In February, people across the world get caught up in Valentine's Day theatrics. To some, it's a day to express their love, and they look forward to it. In others, it also evokes a lot of angst.
This got me thinking about love and money, and so, I approached a bunch of people with one openended query: "Can you share a perspective on finances in a marriage?" They included a widow, a divorcee, newly-wed, married for decades, no children, with children, an inter-faith couple, some where the husband was the sole bread winner, and some where both were employed.
There were three responses that startled me. The source of the friction did not come due to the spending or saving habits of each partner, but from outside influences.
"If any gift of a considerable monetary value is given, especially by close relatives, the couple must ensure that there are no strings attached as to how it is used; the couple needs to have full freedom to decide how to deploy those funds," said Nitya. "In-laws and others should never be involved in a couple's financial issues," she added.
Clearly, I had touched a raw nerve. Abraham had a similar view. "Marriage is a partnership, and the severance of the umbilical cord is necessary. Financial support for parents is an obligation and a value we cherish, but that doesn't mean that parents have complete control over their child's finances and make demands."
Laila emphasised: "It is important that in-laws on either side are not clued into detailed financial issues of the couple. I always made my spouse aware that I have to help my parents, and I never gave any money without his knowledge. If there was any disagreement, we thrashed it out before making the final decision. We never involved parents in this discussion."
Bu hikaye Outlook Money dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Outlook Money dergisinin March 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.