“The more you invest in a marriage, the more valuable it becomes”, this is what “The Queen of Christian Pop”, Amy Grant, has to say about the institution of marriage. Marriage is a wonderful, tried and tested institution that is based on understanding, respect and trust. When two people become a single entity their future is tied with each other. When they exchange vows and say ‘I do’ to each other, it is not merely a formality. It is also a conformation that they accept each other with all their strengths and weaknesses. The two words mean that they will love and care for each other and they will also forgive each other if either of the two make mistakes. Being humans, we are quite liable to mistakes and faults and in matrimony; you are bound to go through the bumpy routes at some point or another. What will see you through is the love and care of your spouse.
A bride and groom are responsible for each other after they decide to become man and wife. Both are equally liable for the success of their marriage which was not the case in past. It was a common notion in the society that the bride is the responsibility of the groom and he is the one who is responsible for her financial well-being. Well, times have changed a lot and today the liberation of a woman is as celebrated and cherished as that of a man. But when it comes to money, many women make the mistake of relying on their better half which is neither prudent nor justified. Whether you are working or a housewife (which is quite rare); you have to set the financial equation straight with your spouse. If you don’t, you will be the only who will have to share the blame in case of divorce or widowhood. So, when you enter in a matrimonial alliance, make sure you avoid these money mistakes new brides make.
1. Not initiating the topic with your partner.
Many brides don’t consider financial planning as something that needs attention and therefore, never broach the topic with their husband. This is no less than a blunder. Don’t think that it is in anyway a question mark on the integrity of your relationship. Many husbands are hesitant to talk about the subject which is very natural. So, you have to take charge and discuss everything with your better half.
2. Spending without saving.
After marriage, most of the brides fall into the habit of overspending. Since the husband also indulges the wife, new brides tend to exceed their limits. Well, it is in your interest to control your expenditure. We are not saying you must not enjoy your life with your spouse but keeping a tab on the expenses always works in your favor. Also, make sure you save. Of course, it won’t be much but whatever it is, it will motivate you to keep saving and you can also avoid over-expenditure.
3. Taking your man’s earning as the sole basis for future planning.
Many women think that their personal income is meant for only expenses and small savings. They think that it is the duty of their husband to allocate money out of their earning to invest in various plans, such as insurance policies, etc. You must keep in mind that your husband has also got a personal life. He must be having installments to pay. So, don’t burden him unnecessarily. Give your share and plan everything together.
4. Not guiding your husband if he has lousy spending habits
Many women think that they should not interfere with the spending habits of their better half. They fear that if they do so, they might get branded as “control freaks”. Well, it is important to remember that when you are living together as husband and wife, the habits of each other impact you in a major way. If you feel that your husband is overspending and your joint account is getting depleted at a fast rate, you must discuss this issue with him. Being the homemaker and the wife, it is your duty to guide him in the right direction.
5. Relying on him for your financial planning.
Many women take financial planning very lightly. They are either afraid of making the decisions or they are not very enthusiastic when it comes to investment plans. Thus, most of them give the charge to their husband without realizing that it is not a good thing to do. Granted, your husband will not resort to any unethical practice but if you do not do it all yourself, you will never learn. And in case, you are divorced or widowed, you will be in for trouble because then you won’t have your reliable ‘knight-in-shining-armor’ by your side to guide you.
6. Neglecting future planning and retirement plans.
When you are young and in love, the future seems like a distant thing. Most couples are so lost in each other that they forget they have to plan for their children and all the ensuing responsibilities. Being the homemaker and the wife, it is your responsibility to guide your husband in the right direction if he is not giving retirement and future planning the attention they deserve.
7. Relegating the financial planning solely to the joint accounts.
Many new brides think that being in a matrimonial alliance means saying goodbye to one’s personal savings account and other investment plans. They pool all their savings into the joint account. Well, joint account is a good option and must be resorted to if you are a husband and wife. It has got its own merits but it is certainly not wise to keep all your savings in this very account. You must keep aside money in your personal account and invest them accordingly.
Financial planning is an important part of life and it cannot be avoided just because you have married. Man has been the breadwinner of the family since time immemorial but situations have changed a lot. Most of the women are earning these days and have money in their hands which makes them responsible for its management. You do that until you are married. So, why does this happen that once you get married, financial planning takes backseat? This shouldn’t be the case.
Marriage is not a guarantee that your husband will be there forever with you. Of course you don’t enter into a marriage with the fear of divorce or the unfortunate prospect of widowhood, but these cannot be entirely discarded. You have to be mindful of their consequences because there have been cases when women didn’t take these factors in mind and left all their financial planning in limbo which affected them adversely.
One would have understood this financial negligence or fear if a woman were uneducated or economically dependent. These days you will rarely find such a woman. Even if she is a housewife, she has a share in the household income and hence, you cannot say that she has nothing to save and invest. The earlier one starts, the better are the prospects of the future. So, avoid the money mistakes new brides make and get started with your planning. Do take the help and guidance of your husband because it will make him feel good and also lead you in the right direction. We have already said that a marriage is based on understanding, trust and respect. Finances impact these three pillars to a great degree. Hence, make sure that you do not stumble when it comes to money matters. Develop good habits and invest wisely to keep your marriage in good shape.