Household Finances: How couples with opposite personalities can manage household finances smoothly

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When do opposites attract? In this part of Valentine’s Day 2022 special stories, find out how contrasting financial personalities can help the household finances to run more smoothly.

Spender and saver
You like to buy, sometimes impulsively, without thinking of the budget or goals. They are the frugal one, wanting to save before spending, investing rather than idling money in bank.

How to make it work
The spender should form the budget and financial goals, so he knows how much he can spend. The saver can invest.

Risk-taker and risk-averse
You like to take high risk for high returns. You invest in stocks and equity funds. They can’t stand risk and only go for safe options like fixed deposits, gold and bonds.

How to make it work
You don’t have to change a thing. The risk lover can retain his investments as equity part of the portfolio, and the conservative partner can keep his options as the debt component in a proportion that helps you meet your goals.

Lazy and proactive
You are so inert you don’t even pay your bills or insurance premium on time. You pay bills before due date, automate investments, monitor portfolio, and rebalance, if needed.

How to make it work
The lazy partner can make investments for the long term, say in mutual funds or bonds or single premium traditional plans, where no active participation is required, while the proactive one can keep track of the changing market, interest rates and tax rules, among others, to make any changes when needed.

Also read:
7 bad financial habits of husband or wife that impact house finances: Here’s what to do about it

Macro and micro
You see the big picture: long-term goals, changing market, interest rates, inflation, etc. They like to take care of the nitty gritty and manage day-to-day financial affairs in the house.

How to make it work
The partner with the macro view can form financial goals and take charge of meeting them, while the micro-view partner can manage the monthly budget and make all payments.

Practical and creative
You are grounded and take investing decisions without being swayed by emotion. They can think of new ways to tackle a difficult financial situation, or enhance income.

How to make it work
The practical partner can easily invest in market instruments and secure all risks, while the creative one can look at ways of achieving financial goals in a time-bound manner.


Also read:

Are you being financially bullied by your spouse? Find out



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