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Budgeting? Plan well and Plan together
People, who are together, spend a lot of time together. Qualities become complementary, while shortcomings vanish. Yet, when it comes to money talks and financial activities, the bonding is not seen. Arbitrary decisions happen. Whims and fancies take over. Budgeting is a difficult task when you are married. It is often a major source of strife among couples. Yet, planning together and doing budgeting in a coordinated manner can be one of the satisfying couple-goals. Two heads are always better than one. Over the next few minutes, we will tell you how couples should together take decisions involving debt like a personal loan and a home loan, keeping money aside in avenues like a savings account and an FD account, and investing in wealth creation through mutual funds, and bank deposits.
Don't let debt do you apart
Loans are used to bridge the gap between expenses and savings. However, two individuals can take loans based on separate needs. A personal loan can be for a small expense like buying a gadget or taking a vacation. Yet, when two people are together, they should even take personal loan decisions together. This is because their budget is not a standalone item. In fact, a family budget is unified. Even a personal loan which can have a manageable EMI is a team decision.
For a bigger credit such as home loan, the involvement level between couples must be deeper. With real estate costs high, lenders like IDFC Bank often allow two salaried borrowers as a couple to get a bigger loan and consequently, the upfront requirement are slashed. Also, a home loan usually runs for a longer tenure like 12 or 15 years. Proper budgeting is essential in case two people want to service a home loan because this requires serious commitment from both partners that EMIs will never be missed. This can be achieved with proper planning and coordination.
Just like big expenses and loans are an important part of budgeting, saving forms the core of future. When two people are together, it is likely that one of them will earn more than the other. Or, one of the partners doesn't earn at all. Yet, saving is a joint effort. Expenses can be done by both, and so if a proper savings plan is not instituted, then even a large combined or single income can be frittered away.
Most couples use savings account to park idle cash. While they may have separate savings accounts, but an ideal family always should have a joint savings account. It signifies joint purpose, commitment and brings two people closer. Saving money together is a satisfying activity if both people are on the same plain. This can act as a critical emergency financial resource. Emergencies do not come with a forewarning.
Like a savings account, two people who are together should also use FD account as a strategic tool for budgeting. A FD account may be a traditional way of earning interest. However, that is not where it ends. Lumps of money inflow often can get wasted or even misused when they lie idle. An FD account acts as a positive intervention even if either of the partners is spend-thrift. By moving the money into such an account, the funds are protected. Also, when both partners know about such a decision even if one of them wanted to spend, earning good interest reinforces the positive behavior of the one who opened it. IDFC Bank offers attractive interest rates for FD account, and so you must consider opening one at the earliest.
Saving and spending money is undoubtedly fun. However, without investing it the family budgeting goal is not complete. Today, people have a wide array of investment avenues to choose from. Depending on the tenure, risk profile, return expectations and goals, couples can easily plan investments for short, medium and even long-term without much hassle.
Both partners should have an individual as well as joint investment plans. It helps to have individual as well as joint focus. Two people together can make investing a lot more fun and interactive when they discuss options. They can share individual investing experiences, and then bring the best of both worlds into their joint investment plans. That will not only increase bonding, it also allows the plans to be transparent. If at a later date something unfortunate happens, either partner has full knowledge about investments. It is important to know where each penny went and how money was invested if one day the funds need to be pulled out.
Couples today need to go beyond joint home loan and FD account. These are just starting points to an enriching financial relationship. Couples that discuss and invest together forge bonds that even time cannot hope to break. So, do not build investment plans in silos. It is time to build a beautiful financial future together.