Are you made for each other

1. Are you made for each
other?
Here's what you should know about your partner's finances before
making a commitment

3. Contd…
Financial habits rarely determine who you date. Yet, it's critical to be on the same page as
your part ner when it comes to money. Nearly 89% of the respondents to an online survey
conducted recently said it was important that both partners have similar money habits.
Planners agree that partners should have a shared vision on financial matters, as money
arguments can lead to stress in marriages. Priya Sunder, Director of wealth management
firm Peak Alpha Investments, tells of a client who used to give large donations to charities
and temples. His fiancée called off their engagement because she did not agree. But most
people get to know of their partners' financial habits after marriage. By then it is too late.
Divergent attitudes become the basis of endless fights.
Knowing each other
This can be avoided by understanding the nature of the person beforehand. However, as a
society , we cosider money talk before marriage and during courtship to be almost taboo.
Yet, it is important to know the financial personality of the other person before you make a
commitment for life.

4. Contd…
Things are changing, and young professionals are now more open to discussing
their incomes with their prospective partners. However, while people are
comfortable discussing incomes, what they like to spend on, and even future goals,
issues like existing debt, dependents and investing habits are rarely discussed.
Now, even in arranged marriages, there is a `dating period'. Most conversations
during this time are about families, friends, tastes and hobbies. “There is nothing
wrong in interweaving discussions about each others' attitude towards money,
saving habits and liabilities,“ says Mimi Partha Sarthy, MD, Sinhasi Consultants, a
wealth management firm.
Assess your own personality
First, assess yourself. Most people know their attitude towards money . So, you
probably know whether you are a saver or a spender. But you need to find out if it
is a strength or a weakness. Apart from habits, check your attitude towards money
and investments.

5. Contd…
Also, what type of investor are you: aggressive, conservative or balanced? Whether
you choose a partner who is like you or has the opposite views is your decision.
Remember, compatibility does not mean that partners have to be carbon copies.
Some financial advisers believe that it's better to have differing views, which leads
to more balanced decisions. The question is whether you can live with the
differences.
Knowing the money values
When you are dating, try and find out the money values of the person. Dig into
your partner's values by asking what money means to her. How important is it in
her life? What can he sacrifice to get higher pay? For some people, having a lot of
money is important. For others, it may be ok if they have enough to pay the bills. If
you're not on the same page with your partner, there could be frequent fights
about why one needs to work late daily, or why the other is not career driven. It'll
take forever to resolve the differences.

6. Contd…
Do your money habits match?
The survey shows spending and saving patterns are chief reasons why couples fight.
Careful spendinger and being well-informed are the money traits that most men and
women find appealing in partners. Clearly , it is important to get a sense of each other's
spending and investing habits before tying the knot. Any extremes should be red
flags.Spending time with prospective partners can reveal facts that they themselves might
not know or are trying to hide. There could be clues in the way they dress, gadgets they
use and how they conduct themselves during a date.
Debts and dependents
When you discuss money with a prospective partner, find out their existing liabilities. He
might be getting a fat pay cheque, but what if he also has big EMIs to pay? Ask yourself if
you are willing to share the repayment burden.Nearly 94% of the respondents said they
were willing to help their partner repay existing loans, but one in five female respondents
insisted they will do so only if made part owners of assets bought with the loan. Also find
out if your future partner has dependents and how they plan to take care of them.

7. Contd…
Dividing responsibilities
It is also necessary to discuss how financial responsibilities will be
shared. One critical issue is the type of bank account to be maintained.
“Each partner must have a separate bank account to retain financial
independence,“ says Sunder. Most respondents realise this. Almost
73% said they prefer to have both joint and individual accounts.

8. For Details and Appointment contact:-
Parveen Kumar Chadha… THINK TANK
(Founder and C.E.O of Saxbee Consultants & Other-Mother
marketingandcommunicationconsultants.com)
Email :-saxbeeconsultants@gmail.com
Mobile No. +91-9818308353
Address:-First Floor G-20(A), Kirti Nagar, New Delhi India Postal Code-110015