Category Archives: Blog

Important things a Tax Payer should not miss!

Make sure you pay your taxes; otherwise you can get in a lot of trouble.– Richard M. Nixon

Well no one could have said it any better. Not paying taxes correctly and making mistakes in doing the right calculation may cost you bad in future. So, it’s important to be completely aware of the basics of income tax. Deadlines of filing income tax returns, knowing the income tax slab, sharing the right information and many more important things like these are crucial and missing such details can result in scrutiny and adverse action by the I-T department. Our purpose here is to not just warn you but help you with the nitty-gritty of tax matters, so that your journey as a tax payer remain smooth and hassle-free.

Your bank or banks’ interest income counts!
This is a common mistake that most taxpayers do while filing their Income Tax Return (ITR) – They forget to include interest earned from savings bank account, fixed deposits or interest earned from
loans given to acquaintances. Now if you think all this is tax-free, you are so wrong. Interest up to Rs10,000 earned from the savings account is allowed as a deduction under Section 80 (TTA), but you
need to mention such income in the ITR. Also tax-saving fixed deposits although help save tax under Section 80C, the interest earned from them is fully taxable. So, don’t forget to include such income while filing ITR.
Also, it’s mandatory to report all your bank accounts (you can skip the dormant account which is not operational for 3 years) in the ITR. While mentioning the bank detail, you should provide the account
number, IFSC code, name of the bank and account type (current or saving) in the ITR.

Never ignore TDS claims
Now, it’s a known fact that any tax deducted on salary appears on Form 16 provided by the employer. However, for tax deducted on all other incomes, a person needs to check out his Form 26AS online. Besides TDS, 26AS also reflects the payment of advance tax made. If you notice a mismatch or a difference, you should immediately notify your employer before filing return and get it rectified.

Never hide your assets
Taxpayers earning above Rs 50 lakh are required to disclose the details of the financial assets (including movable and immovable assets) which they own as on date. It could be in India or foreign lands (although you live in India, you may earn income from investment abroad). This is the duty of such taxpayer. If you miss any material information especially related to foreign belongings or transactions, which needs to be part of ITR, then you can be penalised for such mistake.

Original documents, not required
There is no need to submit any document in original to the I-T department during the process of filing income tax returns. They are also not required to be given to your CA (you can always deny, if
asked for originals), if you are taking any such assistance. Just keep the copies of the documents ready in your file as the IT department may ask you to furnish the same at a later stage. And that’s
about it!

Previous employer’s information is very crucial
Now once you move from one company to another, you may forget to collate and pass on information from your previous employer to your new employer. And it may so happen that your new employer also doesn’t take into account the income earned from your previous job. Tax is then deducted on the assumption that income for the remaining months is the only income for the year.
But problem arises when you go ahead and file your tax returns at the year-end. At that time, the incomes from the two employers are added and the deduction and exemption are halved and tax
liability arises. So to avoid that make sure to pass on exact information from the previous company to the current one!

ITR filed. Now verify it.
One of the most crucial things that you cannot miss. Your work doesn’t get over once you file your income tax return. You need to verify your ITR. You have two simple options to achieve the same.
Either do it manually (sending ITR-V to CPC Bangalore) or electronically (E-Verification) through net
banking, Aadhaar OTP etc. Missed date is actually not a miss!
If you have missed the I-T return filing deadline of July 31, you can always file a belated return within a year. For instance, belated return for the financial year 2017-18 can be filed by March 31, 2019. You must ensure that you do not miss this crucial deadline.

For any assistance or an appointment with financial expert, feel free to get in touch with our team on

Common Mistakes To Avoid While Taking A Home Loan

Buying a dream home isn’t easy. And considering a home loan is even tougher!
Borrowing a home loan requires careful planning and analysis. Sometimes, you need to spend months and months to
get everything streamlined. You should do some preparation and background work to avoid hassles in your home loan process. Here we are discussing some common mistakes one should avoid while
taking a home loan.

