Love isn’t blind—at least not to debt: 5 money habits to spot in your partner

As wedding bells ring, Indian brides are waking up to the reality of money harmony. With inflated living costs, dual-income families, and web-like financial obligations, money merging and efficient management is no longer an option–it's a necessity.

That is why going through these five easy money habits is a must-read for every Indian couple to learn about the spouse before the “I do.”

1. Know their spending habits

Before pooling money, spend some time discussing expenses. Do they splurge or save? Do they spend rigidly every month or have impulse purchases? This is important on your part because only through sincere discussion can you get to know about their spending habits. It has been observed that marital fights in urban Indian families are due to disagreements over money, and most of them could be avoided by having initial conversations on the daily spends.

2. Discuss existing debt and commitments

Debt transparency is necessary. During a loan, student loan, or credit card purchase, your knowledge of your spouse's debts will make for a proper financial expectation. Therefore, having clarity on outstanding financial debts tends to reduce concerns about future long-term commitments such as owning a home or investing in the future together. Couples can devise a sensible repayment plan so they may have debt-free origins.

3. Organise savings and investment goals

Retirement corpus, education for the children, or a house renovation, goal congruence is the secret. The couples need to start early and invest in SIPs, joint fixed deposits, or tax-saving mutual funds, upon proper discussion with a certified financial advisor. Having well-thought-out, mutual goals assists the partners in building wealth in a structured manner and also demonstrates respect for the risk-taking ability of the other partner.

4. Get down to fiscal values and priorities

Habits of money are shaped by upbringing and culture. Couples generally are either long-term secure or short-term carefree. Both of them must be aware of some fundamental values such as savings, taking care of expenses, respecting financials etc., so that they take decisions based on the same value system without any stress and with absolute meeting of minds. Preparation and discussion of family responsibility, child's school education and decision on the house to invest in, at the outset will create greater confidence among the partners.

5. Evolve a joint budget and financial plan

Set the tone for your future finances by sitting down, taking notes and making a joint budget. The 50, 30, 20 guideline where 50% is kept for necessary costs, 30% for discretionary spending, and 20% for savings or debt repayment can be used.

Regularly reviewing and checking budgets and having money-management sessions can prevent the couple from straying from their path of economic prosperity, especially in instances of unexpected costs or changes in income levels.

Hence, by following such habits prior to marriage, couples can end up with a good financial base. This can result in a secure, peaceful, and prosperous life.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers are advised to consult a certified financial planner before making any major financial decisions.