For any couple, getting married is a sign of commitment and that means they have to embrace an honest and transparent marriage. Finances form an important part of life for couples in Pakistan and getting it right is the best way to a successful marriage. So, to keep on top of your finances follow the tips below to tighten up your money management and you will soon be on your way to married bliss.
If You are Both Working How Can you Manage Your Finances?
It is important that couples discuss their finances openly because it is crucial that both of you are aware of what each other earns to have a mutual understanding of your overall earning limits. This makes it possible for you to plan your finances for the future.
The future can hold so much such as education, buying a car, home acceries, purchasing a home or even going on the trip of a lifetime but discussing your aims for the future is crucial to planning your finances and saving. However, you should have a budget for what you earn and how you spend it. Keeping track of your finances can help you to micro-manage your money so you know exactly what you are spending and what you are both saving.
Many will wonder whether they should have joint accounts or separate accounts but in all honesty, it does not do any harm to have both. You can choose to use a joint bank account for bills and any other joint expenses while a separate account can be used for your own purchases.
Your finances are important to you both and should one pass away (God forbid), it is vital that the other person is financially protected through the use of life insurance and health insurance. In contrast to this, who knows what is around the corner when it comes to emergencies. An expensive car repair or severe repairs to home after damage can require you to spend out, so make sure you both have enough money to cover the cost of emergency repairs.
Managing Money when One of You is at Work?
If in case, when only one of you are earning then you will be the one contributing to the finances of the marriage but that means that the other can help to manage the budget.
If one of you is out of work and not earning then you need to make sure that you have life insurance in place. This will offer a level of protection should the one who is earning become ill or pass away. Insurance will help to secure you financially, enabling you to continue to live and pay your bills.
Managing the outgoings for household bills is especially important if only one is earning and so, opening a joint account is the ideal way of keeping track of your household expenses. As always, planning for an emergency is key, especially if you are the only earner and so, saving money using saving schemes for an emergency can help you to cope financially.
If You are a Couple Going into Business How Can You Manage Finances?
Running a business together is all about understanding what you both want to achieve. Most of the young professionals and couples start their own business. It is crucial for you to determine your personal and financial goals and understand how much you are both going to be paid.
It will be more beneficial to you both if you have separate bank accounts but offer joint allocation. This will enable you both to monitor any investments that are made as well as expenditures. To further protect each other and the business, opting for separate life insurance plans will ensure that your spouse can continue to run the business. Finally, having money in an account for an emergency is vital but there has to be more in there than a normal account to cover additional expenses such as unpaid invoices.
Managing your finances as a couple is a great way to keep on top of your incomings and outgoings. This will make sure that you are both working towards agreed goals and it enables you both to lead a life that is organised extremely well financially. Mawazna.com provides you a number of digital tools through its comparison platform that can help you to save your valuable money and time.
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