How Couples Can Work Towards Their Financial Goals

After getting married, every couple has certain financial goals to accomplish. When there are certain financial goals and two sources of income, then a pertinent question that crops up is how to accomplish all these financial goals? And, what should be their approach?

So, Outlook Money spoke to a few couples across India to know how they are accomplishing their financial goals.

Ralph Prakash and Babita Ralph

Residents of Navi Mumbai, Ralph Prakash, 46, a management professional and Babita Ralph, a teacher   by profession, tied the knot way back in 1999. The journey from acquiring their own home to purchasing   a luxurious car has not been an easy task. Ralph Prakash said, “After marriage, financially, it was a   struggling phase. Both my wife and I were working, but the salaries were not that great during that   period of our life. At one point, my wife’s earning was better as compared to mine, which was a relief as   we could save some sizeable amount from her income, which eventually came in handy when we   decided  to book our first home in 2005.” He went on to add that it took him two-job switch to reach a   stage where he could start affording some luxuries in life like a second home, bigger car and better   family holidays.

 However, with the arrival of their daughter, many more goals have been added, on which, Prakash said,   “Now, I have ensured that a proper financial planning is done and some systematic monthly saving by   way of SIPs are in place to meet future goals and needs.”

 On the other hand, Babita said, “ We have never gone by strict rules. I have never been dictated by my   husband, nor did he ever ask me to spend my money on any thing. My income is untouched and is   utilised only for key investments whenever my husband fell short of money.”This attitude of Babita stands in the face of an established misconception that earning wives in India enjoy lesser degree of freedom.

The couple have a joint account, however, all the bank savings are in Prakash’s name with Babita and his daughter as nominees. He has ensured that a term policy and family medical insurance are in place. Talking about financial funda that the couple has been adhering to Ralph broke into a statement: “Absolute mutual trust and transparency are the two fundas that let our every financial goal accomplished on time.” 

Deependra Tewari and Gurmeet Kour

Deependra Tewari, 39, is CTO of Qlicket India Pvt. Ltd. in Noida and his wife Gurmeet, 35, is a freelance digital marketing consultant. Tewari said that they have witnessed a constant growth ever since their marriage. The couple has to pay EMI’s, for which they have adopted a strategy. Tewari stated, “We both quarterly change our turns to payoff the EMIs.”

With Tewari managing the policy renewals and payment of premiums, Kour takes care of household expenses. Talking about their saving strategy Tewari said, “We have an extra account for saving apart from salary account.” Kour added, “We have equal responsibility to save and spend thus we enjoy equal degree of freedom to spend on ourselves without any restriction imposed on any one of us. Highlighting his viewpoint on saving Tewari commented, “Alike other young couples we could not save much but yes it would also be wrong to say that we are devoid of any saving.”

Hemant and Amruta Dhaktode

Hemant, 31 and Amruta Dhaktode, 30, both are IT professionals based in Pune. Amruta and Hemant are very smoothly managing their economic affairs at home, keeping in mind how to smartly save and invest money. Amruta said, “Both of us are earning and are sharing the load equally. We have EMIs to pay so we both share 50-50 load.” Talking about her saving plans Amruta said that she is more into saving and thus invests a chunk of their income into mutual funds and her husband’s invests more into bitcoins. She said, “The only objective is that we have to save 30-50% of our income.”

Amruta added that after taking care of everything, a part of her earning also goes for holiday plans.  But as a couple they don’t have any stipulated and defined boundaries. She says that they both have to take equal responsibility for financial things at their home. And they both enjoy immense freedom in terms of spending on their own.

Thus these three couples may have same financial goals in life and have very different approach towards accomplishing it. But one thing that all have in common is that every couple have ‘mutual trust and independence,’ main factors for their financial well being.