MONEY & LOVE
BANK ON THIS GeGetting ready to tie the knot? Here’s an exerciseercise ththat will help the two of you to talk about fiscal responsibilities and how to manage your finances together. Sit down together and come up with a sum you think is a significant discretionary amount of money – the amount you spend on yourself in the course of a month, for example. This figure may be the same for both of you or, more likely, will be larger for the one who earns more money. It may be Rs.5000 or Rs.10000 or more. Go to the bank and withdraw the money. Put the cash in an envelope and hand it to your partner, who will give his envelope to you. Each of you must spend the other’s money within a month. Don’t talk about what you plan to buy or disclose what you’ve actually purchased until the end, but do keep the money separate from your own and keep all receipts. What should you buy? Anything you might buy with your own money, since if you are thinking about merging funds with another person’s, one day this money will be yours. At the end of the month, display what you bought. Ask each other: How did it feel to be spending my money? How did it feel to know that I was spending yours? Are you pleased, surprised or upset with what I bought? Notice whether one of you chose items with both of you in mind, while the other spent primarily on him- or herself. What if your particular lovebug spent the Rs.10,000 you gave him on new speakers for his car, while you used his money for place mats and napkins, a toaster, a table lamp and some gourmet delectables? Imagine years of his car mania set against your household spending – the result isn’t likely to be a vision of fiscal happiness. If your ideas about spending are worlds apart, now is the time to bring them closer through discussion.