Money management for Couples after marriage
Best answer ever by an intelligent lady :
We just completed 15 years of marriage. Both of us were working (in different organizations that is) when we met and decided to get married
We are both IT professionals working with IT MNC product companies in Bangalore. When one of us gets promoted at work, he earns more than the other and the other then, the other catches up
We knew each other for years before marriage and this is what works for us
Of the salary I get, I keep an amount of 25–30k for my “personal” expenses each month. I owe no explanations to him, on how I spend this money (which includes buying gifts for him, family, relatives) and neither does he care. The rest is invested in FDs in joint names (Either of survivor mode). The FDs are made at the beginning of the month
We run the home expenses (including paying my credit card bills, he tanks up my car every weekend) from my husband’s salary. He takes pride in it and I let him enjoy it. I know nothing about how much money of his salary he treats as his “personal” money. He gets a fixed, small, non-negotiable allowance (out of his own salary) each month to dabble in his passion for mutual funds
All money of his salary that remains unspent at the end of the month is invested FDs in joint names (Either of survivor mode) again. We are financially well aware, we know FD returns are “relatively” low and taxable, but the peace of mind FDs offer is critical to our family peace and happiness
Both our salary accounts are in joint names and we know each others’ credentials. Each of these accounts holds sufficient emergency funds. One is registered as a payee in the other’s account to facilitate easy money transfer
We are a debt-free family. All our homes and cars have been bought of this FD pool. Our vacations are funded by a portion of the interest we earn of these FDs
Our basics are in excellent shape and all details of our financial investments (and associated login credentials) are in a password protected XLS stored on the cloud. The husband owns the responsibility of keeping it up to date
We rarely discuss money among us and life is good
This post is a gem, save this post and feel free to transfer this post to any newly married couple. Money is the prime cause of quarrels, so, be careful.
