PLAN YOUR BUDGET, TOGETHER

WHY TALKING ABOUT MONEY BELIEFS AND GOALS WITH YOUR PARTNER IS INDISPENSABLE

VISHAKHA RM

Talking about finances is a sensitive topic. No two individuals have the same approach. Difference in income of a man and woman is a leading cause of conflict. Follow these tips to manage money well.

Financial transparency

Review your accounts and debts. While there are people who commit financial infidelity with malice, it mostly occurs accidentally. Set ground rules for common pool by addressing concerns such as how much you would like to contribute to a joint account. This can be used for future needs such as insurance, children’s expenses and fixed deposits. Joint finances can be a boon for the partner shoulders the household duties.

Smart decisions for a better future

Take control of your goal-fulfilment by budgeting and saving suitably, without delay. Invest your savings and collectively evaluate how various investment options gel with your planned goals. Provide for the unplanned when determining your investment mix.

Insurance, a holistic and reliable cover

Insurance schemes cater to your long-term planned goals and cover you and your family under undesirable situations. Choose from the more consistent endowment plans or the more dynamic UnitLinked Insurance Plans (ULIPs), which lend the dual-benefit of an investment option and an insurance cover.

Debt-free living for improved credit scores

Your financial moves impact your credit history and in turn, affect your credit score. An above-average credit score enables financial institutions to offer you higher loans with lower interest rates.

Communication is the key

Both of you are in this together. Talking helps with almost all issues regarding control, trust and equality. An open and honest conversation, where both are active participants, makes the process both positive and pleasant.