Marriages are made in heaven, but its success depends on the people living on earth. There have been numerous instances where one has seen financial matters acting as a cord of discomfort among the couples. Being morally compatible is not the only thing that should be checked before tying the knot; one should also check the financial compatibility.People nowadays have started inquiring of financial matters as well, which on first instance look a little awkward but is very necessary in long run. If you are planning to marry soon, here are some things you should check about the finances of your fiance, before taking the call.
1. Financially disciplined:
The first and foremost thing to look for in your fiance is the discipline of finances. She/he should be disciplined in spending. Heavy spending will be a deterrent to the savings of the person. In such cases, an individual can land himself into debt related issues sooner or later. Understand your partner interest in designer brands, hobbies and attending clubs etc. This can be an expensive way of living a life if done on a regular basis. It is not advised that you shun the pleasures completely, but it should be on the basis of your inflows. Another thing should be the stinginess of any person; this will also land you in trouble in making decisions that involve money. A balance is therefore required.
2. Debt Problem:
Debt problems can restrict the flow of money for other expenses. These expenses may be household or some other pressing needs. The creditworthiness of the person who has a debt problem is also low. Ideally, capacity to pay debt should also be considered. If the portion of debt is higher, then the repayment capacity is hampered. Further, debt is also difficult to get. You can check it from your partner by looking at his or her payment habit. Check whether he is freely using a credit card for each and every transaction and also how many credit cards he owns. These things may not be easy to find out before the marriage, though.
3. Source of Income:
This is the most significant factor among all and is also usually enquired by the parents of the fiancé. This is to get an idea of how easily a person will be able to meet his expenses based on the current scenario. Stability in the job is the basic criteria that parents of the bride or groom look in the person. In case of business, it is usually checked how good the business is in the current scenario, whether it is a family run business and the magnitude of the business. Apart from this, additional sources of income are also important sometimes. If the partner is not working, ask him/her about the priorities after the marriage and if he/she is willing to work?
4. Size of Family:
In current inflationary scenario, family size matters a lot. A large family will have large expenses. Household, medical, and educational expenses can be higher. In such cases, an idea from your future partner will help you allocate the budget or set the plan accordingly. The budget can be segregated based on the needs, but this is done when you have prior knowledge of the same. It is difficult to mitigate certain expenses all of a sudden, if you had not accounted for them previously.
5. Financial Backing:
A financial backing like any asset or property is always welcome. However, many a time you have to start life from scratch, but if you have some money or assets, it makes life smooth. Before marriage, try and save certain money for after marriage needs and expenses, you can ask your fiance also to save money for post marriage needs separately; in that way, you will have a corpus to run life more smartly.
Openness in financial matters always avoids tussles post marriage. The things that are relevant to be shared must be shared so that contingencies are met with a brave face. A non-disclosure from your side or your fiance side will only add insult to injury. Hence, better be prepared before marriage.
This Article is written by CMA Samir Biswal. He can be reached at cmasamirbiswal@gmail.com
sources: Business Standard.
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