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Bluelotus
06-16-2005, 12:16 PM
"Know thyself", but these days know thy finances makes a lot more sense.
I know that all Geetham women are very independent and financially savy :ee: but just in case :wink: :

here's a few for married women that you should check out.


1) Your own Current bank account with your own Debit & Credit cards!

Even if you have a shared bank account and credit card with your Husband, unless you are the primary account holder you will literally be a "financial nobody"
So despite that shared account have another solely in your name with you as the primary account holder.

(Don't worry doing this doesn't mean you love the darling chipmunk hubby any less :wink: )

2) Read the fine prints of all your policies!!
Read read and read again, every single fine detail of your insurance policies, medical, retirement plans. This is double important if you are covered by your husband's policies. Know what you are covered for in any and all eventualities

Get a credit report Annually. This would ensure that you never miss anything about your financial situation.

3) Your assets or his?

Well if you had any assets prior to your marriage you should know that marriage usually means merging of assets (you cannot quote me on this I am not an accountant or an economics major :nono: ). So check with your local citizen's advice bureau or solicitor if that is the case in the country you're residing in.
Unless you're named on the deeds of the house, or the mortgage policy, you will have no share in the house. Same goes for the family car.


4)share the bills and bill paying duties.

Even if you do not work, know what bills and how much are being payed every month. In fact be actively involved in the duty of bill paying!
from utilities to insurance premium, not a single penny or cent should be payed without you knowing it.
It's your duty to know what you're paying, even if he is the sole bread winner.
You could even take turns


5) make future plans!

make sure that you have adequate medical, car, life, and retirement insurance policies/plans
for both of you!! not just him or not just you.
hmm yes, and remember that women outlive men (we have a longer lifespan not my fault :Ksp: ) so plan for that.

have small children? have you made arrangements for their future educational costs?
don't have kids yet? well it's never too early to start planning for the cost of their education.


well and lastly ladies you can wife.org (http://wife.org/money.htm) all visit for more info
and many thanks to the Oprah Magazine :ahha:


please post all your great financial tips for Geetham women here!

for more info you can visit the men's talk section :b:

suha
06-16-2005, 12:40 PM
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Shy
06-16-2005, 02:12 PM
Good one Sweetlotus..

Mostly you had said everything... :b:

Apart from your common savings.. always try to have your own piggy bank..

Appuram vanthu solraen vera yetha iruntha :)

Shy

raghu
06-16-2005, 02:44 PM
good tips blue...

vijitha
06-16-2005, 03:12 PM
Blue.. thanks for the tips :b:

suha
06-16-2005, 04:06 PM
naanum piggybank la thaan savingg :ee:

for stationery things :?

dinesh
06-16-2005, 06:54 PM
6. Don't spend a fortune on sarees/miscellaneous dresses/shoes/jewellery....

:ahha:

butterfly
06-16-2005, 07:11 PM
Don't spend a fortune on sarees/miscellaneous dresses/shoes/jewellery....


wat are we earning for if u cant Enjoy ur own money :ahha:


Your assets or his?

Very good Point blues :b: ......its imp to ensure both the names are on it :b:


I have never tried my own piggybank thingy :Ksp: ...Usually when i need money I let him know to make sure he puts it in my purse in the morn :)...but I think its a good idea ...


I dunno how many of u know about starting a group of few ppl & then giving money say $100/month...then depending on the amt of ppl each person takes turns...like if there are 5 ppl then u get ur chance every 5 months of $500....some work places do it :)...I think back home its called chitfund...here the phillipinos do it :)

vijitha
06-16-2005, 07:19 PM
i have a piggy bank.. but that i save for my sis :Ksp:

vasan
06-16-2005, 07:56 PM
Unless you're named on the deeds of the house, or the mortgage policy, you will have no share in the house. Same goes for the family car.

rr.. many useful suggestions.. but rr.. kinda disturbed by the.. rr.. how shall I say..rr.. negativity :? in the suggestions made.. :(

No share in the house? Car? Assets????

