Today, the household structure is undergoing a change in India. More and more women are joining the corporate ladder and their lives are not restricted to the kitchen alone. When both husband and wife are working, there is hardly any time to take care of their finances. Most double-income couples, rush in making haphazard tax-saving investments during the end of every financial year. In turn, this leads to unnecessary accumulation of junk insurance policies and idle investments. Even freewheeling singles find it difficult to plan and start investments. The pain is doubled when you are a couple, because, you may place different values on different things. For example, the husband might want to buy a car whereas the wife might want an expensive holiday.

Here are few tips to help such double-income families go for better financial planning.


Share the responsibilities

Generally, in a relationship, one person will be well organised, and the other person will be someone who packs the bag just one hour before the flight. In such a case, it is important for the organised person to take responsibility and start planning for the future. However, both husband and wife should definitely be active participants in the process.


Communicate with each other

It is important for a couple to communicate their aspirations and concerns. This will aid in forming financial goals as a family. It’s necessary to decide as a team, what you do/don’t mind spending money on, the kinds of things you want to save for, and how much money you envision spending on big purchases down the road.

When it comes to money management, the difference of opinions is very common. They may arise from your money values or even your upbringing. Many of us are heavily influenced by how your parents spent and saved money. It’s important to enter into discussions with an open mind. What works for one person might not work for another. Finding common ground and working towards it is the key.  Whenever both of the husband and the wife have different values, they need to discuss them in detail.


Consult a professional

Consulting a financial planner would give clarity and direction towards investments. When there is a goal to achieve, people are likely to be motivated and stay consistent to achieve it. A financial planner can not only help you with investments but also with risk management. Creating an emergency reserve and assessing your insurance needs is a crucial part of financial planning.



Reviewing and monitoring should also be done at regular intervals as financial goals and responsibilities often change. The practice of communicating with each other about short and long-term goals will help you stick to each other’s financial objectives.


Lastly, being consistent and working diligently towards the goals would reap you the benefits.

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