Newly Married Women-financial Tips

Discussion in 'Money Matters' started by salad, Sep 18, 2017.

  1. salad

    salad Gold IL'ite

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    Hi All,

    » 8 Financial Tips for Newly Married Women

    Above is an article I found helping. I do not agree with each and every point in this article but I think everyone woman should be aware of all these points. Even though we woman do work hard and earn salary, many times it happen that we don’t deal with the money. We have to hand over our salary to either parents/husband or in laws! Sometimes when we are in emergency we have to ask them, then we see the real colors!

    “Financial security reduces your stress and allows you to be more patient with your family” I find this point is valid. Everyone is looking for security and financial security is highly important.

    In many posts I saw we realize our financial situation when we reach at divorce level else some other emergency situation. It is always good to be financially independent. At least aware of the financial situation at home. I find it is always good to keep salary account separate from family joint account.

    How much should you save every month?
    According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for flexible spending (trips and outings), and at least 20 percent for savings. (Credit for the 50/30/20 rule goes to Senator Elizabeth Warren, who reportedly used to teach it when she was a bankruptcy professor.)


    https://www.moneyunder30.com/percentage-of-income-should-you-save
     
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  2. salad

    salad Gold IL'ite

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    Source and Thanks to - » 8 Financial Tips for Newly Married Women

    1. Know Your Finances

    Until women’s liberation came along, men usually handled family finances and wives knew next to nothing about their financial status. Divorce or the husband’s death could leave women with a mountain of paper and not a clue as to where they should start. Modern women tend to be more involved, often maintaining responsibility for paying monthly bills. But it’s also vital to understand all other aspects of your monetary health. Schedule a financial date with your husband at least once a month to review bills, investments, retirement accounts and your budget. The highly respected Mint.com is an easy way to manage your money with a constantly updated record of your family finances. PNC.com isn’t as easy to use but it provides both private and business online money-management systems.

    2. Educate Yourself
    The more you know about finances and the investment process, the more confidant you’ll feel dealing with personal finance issues. You can learn more via online research, the multitude of books on the topic or community courses. Cooperative Extension offers an excellent program in many counties specific to women. The Women’s Institute for Financial Education (WIFE.com) also is an excellent resource with easy to understand information. You also might consider joining a women’s investment group. The more you know, the better decisions you can make.

    3. Be Selfish
    It may sound like an oxymoron, but being selfish about your personal finances can actually help you enhance the lives of others. Financial security reduces your stress and allows you to be more patient with your family, more financially charitable and more productive at work.

    4. Establish a Personal Cash Cushion
    Bank three-months worth of expenses as a cushion should your family face an emergency such as a health emergency, unemployment or other unexpected expense.

    5. Pad Retirement Accounts
    Financial advisers always recommend beginning a retirement account the day you begin working. In reality, it’s often not possible or feasible to think that far ahead. Still, it’s vitally important women begin retirement accounts as early as possible because they’re more likely than men to enter and leave the workforce while raising children. Women also live longer than men, so will have to draw on these accounts longer. After you hit 50, remember to take advantage of the increased amount of money you’re permitted to contribute to your 401k. Contributing the maximum amount allowable ensures you have a comfortable nest egg.

    6. Don’t Over-Spend On Others
    Too often, women get into trouble not when they spend on themselves, but when they over-indulge their children. The proliferation of electronic gadgets and increased cost in trendy clothes can set you back financially. Learn to say no and stick to it. If children absolutely must have the latest phone, use this as a carrot to teach them to become financially intelligent, rather than leading them to think money grows on trees.

    7. Build an Independent Credit Rating
    Your credit rating begins the first time you establish a credit account, be it a student loan, credit card, utility payments or what have you. Follow standard guidelines to maintain a high credit rating before and after marriage. It’s not enough to just have joint credit accounts with a spouse. Make sure you annually ask for and examine a free copy of your credit report from AnnualCreditReport.com. (This is the ONLY website authorized by the U.S. government to fill orders for the free annual credit report you are entitled to under law.)

    8. Establish Your Own Accounts
    Many couples share joint accounts to pay household bills – and that’s fine if your spouse is financially responsible. Having a separate savings or checking account gives you a heightened degree of financial autonomy and helps you become better at saving and budgeting. If your hubby has poor credit, however, experts suggest you maintain a financial wall to avoid his lousy habits from impacting your credit rating. CNN.Money offers excellent advice on how to “keep your credit pristine and your partner’s past from undermining you both.”
     
  3. prreeya

    prreeya Silver IL'ite

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    yes girls i think we need to promote this more. I wish i could have such kind of information at the time of my wedding.
    After working so hard for so long years i hardly have own savings and investments.
    Always participate in it, manytimes family member or DH tells this is financial thing we will sort it out.
    Girls should always keep their income aside for them and let DH spend his money for household and kids.
     
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  4. Rihana

    Rihana Moderator Staff Member IL Hall of Fame

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    This one stood out from the list, thanks to its provocative title. It is actually very true. Being financially secure, being financially aware, makes a person a better spouse, parent, colleague, employee, friend. Leads to less stress overall for the person and others.

    In the Indian context, this "be selfish" should be done a little tactfully -- without saying things like, "Honey, believe me, I am asking you all these details and want to know about our accounts, I know this is being selfish, but believe me, it makes a better person and a better spouse."
     
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  5. Rihana

    Rihana Moderator Staff Member IL Hall of Fame

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    While the intention is good, doing this can harm in the long run and can be a weak point when discussing essential matters. Aim for both being equal contributors overall -- each contributing money based on income, contributing to the household and family responsibilities based on ability, temperament, and gender.
     
  6. poovai

    poovai Platinum IL'ite

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    I grow up in an era, men lead and his woman followed him. It was a blind faith, trusting someone to take care of you, rest of your life. It would be nice to live a life without any financial burden of making the payment, buying expensive things with a nod of approval, enjoying someone to carry things for you / drive you around / 'showing you' as his proud possession. In my days, working / making equal money didn't change much in our life.

    Even my mom commented that my DH is controlling me and it may look like that from outside. The reality is, I am the planner and he simply runs the show, as if it was his decision. This is more powerful than 'keeping yourself in upbeat vigilant' in nature. The two of you will be sharing everything, you will become one soul/mind eventually.

    Trust and loyalty are most important in the marriage, everything else will be built on trust.

    Good point - get involved in your financial information: know your investments, where the money goes, how much is spent vs saved etc. You should control 'it' is my view. Enjoy the life you worked so hard to built it rather than nitpick to manage it daily.

    my 2cents.
     
    Last edited: Sep 19, 2017
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  7. salad

    salad Gold IL'ite

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    I agree. That is the main reason of starting this thread!

    After going through many posts I felt the same. When we get married we go through so many changes, new people new house , new life style sometimes new job! between we don't know where to start and what to ask!

    I think if we know how to manage our salary and when someone asks to hand over the salary. If we are able to say "I can manage my salary" That itself is a great step!
     
  8. prreeya

    prreeya Silver IL'ite

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    Yes it is ..but when you are married to one whom you think is perfect you feel like nothing is separate or different.
    And you go with flow whatever is there is ours but one day comes in life where we get to know we are so dependent.
     
  9. salad

    salad Gold IL'ite

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    I wish such era exists even now! especially the last point "'showing you' as his proud possession".
     
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  10. salad

    salad Gold IL'ite

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    True we have to get the information but they should not feel questioning!
     

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