This is for all the kids I know. Some of them are smart, some very smart. However money management is not a part of their curriculum (really sad)…so here are some tips. You can use it or discard it….just my views:
1. Decide only on the big things together: The Rs. 800 T shirt which he bought without asking you should not matter – if the joint CTC is Rs. 15Lakhs! Do not sweat the small things…just let go.
2. Both of you have had very, very different upbringing: so do not thrust your views on the other. As a family we would eat out in expensive restaurants, and take vacations even when I was in school. My wife thinks eating out is a criminal waste of money. Hey view point, that is all, do not crib or scream.
3. When you said yes to her commit morally, physically, ethically and financially. Decide that upto Rs. 1000, (with a cap of Rs. 3000 a month?) you will not fight, and anything above that you will take a joint decision. Saves blushes later on.
4. Start reading Moneymindz: It is the only site which says ‘you jerk do not blame the regulator, the manufacturer, the distributor TAKE RESPONSIBILITY for your actions – and thus for your financial life…and life in general. TAKE RESPONSIBILITY…
5. Do a SIP in a big fund now: Even if you do not believe in whether SIP will work for you..do it for 5 years, and then tell me ‘IT DID NOT WORK FOR ME’. I hope to be around to answer your question.
6. Balance the financial power: one person keeps accounts, other person handles money. This way both know everything..
7. If you do not know, and you know that your spouse does not know, ASK AN EXPERT – you husband will NEVER ASK..his ego prevents him from letting you know that HE DOES NOT KNOW.
8. Learn, learn, learn: Power of compounding, start small, start early, …simple concepts you will find it on this very site!!
9. Accept your imperfectness, and start with a prayer.
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