Set a budget
Wed, 06/17/2009 - 14:30
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One word of advice I can give to any newly married couples is to discuss finances immediately. Take your combined incomes and make a budget. This will help you have a smooth financial relationship. If you are always worried or argueing about money, things get really tense. Get this settled immediately and your relationship will not have the financial stress.
So wise antkmom.. My fiance and I already agreed that I am terrible with money. He is great with it so he's in charge of the finances. Of course he will consult with me major purchases, but basically I turn my money over to him and he deals with it. No fighting, no fuss.
I have been burned way to many times when it comes to money and relationships. My advice is to have separate accounts. I know that sounds crazy, but it works. You have your money and he has his. You set a budget and each pay money towards that budget. What is left over for you is yours and what is left over for him is his. That way there is no fighting at all, and one person doesn't feel taken advantage of--plus, you protect yourself in case in the future something goes wrong.
My sister does it the way you are suggesting Sweet. I don't know how it would work if you have kids. My kids are constantly needing money for this activity and that one. The does each partner give the child 1/2 of what the kids need?
I have heard it is a good idea for every woman to have a seperate savings account just incase. This is great advice. You really never know what it going to happen in the future and it is better to be safe and secure then in the poor house.
It is always good advice to keep something for yourself if you are a working mom.
The contribution to the family coffers should be a percentage of what each partner is earning so that it is fair to both. For example, each would contribute 50% of each individual's earning and keep the other half for himself or herself. To be able to determine the percentage of contribution, the couple should sit down and list the family's monthly expenses that should be drawn from the family coffers, then determine what percentage of each other's salary should be contributed.
!- how much a banquet hall will cost?
2-how much a food will cost for about 300-350 guest?
3- how much the jewellery will cost?
4-wedding lengha's cost?
5- a cost for decent lady sangeet and mehndi ceremony at home?
6- What are the other expensises i should count?
we are not having a big or fancy wedding, we are planning for a decent and kind of simple wedding.I m getting married in chandigarh.
PS serious answers please.
thanks in advance
First calculate the current provisions available for marriage expenses.Then list down the assets and liabilities.Then plan accordingly and prepare a budget....
Creating a budget may not sound like the most exciting thing in the world to do, but it is vital in keeping your financial house in order. Before you begin to create your budget it is important to realize that in order to be successful you have to provide as much detailed information as possible. Ultimately, the end result will be able to show where your money is coming from, how much is there and where it is all going.
yes very correct ... financial planning is very important in a wedding ... becz it also depects our dignity
That's very true. Even before the marriage, you and your partner should talk about the finances. Money plays a very important role and it must be discussed. Did you include the wedding in your budget?
Even though it is a sound advice, I would have to disagree. I don't think it is a good idea for couples to combine their accounts. Sure, there can be a budget for the family and both can contribute to this budget. However, it is best to keep everyone's account to themselves as there is no guarantee on lasting marriages even we always hope for the best. One needs to remain realistic about certain things in order to avoid getting burned.