8 Financial Tips For Smart Working Couples In India

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Financial decisions are always better when taken together. Initially, couples may find it difficult to manage their finances due to differences in penchant for risk and priorities. This is common in most households, but, a couple should agree on having a budget and an investment plan to lead a financially stable life in future.

If both couples are working, one can make the best use of extra income by investing and saving it for future use.

Here are some of the tips for working couples:

Having a budget plan

Having a budget plan on spending is a must as it decreases unwanted shopping. Not having a plan will save you from double spending on the same item. Only having a budget plan may not help unless you encourage each other to stick to the plan.


Investment Plan

Discussing investment according to the financial commitment and risk capacity will be a good idea. This is because each person will have their own interest of investment. Some individual are risk averse and some like to invest in risky assets.


Joint Account

Apart from salary account, individuals can opt for a joint account with a spouse. If one is out of town, another individual will be able to access the account in case of need. There are different type of joint accounts, couples can choose based on the need.


Emergency fund

Maintain an emergency fund where the funds are readily available on an immediate basis. These funds can be used when one has taken a beak from work or when there is no income from one of the couples.


Avoid bad debt

There is no point when one couple has availed a personal loan and other person is investing in fixed deposit. It is better idea to get rid of bad loans first.


Avail joint home loan

This is the best way to invest and avail a tax break for a couple. Together one can avail tax benefits and make best use of it. There are some concessions on home loan interest rate if the first loan holder is a woman.



If couples are living on rent they can split the HRA. This would ensure that both can claim HRA benefits under SEC 80C of the Income Tax Act.



Couples should have separate term insurance as well as health insurance which will take care of the expenses at the time of need. There are many insurance companies which are offering term insurance for couples.


Story first published: Friday, July 22, 2016, 10:41 [IST]
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