Hello Readers!
We are in valentine's week, a week that people dedicate to the one whom they admire and care for. The whole week, couples give gifts to each other and show their love towards each other.
If we talk about Indian families, we are too emotional and show a lot of care to each of the family members. Whatever we think and whatever we do, we make sure that the decision is in the favor of everyone. Even when it comes to finances and money matters, we tend to act in the best interest of the family, dutifully and rightfully so.
Yes, what today’s norm is, couples handling their household finances jointly, today they are not only confined to the concept of sharing a beautiful life together, but they are all set to ensure their and their loved one’s financial well-being, jointly.
What Happens When Couple Plan Finances Jointly?
Handling the household finances jointly has much more advantages and interesting is, it hardly has any disadvantages. Planning finances in this way help couples dream big and achieve important milestones individually and collectively. Finances planned in this way let couples balance short-term gratification with long-term imperatives.
Combining and sharing financial sources and responsibilities hold a lot of advantages like:
- Makes shared financial goals easier to manage.
- Encourages couples to streamline efforts and work as a team.
- Couples can utilize one partner’s income to run the household, while the partner spends his/her income towards saving and investments.
Advantages Of Financial Collaboration Between Couples!
Best Way to Get Rid Of Debt!
Expensive loans are what hits the family goals hard, but as a couple, you can save your family's goals from this devil debt. As a couple, make debt clearance as your priority, or you can also refinance under a single loan, make it easy and pay your debt as a goal.
Increase Standard Of Living!
When couples handle the household expenses jointly, they end up saving big, which obviously they can use to upgrade their and their family lifestyle. They can send their children to a good school; they can get their elder family member treated in the best hospital and many more.
Healthcare Benefits!
Instead of availing of separate health insurance plans, couples can ensure their toddler's and elder members' health protection within a single-family floater plan. These policies are specially designed for the nuclear family and are cost-effective. This policy is much useful to insure parents who are finding it difficult to get coverage individually due to advancing in age.
Planning Retirement Goal Together!
Planning retirement corpus jointly has the biggest advantage, that you reach it faster. And the second advantage, in any case, if the other partner's employment is hampered unexpectedly for the short-term, is that the scene goal can be realigned on the basis of the other partner’s income.
Make A Roadmap!
There are a lot of advantages that suggest a couple that should handle their household finances jointly, so what are you waiting for? It's valentine's week, the best time to create a joint household finance account with your couple. Create a roadmap today! Figure out all your short-term, mid-term, and long-term goals. List them all in one place, share them with your partner and act on it.
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Happy Investing!
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).