Marital Financial Inclusion - How to Plan Jointly

The idea of financial planning and economic strategizing is a very important one and generally, across the globe, people broadly divide it into pre and post marital segment. Planning, saving and budgeting is something that is expected in different prisms for single people and married persons. This may partly be true as well, given that after marriage, the factor of joint planning comes into play, even though this may be true for unmarried couples as well. Marital bliss is one of the most important milestones in life and involves emotional, social and mental inclusion of a very high order. However, the importance of this unison must not be allowed to get diminished when it comes to the financial part of it. After all, financial security of a couple and their future family is of paramount importance!

There has been a general shift across the societies in the manner in which financial asset building and management of a married couple is viewed. Earlier, brining in funds to drive the monthly budget or taking care of the family’s needs was considered a prerogative of a single counterpart while the other significant partner was supposed to be the manager of the funds brought in. However, the inherent fallacy of such a system has dawned completely now as families have become nuclear and the importance of financial inclusivity of all the members of a family has become evident. No longer is one person in a marriage supposed to be the so-called “bread-winner” and the other treated as a passive manager of resources. The economic conditions and the general budgetary facts of our times have added to this change significantly.

Joint financial planning for married couples does not necessarily have to stop at setting up of a joint bank account for savings. Inclusion is a broad term and means a lot more than putting in money in a single, shared account, even though doing so is a very important part of it. Inclusion means balancing joint financial responsibilities with calculated investments for a secure future and protected finances. This puts the onus of managing finances on both the partners and leaves no room for any kind of doubt or unwanted hassles whenever funds are required.

This, on the whole leads to better understanding, mutual trust and overall sense of equal responsibility and assertiveness. When one partner knows what the liabilities or core, important expenses are, the other one is naturally expected to follow suit and this means a cut down on unnecessary costs and expenses. This directly leads to a better economic understanding and consequently, equitable decision making when it comes to deciding on a potential investment or taking out an insurance plan.

HDFC Life offers many online insurance plans that aim at securing your savings and allowing you and your partner to take healthy decisions regarding secured investments for a safe and secured future.

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