AS the wedding season is in full swing - here is a bit of advice for all newly married couples out there! People will usually give all sorts of well-meaning advice to newlyweds, but rarely dos any frind or relative talk about money matters. But if you leave aside the romance of a new married life and try to get practical, what is more important than the financial affairs of a couple? If finances are well sorted, it is easier to be happy and if they are not, there is too much stress and tension in life. This is why you should sit down with our spouse and discuss your financial future.
Important Matters You Need to Discuss with Your Spouse
1. Transparency about financial status. Often our families or we ourselves tend to exxagerate financial status when the relationship is being forged in initial stages. But once you are married, both of you need to be clear about where you stand financially as a couple. Money secrets are really the worst kind!
2. Start by setting goals. You should have monthly goals and annual goals. Besides this, you should have long term goals like owning a home in 5 years etc. Once the goals are set on paper, try to work towards achieving them together.
3. Get insurance. Do not buy insurance as an investment product. But you do need to cover your life and protect your spouse in case something happened to you. So get a good term life policy that is cheap but adequate.
Once you have these 3 main areas covered, you are all set to achieve goals together as a couple.