Every human has a different nature. Like not a single finger of a hand of the same size and height. In every kind of relationship two or more people of different nature come together either due to blood relation and or other reason of mutual interest. In this article we would discuss the relationship of husband and wife from financial point of view. Every human is grown-up in a different culture and under different rituals. So, when two people tie together to live as husband and wife then conflicts are bound to happen in their life. However, how can we keep these conflicts to a minimum and how we can take it in good spirit is what we would discuss. Financial aspect is one of the major factors which would be the reason for many relationships leading to divorce. So let’s begin…
- Buying Habits & patterns:-
As I outline in an intro para above that every human is grown-up in different cultures and rituals, so husband and wife are not exceptions to it. Out of the two, one may like to spend without thinking whether it is necessary or not. Other one may be conservative in approach. So, in such a scenario both husband and wife first need to sit together and analyze their monthly budget. They must put on paper things like their monthly fixed expenses, investments, emergency component and then whatever would remain they can spend as they wish. Therefore, there would be no guilt factor w.r.t. spending without thinking. But, one must learn and adapt their own nature to spend only after planning and thinking.
- Discuss:-
How we communicate with each other is a foundation of any relationship to be built on. If the foundation is strong then of course the structure is also going to be strong. So, to avoid any type of conflicts, particularly financial conflicts between husband and wife, they must sit together and discuss. Discussion should be healthy. It should not be in a way to target each other. Then that would not be a discussion. That would be called a debate. Healthy discussion is a result of communicating with each other by understanding the point of view of both. In healthy discussion no one should point out the finger against the other instead they should hold their hand together.
- Need of Financial Planner:-
If both husband and wife are not having any knowledge about finance then it is a must to take the help of a financial planner. Even if both or one of the members know about finance but they are unable to align their investment with their goals then it would be a waste of time as well as money in particular. If your value of money is not moving upward with required pace then it would be of no use. Therefore, decide on to taking the help of a financial planner to get as much value to your money and keep away conflicts related to financial goals.
- Lending to relatives and or friends:-
Helping others is good. But, how much and to what extent is very important. If a genuine person and genuine need is what is lacking to whom you are helping then you would definitely suffer in short as well as in long term. It is not a matter to whom you are lending i.e. relative and or friend, what matters is the genuineness of the person who is demanding money help from you.
Don’t think that amount you are lending is too small. Frequent demands over the period of time would make the situation worse. Lending at the cost of your goals is not a worthy thing.
- Stop fooling each other:-
Very foundation of any relationship is based on a trust you have built upon. Trust once broken it would break forever. Everyone thinks that they are smarter than the other. But it is not the case. Don’t try to hide anything from your partner; particularly related to finance. The clearer you are with each other, a win-win situation would be there.
- EMI:-
What thing one should buy on EMI matters the most. Buying things every now and then on EMI would worsen the situation in the long term. If someone has a habit of buying things on EMI it is not a habit but an addiction. Wherever, you are able to pay if off, pay it instead of converting it into EMI. Only things like home, office space and or vehicle could be purchased through EMI.
Points which we have discussed above are only indicative. Each couple may have some other points too to look upon and discuss.
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