When a girl gets married what is the first thing that she does?

She changes her name and informs her bank, mutual funds, insurance companies, housing society, apart from her employer.

The next thing that both of them do is to make each other a second holder in their respective bank accounts.

Not so fast. Girls, wait.

Give the marriage 6 months before you join the bank accounts!

Let us take the case of Suresh Lamba and Manisha Sharma. What they did made a lot of sense. They had their personal accounts and opened a new bank account which was a joint account. Both of them would contribute about Rs. 15k per month into that account and pay for the common expenses – food, servants, car EMI, grocery…….This allowed them to have their ‘own’ money which they could send to their parents, spend on themselves, buy gifts for family and friends – without getting on each other’s nerves. This was useful because she was (is)  a big spender and he is very tight fisted person.

Then think of life and general insurance – the nominations may have to be changed. Do this especially quickly! Inform the employer about change in status and see whether your husband / spouse and his parents are included in the medical list of relatives. If your own parents are NOW EXCLUDED make sure you take a policy for them NOW.

Change all nominations – banks, mutual funds, other assets….

If there are a lot of properties make a WILL, you never know what tomorrow brings.

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  1. >>> Both of them would contribute about Rs. 15k per month into that account

    Instead contribute a percentage of salary (this will take care of equal contribution irrespective of how much each makes) towards current spending account and common savings account.

    Current spending account: To be used ONLY for couples daily/weekly/monthly expenses

    Savings account: This one acts as a safety net in an emergency expense in case of an accident/medical emergency/etc.

    Also check out:
    http://mysensex.weebly.com/financial-health-check.html

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