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Role Of Your Spouse In Your Personal Finance

Role of Your Spouse in Personal Finance

by Holistic Leave a Comment | Filed Under: Investments

In most of the Indian families, the personal finance is not managed by the couples together. It is only one person who manages the personal finance of the whole family. In most of the cases the male partners and in a few cases the female partners mange personal finance. Only very rarely both of the partners together manage their personal finance.

What would be the outcome in an organisation where the purchase department functions totally independent and without any understanding with the finance department? Purchase department may overspend; finance department will lose control; misunderstanding and conflicts between both the departments; the organization’s growth gets destroyed.

Similarly, if the personal finance is handled by only one partner, then there could be a lot of mismatch between you and your partner in saving and

spending pattern.This will lead to misunderstanding and marital stress. Instead of having independent saving and spending plan, having an interdependent plan will help you in managing your money effectively and achieving your financial goals.

You go out for dinner together. You go to the movie together. Why don’t you manage your personal finance together? This will build money compatibility for you and your spouse. Both of you can have a better relationship and understanding with each other.

Why it is so important?

You may wonder why personal finance should be managed by both of the partners. Here are some points to ponder over;

1) In case of Emergency

Suppose the partner,personal finance ,met with an accident and need to be hospitalized for one month or so, then how does the spouse will run the show?

During the accident, if the partner has missed his wallet which had all the credit card and debit cards then how does the spouse block those cards before it is misused? Where does she or he find that information?

In case of emergency, nothing will help except the practice of managing the personal finance together.

2) Real Workable Budget

When you alone prepare the budget for your family, then you can’t expect your spouse to spend according to the budget. If you prepare the budget along with your spouse, he or she will come forward to help you in saving more.

You just try this. Involve your spouse in budgeting and monitoring the spending. You will see the spending coming down day by day and both of you will start spending consciously.

3) Combined Financial Goals

It is better to identify the goals of your spouse as well as yours and check that is there any goal which is contradictory to the goal of your spouse. You may want to retire and settle in the same work city. But your spouse may want to settle in the native place. You may plan to buy a farm house to spend your leisure. But your spouse may be interested in spending her/his leisure at different places like hill stations and other tourism places. For this goal a time share slot with a resort provider may be suitable. So identifying and settling your difference of opinion regarding the financial goals at the blueprint level is much easier and cheaper, instead of doing it at the execution level.

Overcoming the barrier

There are some barriers or objections in involving their spouse in managing personal finance

How to overcome that?

1) No Time

My spouse is not having enough time to look at these things. ‘No time’ is a false excuse. If it is one of your priorities, then definitely it will somehow find its time. Only thing is you have not realized it as one of your priority. personal finance is definitely a priority item for each and every family because it is going to secure your future.

2) Not interested

My spouse is not interested in personal finance. Everyone is interested in their own future and their kid’s future. So logically everyone needs to be interested in personal finance. You need to motivate them and make them understand, how this personal finance management is important in achieving their life goals.

3) Doesn’t know

My spouse doesn’t know about personal finance. No one has born in this world with the skills of money management. We all learned it here. So why don’t you educate him/her on personal finance. Money management is an important life skill. Everyone should know. You want your kids to manage the money better and wiser. Why don’t we educate our spouse first?

Overcoming the barriers in getting your spouse involved in personal finance management and getting them involved will be a life transforming exercise. Don’t miss it. Together you will be able to achieve your life goals easier and sooner.

To achieve your life goals easier and sooner, it is very essential to have a well developed financial plan. If you are looking out for creating this precious financial plan, then you can take advantage of

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Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

Google Reviews

Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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