Personal Finance : marriage and family

Money is a sensitive topic that many couples can go through their entire married life and not talk openly about it with one another. It is extremely important that you and your spouse see eye to eye on money matters:-

1. Your financial plan has to move from being an individual to a shared one involving your spouse.
2. Decide on how to handle routine bills, paying for the family and children, household budgeting as well as savings and investment.
3. To pay for common expenses, save money on a monthly basis in a joint account. Remember to review the list of the common expenses often, at least once a month, to see if these expenses are increasing due to inflation or your lifestyle as a couple.
4. If both of you decide to use credit cards to pay for some of the common expenses, it is important that the person who is going to use the credit card have access to the money from the joint account, so that there are no complications later in paying the credit card debt.
5. Just as in your individual financial plan, you need to set aside an emergency fund as a couple to take care of those unexpected expenses that can happen to you, your spouse and family. Decide on an amount as common savings; any unused funds can be added to joint retirement fund.
6. Talk about each other’s investment style, including your respective risk appetite and preferences. It is wise to have a common investment portfolio to meet future financial goals, such as retiring together and living a comfortable life. These investments are also usually used to pay for your children’s living and education expenses.
7. You may need to increase your insurance coverage life insurance, critical illness insurance, medical insurance and personal accident insurance.

Source :- Money Sense – AKPK

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