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10 Financial Commandments for Lovers

If you are married or in a long-term relationship, do keep the following in mind. Think of them as financial vows you take together, or joint promises that you will abide by.

1. We will communicate regularly with each other about financial matters: Do not let your financial issues cause any tension in your relationship. Key is to have open and honest conversations about money and what is bothering you.
2. We will articulate our financial goals/priorities and work jointly towards achieving them: Identify and communicate your goals, and then live happily ever after. When do you want to buy a house, have kids, where will they study, what are your vacation plans…..don't take things for granted.
3. We will maintain a budget: Do you know where you are spending and what might be a drain on your financial resources? If you don't know where your money is going, how will you know where to cut your expenses?
4. We will write a Will: Once you are married, it is critical that you prepare a will or update an existing Will. Shouldn't your spouse be the beneficiary of your assets?
5. We will update our info on nominees and beneficiaries: Most of your investments, insurance policies or other instruments that each of you will have will need to have a nominee or beneficiary in case something happens to you. Make sure you choose you update these documents and nominate your spouse as the beneficiary if you are newly married.
6. We will review our life insurance policies regularly, and at least annually: Your annual review should reflect for changes in your income level, size of the family and need for financial support that you provide your spouse.
7. We will review our health insurance policy annually: Is it cheaper to get a combined health insurance, or should you maintain a separate policy. Are your kids going to be covered under the same policy as the two of you?
8. We will designate a money manager in the family: Which one of you will be responsible for paying the bills punctually, doing the monthly accounting, keeping the receipts and other important financial documents? Don't take each other for granted by saying "I thought you were paying this bill."
9. We will decide whether to keep individual or join accounts and credit cards: Always better to talk whether you want to retain your financial independence or maintain two different accounts. Just because you have a different account, does not mean that you can spend freely. You should still be able to hold each other accountable and responsible for your spending.
10. We will not keep any secrets from each other regarding our finances: Don't keep secret bank accounts or assets hidden from your spouse, or liabilities that they might have to bear if you are not around. Be open and honest.

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