to maintain and selling the house is a herculean task . It will also narrow the growth opportunity of someone , Initial years of jobs and marriage we need to explore the world and jobs and after a certain period of time need to make the decision of buying the house . Now due to globalization we can go to any part of the world so carry less burden on our shoulders if we want to progress more . 

4. Home Loan & Personal Loan Trap : This is the biggest trap of anyone’s life . In your initial years don’t fall into the home loan trap and never into the personal loan trap . These instruments are not made to help customers but to help banks to make money .