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Maninee De and Mihir Mishra
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Money is the number one cause of arguments among married couples, yet surprisingly few address this issue. Now with both the partners being earning members, planning finances is a big responsibility.
It is imperative that couples discuss important issues, such as handling debt, buying a home, planning for kids and retirement, creating a financial safety net with insurance and emergency funds.
Shaaditimes spoke to couples to know how they handle this sensitive issue.
Maninee De and Mihir Mishra
Do you consult each other before taking any important financial decisions?
It's very important to discuss financial matters with each other. Money matters need to be sorted out first; love and everything else can come later on.
As far as investments are concerned we're not too extravagant as it is our hard earned money and needs to be taken care of. Both of us are very particular about our spendings and see where it's going. For us, it's rather not important to wear new clothes but to save money for a rainy day - that would be a far more intelligent move - a penny saved is a penny earned.
Who manages the finances?
Maninee: Actually we are very bad at it. We're just married and still trying to figure that out. Right now our C.A. takes care of it. In fact, our parents keep on insisting that it's about time for us to sit and discuss about future investments.
However, there are certain things that we try and follow like maintaining a record of money earned and spent on a monthly basis, this is something which I being a Rajput has seen in my house and I also try and follow it. It helps you to figure out your spendings and where you've gone over- board.
We also see that there is some back-up money, which you can use when you need it instead of borrowing.
Do you hold individual or joint bank accounts?
Both.
Have you planned for the future? How?
Maninee: I think Mihir is more sharper when it comes to investments but due to time constraints he doesn't get into the nitty-gritty of shares but opts for tried and tested investments.
You should always invest in 'safe' areas and are not affected by inflation and fluctuating market trends. Shares are a wee bit risky. Jewellery is another good option to invest money but again you shouldn't go over-board.
Have you ever fought over money?
No.
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