Jeezzz.. family is now reduced to mere business? Our home in India is on my mom's name. My brother's family built a home- and its in my sister-in-laws name.

Signing up two names in the deeds make it financially better sense - in that you will get good mortgage rates. Not about ownership.. And about car.. you drive your lexus, I will drive my beemer.. :Ksp: Where is the hassle? :think:

Don't really know what to say.. :Ksp: This advice is pragmatic and protective of woman - no questions about it - but still is disturbing for it belies a lack of trust..

I would still believe there is no you and me in a marriage. Or perhaps, I shouldn't be reading whats in Women's talk.. :oops: :(

v- :Ksp:

anainar
06-16-2005, 08:11 PM
Ujjala,

Your suggestions are pretty much written to safeguard rather than trust. My dad happily bought a house in mom's name. I have a house which I am going to transfer to my wife happily in a few year's time once the loan is paid off. More as a token of appreciation of being put up with me. We are not alone. I can quote my siblings, cousins who all do similar stuff on trust.

And the information is also a bit outdated. I dont write checks at all. All the bills get paid automatically from my bank account. I consollidate once a month on how much each one costed. I worry look at the details only if that exceeds the normal running budget. And this being only any one can have a look. I will be happy if my wife gives a look at them.

Auto insurance goes down if you take for the whole family and all the cars. Whereas medical insurance goes up if taken for the whole family.

Somehow I dont appreciate the seperate account idea. It would not be ok if I have a secret bank account without my spouse's knowledge. Then how is it different for women? I agree on savings but collective savings.

Anyway follow this at your own peril of distrust. Or trust your partner and enjoy life.

Cheers

butterfly
06-16-2005, 09:20 PM
Your suggestions are pretty much written to safeguard rather than trust. My dad happily bought a house in mom's name. I have a house which I am going to transfer to my wife happily in a few year's time once the loan is paid off. More as a token of appreciation of being put up with me. We are not alone. I can quote my siblings, cousins who all do similar stuff on trust.

anainar,
Trust comes naturally once the Person gets married :)....when ur single ur looking for ur security...so its pretty hard to perceive the idea of trusting someone u dont know & going to marry...but after marriage its amazing how our thoughts change to find out this is the person to share Life with ...so account enna everything becomes common :)


Somehow I dont appreciate the seperate account idea. It would not be ok if I have a secret bank account without my spouse's knowledge. Then how is it different for women? I agree on savings but collective savings

This is more common in ppl living here coz they dont know wat commitment is....I dont think any Indian married women wud have seperate account :think: ...noone of my married friends do ...

vasan
06-16-2005, 09:26 PM
I dont think any Indian married women wud have seperate account ...noone of my married friends do ...

Nothing wrong. Two people are working and had banks/accounts/savings portfolio before marriage, and if they wanna keep it that way, why not?

My concern was in suggesting "make sure" your name is up on this and that - otherwise its not yours comments. Like I said earlier, nothing wrong with that either, but the sadness somehow creeping in, for it necessarily implies that there is a possibility.. :( :(

Its a hypothetical issue anyway for me.. as of now.. :D Who cares? Esha can keep all her earnings or throw it in pacific ocean.. (not arabian sea, but pacific ocean).. Love and lots of fresh air is all we need.. :wink: :P

v- :wink:

butterfly
06-16-2005, 09:44 PM
Nothing wrong. Two people are working and had banks/accounts/savings portfolio before marriage, and if they wanna keep it that way, why not?

I dunno about that....then the problems are going to rise of who pays the bills,who pays the mortgage,groceries etc....angeye ory split varudhu
i

My concern was in suggesting "make sure" your name is up on this and that - otherwise its not yours comments. Like I said earlier, nothing wrong with that either, but the sadness somehow creeping in, for it necessarily implies that there is a possibility..

