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Is your husband handling your money for you?
Rakshanda, 30, a marketing executive and a MoneyQuin follower is not quite her jovial self these days. She comes online every other day to complain of how she's not in control of her money anymore. Her husband has decided to invest her income without even seeking her approval at times. This has led to incidents when she had badly wanted to buy something and has not had enough cash.
Rakshanda has been working for the past six years taking all her financial decisions. She would consult her parents about investments and other money related matters now and then, but was rarely controlled by them.
And she is just eight months into her marriage and her husband prefers to take control of all money decisions at home. Though she has expressed her desire to be involved in financial decisions, she agrees that she's not been aggressive enough in doing so fearing to hurt her husband.
However, after knowing a bit more about her case, MoneyQuin felt this is happening because the couple is yet to get into the 'I'm married' frame of mind. Each has to realise that they can't afford to go their own different ways now. It has to be 'joint' in many cases.
So, for all her complaints, here's what MoneyQuin would tell Rakshanda:
MoneyQuin -- Women's Money Universe -- is a web platform helping women to succeed at workplaces and take smart spending and investment decisions. Become an MQ follower and know the trends. Also, there are some hot tips and insights from experts on lifestyle, career and investment.
1) Talk, Talk, Talk
Your parents are right. You must talk to your husband with a positive frame of mind. He probably is taking financial decisions because he thinks he can decide better.
Everyone thinks so unless the other person proves him wrong with rational evidence. You just have to help him understand there could be a middle path.
2) Identify your needs
Make a flow chart of your income and expenses. Then sit with your on a weekend and persuade him to work out math on the income of both partners.
Figure out daily and monthly expenses. He has to understand how it helps if both of you work together towards achieving bigger goals like owning a home or an additional car and may be an expensive holiday.
3) Set your financial goals
Goals are important. It forces you to save. It brings financial discipline and prepares you for a rainy day. Chalk out insurance plans you may need, investment strategy, goals of owning a home or setting up a charity trust and set a deadline for that.
Chart out how much you can save for these goals. You need not excessively squeeze your present for future expectations. Done that for yourself, put it through to your husband. You may suggest him to do the same and both can then see how you can work towards it together.
4) No more your money, my money
Remember after marriage, neither can behave like single. Marriage curbs your independence partially. It does the same with your financial decision. Yours is a joint future, irrespective of who earns how much.
5) Managing expenses
Have a joint account to take care of household expenses, where each partner would automatically transfer a fixed amount each month. Try and have a joint debit and credit card as well. Both of you should have separate account too so as to retain some financial independence.
6) Spending habits
You may have to change your spending habits. Your money is not just your money anymore. It's not that you can be spending all your money on your apparel and cosmetics, while expecting your partner to only pay for bills.
7) Align your interests
This is the key thing: Both of you must align your interests, understand each other's orientation and needs.
8) Look for a middle path
Negotiate and look for a middle path, where you can earn well, spend wisely, and invest smart.