Tips for Married Couples to Manage & Handle Their Finances

Tips for Couples on Finance Management After Marriage

FAQs on Tips for Married Couples to Manage Their Finances

How should finances be managed in a marriage?

Communication and trust in marriage depend on how open you are about finances. You can use separate accounts, a joint account, or a combination of the two to handle your finances. Separate accounts reduce conflict but require more preparation. On the other hand, joint accounts build more trust but have a limited scope of independence for you as an individual.

Can improper financial management be a cause behind divorce?

In many cases, mismanagement or dishonesty about finance can trigger conflict or even end in divorce. But it does not necessarily always have to be true. Honest and regular communication is advised for married couples to avoid such situations. In addition, it is essential that your wealth is well managed and utilised for the well-being of you both.

Are joint loans a better option for married couples?

Yes, applying for a joint loan can be helpful for multiple reasons. For instance, if both are working, then you can both apply for a tax benefit under Section 80C and Section 24D. On the other hand, you can get a lower interest rate as many lenders offer a lower rate to women as the primary borrower.