Its mainly for security...if something happens to the one u need to name the beneficiary...so automatically its better off being in both names...otherwise the hassle one to has to go thru proving the relationship & the time consumption

Shy
06-16-2005, 10:48 PM
Guys thappa purinchuteenga...

Its not for business pa.. just security God forbid if anything happens, no hazzle appo, so athuku thaan to be in every other legal document is good solraanga nenaikuraen.

Shy

yamini
06-17-2005, 01:02 AM
Guys thappa purinchuteenga...

Its not for business pa.. just security God forbid if anything happens, no hazzle appo, so athuku thaan to be in every other legal document is good solraanga nenaikuraen.

Shy


It is quite interesting to talk about "financial matters". This is the main cause of most of the problems in many homes. I do have a separte bank account.It all depends upon the trust entrusted upon you by your spouse. I do advocate that you should have a separate bank account. It is not trusting the spouse or not, but it is a way of conveneience in handling many things.
I do agree with butterfly's saying:




Trust comes naturally once the Person gets married ....when ur single ur looking for ur security...so its pretty hard to perceive the idea of trusting someone

u dont know & going to marry...but after marriage its amazing how our thoughts change to find out this is the person to share Life with ...so account enna

everything becomes common

There are plenty of advanatges of having a separate bank account. Managing a house-hold expenses is a pretty difficult one. :think: :(

Let me start with the items you need to spend money: Milk,Paper,Magazines,Maid, vegetables & fruits, shopping (routine things such as children-speciific, domestic & school related items & special things such as brithday, guests, annual visits), periodical monthly dinner if you live in Cities, or visiitng relatives just outside your city limit, post office saving (it may be considered as expenses, for the time being), insurance premiums, the list is on..on..on..

If you have your account and you may issue cheques for the items (let us fix the amount not exceeding ,say Rs500 or so). Your spouse can take care of your expensive things such as buying "Sarees" :lol: or Birthday dresses & Gifts, Hosuing loans, Car/Scooter loans etc.. exceeding the maount of Rs500 or so.. I am sure you are aware of all these things.I am sahring my expereinces in handling expenses.

If "Trust" is formed after marriage :wink: , the solution is simple :wink: :yes: .Many things you and your spouse should sit together and discuss, like our Annual Budget of Our nation.
:b: :wink:

Also, remember that keep some money in cash, say a couple of thousands as an emergency money always at home.There are amny occasions, someone might ask for sudden help due to unavoidable circumstances or you may need if you suddenly come across "Banaras or Bengal items :lol: " from an unepected friend!!.

Sometimes, you may receive a news of sudden bad news of near and dear one, your children may have met with some injury etcc.

Once I had been for shopping, the lady colleague , just wanted to buy something, not thought of buying earlier, during shopping, she didn't have enough money at that instant.Though She is millionaire, no use at that time. She always remembers my timely help. This would continue for the rest of your life time..Grab the opportunity if you get one.. Hence, always carry Rs1000 or so always extra when you go for shopping.Things are different now due to credit cards etc.., :wink: Well, I am talking about the middle class people like me. :wink: Rest if I get more time...on some other day or so.. :wink:

-yamini

anainar
06-17-2005, 02:53 AM
Yamini,

No one is denying the necessity for household finance management to be done together. Having a seperate account without access to the other spouse is plain unpleasant. Sure, we set rules. But how do we know that the rules are being followed? A savings of 10,000 Rs a month will become monstrous 5 lacs in 3 years. That kind of money sitting in one person's account without the spouse having access or knowledge is disturbing. Especially with the kind of con-jobs going around. So, even if they have seperate accounts, it should be transparent between spouses.

But what you said is true. When the wife is with husband, she does not have to open the purse and does not worry about the price. When alone, she looks at the price, budget etc. Money, when done by others is easy. Done by oneself is tension.

Cheers

valluvan
06-21-2005, 10:58 PM
I disagree with Blue's financial safe guards. :?

Seems that the safe guards had been framed as if the person is foreseeing/ expecting a divorce and planning accordingly. I can't see any trust for her better half. :(