Financial Tips For Newly Married Women
Finally the day is here when you are getting into the institution of marriage and ready to spend your life with someone you truly love and respect (at least I hope you do). But what happens after marriage? How do you sustain your lifestyle and expenses the same way you did before marriage? Statistics show that the system of joint families is decreasing and nuclear families are emerging. The divorce rate is also going higher day by day and financial stability for women is becoming a concern. Financial independence isn't only about money, its also about making women feel empowered and confident, research shows that women who are financially independent are also much more confident than the ones who aren't earning or financially independent.The fact that divorce rates are going higher and single parents are increasing, mothers have a responsibility towards their children too. To sustain a life where you don't have to look at your partner or family for support, you need to be conscious and aware of where you are spending?
- Know your finances
Be very clear and specific about who owns how much in debt and to whom. A lot of times you end up in a marriage where your partner is in debt, be it credit card bills, mortgage, personal loans, etc. It is important to have a clear idea so you can be prepared and both your expenses and savings could be managed accordingly.
- Communicate Well
It is important for couples to communicate well with their partner, ensure you know about his finances, credit limit, previous existing debts. Its important to build that sort of trust, its a lifelong commitment that both of you are entering into, to communicate honesty is important and this builds up trust too, so that your relationship also doesn’t suffer.
- Be informed
Read as much as you can about your finances, any knowledge that you can get, research, ask, inform yourself about investment options, where and how you should invest your money.
- Have retirement account
Financial adviser suggests as soon as you start earning you should start putting funds for your retirement account too. Know your expenses and calculate how much will you require at the age of your retirement having rate of inflation in your mind as well. Ideally 10-15% of your current income is suggested to start with your retirement savings
- Have an emergency fund
Your emergency fund should have your 6 months of expenses saved, if anything is to happen to your funds and a crisis occur, eg, you lose your job, your partner loses job, any urgent requirement in family, etc. a minimum of 6 months of personal expenses should be saved in your account. This again should be maintained as soon as one starts earning. It is critical for every woman to be aware about the money coming and going out of their life. Maintaining a journal could be also a good idea to keep a tab of your expenses. Once you start following these habits, it soon becomes a part of your life and spending and savings start making sense.