“For better or worse…..for richer or poorer.” This is what most of us promise to our spouse when we pledge ourselves in marriage. But unfortunately, many couples can’t seem to survive either richer or poorer due to the poor money management skills.
Finances are those things which most of the couples prefer not to talk about. If you haven’t gotten on the same financial page with your spouse, now is the time. One of the first thing you should do before starting any financial journey is to get your spouse on board.
Take your wife on a financial “date”
Schedule a financial date with your wife at least once a month to review bills, investments and your budget. The more your spouse knows about finances and investment process, the more confident she will feel in dealing personal finance issues.
Lifelong partner in true sense
Extend your togetherness and strengthen your financial bond. Ensure that all the investments, bank accounts, property investments are done in joint names.
Staying together…when times are bad
If you don’t have an emergency fund, consider making this a top priority. An emergency fund is the money set aside if something happens unexpectedly, such as a lost job, natural disaster, family illness or major home repair. Aim to save an amount equivalent to 6 months of household expenses and park it in fixed deposits or liquid funds.
Make your presence felt in your absence
The primary reason for purchasing a life insurance on a spouse is to replace the loss of their future income. If you are the sole breadwinner then it is imperative to have adequate life insurance to ensure that the dear ones are protected in case of any eventuality. Have her as a beneficiary for insurance policies. This will ensure that in case of any unforeseen event she is financially guarded.
Build your nest egg together
Let the love, excitement, energy and spark continue to blossom during your golden years. Spend the second innings of your life with financial freedom and luxury. Hence, it is prudent to start saving and investing to garner a sizeable corpus for your retirement.
Let’s get the act together
Managing money matters as a couple can be a sticky affair and it often puts a lot of strain on relationships. The crux of it is being honest, transparent and having an open dialogue to avoid any kind of encumbrance in future. When you decide to work work as a team, rewards multiply and difficulties diminish.
So don’t leave any stone unturned to safeguard your better half…after all a happy wife is a happy life 🙂