Along With Pyaar Ke Vaade, 7 Financial Promises Couples Need To Make On Promise Day!
Take notes, peeps!
There are people who say that when it comes to love, money doesn’t matter. And they are the most naive people on this planet. Because as much as Justin Bieber sings, “As long as you love me, we could be starving, we could be homeless, we could be broke”, please understand that no broke couple is ever happy. Most fights take place between couples because of money matters. Having said that, I am not asking you all to be gold diggers either. Being on the same page as your partner in matters of money and financial planning has become more important these days because mehengaai dekh rahe ho? So, this Promise Day, promise your babu and shona to love them forever as much as you like but make these five financial promises as well for a secure future.
Each couple must have three bank accounts
What I mean by this is both partners have their individual bank accounts, which means there’s one for each, and there should be a joint account, too. Now, personal accounts are for personal expenses only, and joint account is for homely expenses like grocery bills, electricity, etc etc. Funds from these accounts should not be used for purposes other than what they are meant for.
Sign up for life insurance
The pandemic already taught a lesson on how life is unpredictable. So, in order to ensure that your family does not have to suffer should anything happen to you, it is always a great idea to have life insurance.
Savings for children
If you are a couple who is clear that you don’t want kids, then you can skip this part. But if you are keen on family planning, it is also important to plan your finances. Because raising a child is not as easy or cheap these days. So, start saving for the baby in Fixed Deposits before they are born.
Retirement funds
You have to think of your retirement as well. Look up the National Pension Scheme and invest in it for a comfortable retired life.
Emergency Funds
Emergency funds are for the time you hit a rough patch in life. For instance, if you lose your job, you must have a set amount in a bank so that you don’t feel a cash crunch. These finds are apart from your investments.
Don’t take up loans on a whim
Knowing your and your partner’s net worth is very important. Taking unnecessary loans will dent a hole in your pocket, making it very difficult to make ends meet.
Also read: This Raksha Bandhan, Give Your Siblings A Financial Gift For A Better Future
Be honest with your partner
Honesty is the best policy. Be transparent with each other in terms of many matters because if you lie or hide things pertaining to money, it will lead to trust issues which will hamper your relationship. Maintain a book or a digital application for your income and expenses to understand where you need to stop spending more. Come clean to your partner about your pending debts and how will that impact your joint expenses. Be helpful to each other instead of taunting because kalesh in money matters tend to taint the relationship.
So, these seven promises are what you need to make to your partner this Promise Day, and I promise you, future mein paisa hi paisa hoga!
