Tips To Consider Before Merging Finances

By SiliconIndia   |   Thursday, October 27, 2011
Print Email
Bangalore: Finance is one of most important element to be looked into before you tie the know with your partner.

One fine day if things go wrong, money could be the reason for a conflict.
It is always good to talk about your finances and make things clear with your spouse

* Open Discussion

Along with all the other marriage plans, add the finance too in the list. Sit down and talk about each others' financial priorities. Talk about your investments, debts (if any), your earlier financial mistakes and other related plans. It might a little difficult to express as you might consider to keep them private but its always good to get things cleared to avoid issues later on. You might want to travel a lot and use up your savings for it, but your partner would want to invest the same elsewhere. The main purpose of having such a discussion is to prioritize your plans and also know how financially equipped you are.

* Separate Account

A few of us after marriage tend to have joint accounts with partner so that all the money is one place. The only draw here is once you see the low balance, you do not realize where the amount was spent and might later create conflicts between your partner. Its always good to keep things separate; you get to manage your savings separately. Towards the end of the month you can sit back and jot down the expenses and thus plan accordingly.

A few things to look into-
* A joint account for household expenses like rent, utilities, groceries and other miscellaneous expenses.
* A joint account for common goals (vacations,gifts etc.)

* Financial Counselor

For any finance related issues, you can always approach a reputed financial advisor. If you are confused with how to go about merging your finances, seek their advice. Financial counselors will provide you with information and help you organize your finances in the right manner. This will give you a rough idea on planning your next move.

* Clear loans/bills

Now that you know where the money has gone, spend less on your credit. Make an individual plan keeping the credit cards aside. Clear off all the bills and debts before the wedding, as post wedding you would have another set of plans.

Write your comment now
 
Looking For Loan? Let us Help you !!!
Product
Name
City
Phone
Email
Loan Amount
Annual Income
Preferred banks
Type the characters you see in the picture
 
Sign Up for DailyDose and Read the Day's Highlights
Email:
SiliconIndia About Us   |   Contact Us   |   Help   |   Community rules   |   Advertise with us   |   Sitemap   |  
News:       Technology   |   Enterprise   |   Gadgets   |   Startups   |   Finance   |   Business   |   Career   |   Magazine  |   Newsletter   |   News archive  
Cities:        CEO   |     Startup   |   Mobile   |   CIO   |   Women   |   BI   |   HR   |   SME   |   Cloud   |   Marketing   |   QA   |   Java   |   Web Developer  
Community:      Members   |   Blogs   |   Indian Entrepreneurs   |   Gyan   |   Advice   |   Community   |   Find   |   Events   |   CXO Insights  
Job Board:      Jobs   |   Freshers   |   Companies   |   HR Speak   |   Forum  
Online Courses:   Web Developer   |   Java Developer   |   CCNA Training   |   SEO   |   SAS   |   SQL Server 2005   |   J2EE
Education:   MBA   |   MCA   |   Engineering   |   Training Institute
Life:          Real Estate   |   Travel   |   Finance   |   Gadgets   |   Movie Reviews   |    Jokes  
Send your feedback and help us continue to improve SiliconIndia
© 2014 InfoConnect Web Technologies India Pvt Ltd. all rights reserved