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Apr 2023
2 mins read
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Why involve spouse in financial decisions

Money is a sensitive issue. Couples who postpone discussing it frequently end up in a squabble. Why did you find yourself in this situation? Discuss money with your partner. Express your thoughts and disagreements. Only by thrashing out your approaches you be able to make it work in the long run. Here's why it's critical to discuss money with your partner.
1

Reduce errors

From buying your first home to retirement, each decision affects the entire family. Taking all financial decisions solely can expose you to falling prey to your behavioral biases and thus make mistakes. By involving your partner/spouse, you get a different perspective and thus can take a more thought out decision.  

point 1
2

Manage household better

We all have our strengths and weaknesses. Some excel at budgeting while others are good at investing. Couples can leverage the wisdom of collaboration. It will help in minimizing bad decisions and each partner can share financial responsibilities. 

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3

Helps build a future together

Communicate with your partner. Don't miss out on anything. Bring everything to the table, including income, expenses, pending loans, liabilities and money owed or expected from family/friends. Disagreements are unavoidable, but discussing money fosters trust in a relationship. 

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4

Creates transparency

Transparency is essential in any long-term relationship. Sharing leads to integrity. It is essential to share and talk about money with your spouse. Years of planning and execution are required to save for retirement, children's schooling, and their marriage. It is prudent to begin this discussion as soon as possible. Discuss your future plans with your partner. By working on each and every detail, couples will be able to shape their long-term plans better.

With a mutual understanding of your income and expenses, you can collaborate with your partner to achieve your long-term life goals.

point 4
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PGIM India Asset Management Private Limited
(CIN - U74900MH2008FTC187029)
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Email: care@pgimindia.co.in
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