Choosing your property first? Choose it alongside a lender.
Imagine you find your dream house and then discover that the lender that you had chosen will not fund that property due to some legal or document issues. Won’t that break your heart? Most of the
banks (lenders) provide loan for ready-to- move-in property and even for under-construction properties with renowned and approved builders and projects. But if the property is unapproved or
unauthorised or if there are legal issues, chances are the bank will reject your application and refuse to give loan.
Also, if the property is very old or it is developed by a relatively unknown builder, the bank might have an issue with providing a property loan. The best way is to select your property and
then simultaneously find out if any other lender has funded for another flat in the same building.
That lender should anyway be a part of your consideration set. Also if you approach lenders alongside, you are likely to get better rates as lenders reserve their best rates for immediate disbursement cases.
You can also approach a property agent to help you in finding the lender.
Another thing to consider here is to not consider the bank where you have an active account as a first preference. It may sound as a convenient option, it may not necessarily be the best option.
Always approach multiple lenders to see who is offering you the best interest rates and other services. Remember that even a difference of few decimals points in interest rates can help you save a lot over the loan tenure.

Confused between fixed or floating? Choose according to your requirement.
Now as you choose your lender, remember you can avail a loan either on fixed rate of interest or floating rate of interest.
Fixed rate of interest remain unchanged irrespective of the changes in the rate of interest in future years.
Whereas floating rate of interest suggests that rate of interest will
change if the RBI will make changes in the interest rates. How to zero down on one? Here’s the formula.
If you are taking the loan for a shorter duration (5-7 years), choose a fixed rate of interest.
But if you are going to repay the loan in say 20 years or more then you should take a loan on floating rate of interest as you can’t predict the changes for such a long duration.

Borrowing more than you can afford? Not a good idea!
Don’t make the mistake of borrowing more that what your income level permits. While determining your loan eligibility, banks would most definitely consider your income and liabilities but they may
not consider your existing expenses.  You need to consider that. It is always better to consider your budget according to your current income and expense levels. If your existing expenses are high and you take a loan which results in high EMI payment, you may end up in a financial crunch. Yes, you read that right. Now, we don’t want to make you all nervous here.
Just do a simple calculation of all your fixed monthly expenses. And add this to the amount of EMI on your proposed home loan.
If the total expenses are way too close to your monthly income levels, you should settle for a less expensive property.

Not planning to read the loan agreement? You may end up signing for something you didn’twanted
It’s lengthy, it’s going to take time. Yes. But make sure you invest that time and effort. After all you are signing up for your dream home! Almost 80 per cent of home loan borrowers do not take the
pain of reading every clause in the agreement.
This can have serious repercussions,  if the bank official fails to mention something that may be critical for you when discussing the terms orally.
Don’t fall into that category. Spend some extra time in reading every aspect. Also, it is always advisable to clarify all doubts before you sign the agreement.

Not taking insurance cover for the home loan? You are putting your family in trouble
Your home is for you and your family. But I am sure you don’t want to put the burden of home loan to your family in case something unfortunate happens to you during the tenure of the loan.
So, it’s most important to take an insurance cover or a life cover on home loan that includes coverage of your home and other liabilities.
The cover will provide monetary benefit to your family in case of an
unfortunate incident and ensure that your family members inherit your home not your home loan.
You should also consider taking a personal accident or critical illness cover. In case, your income gets interrupted due to any critical illness (Cancer, Stroke, Heart Attack, Major organ transplant, etc.), the policy will take care of your home loan liability.

For any assistance or an appointment with financial expert, feel free to get in touch with our team on

Common Myths About Fixed Deposits

Fixed Deposits, also called as Term Deposits, are one of the most traditional investing options.

While we may be hearing a lot of noise around other investments like Mutual Fund SIPs, Liquid, Balanced and Debt Funds, Tax Free Bonds, PPF, EPF and what not! To some nothing beats the assurance and simplicity of a Fixed Deposit.
It’s a popular choice when it comes to showing investments on paper at the end of a financial year. But all that simplicity and assurance comes at a price! This article will help you remove some of the most common myths surrounding the Fixed Deposits and the interest accrued out of them. Read on, so that you are well aware next time you are investing in one.


Myth 1 – Fixed Deposits are only offered by banks

Fact – Fixed Deposits are also offered by other companies

It’s quite a general believe that Fixed Deposits are only offered by Government or Private sector banks. In fact, you can approach multiple leading companies and NBFCs (Non-Banking Financial Companies) who offer Fixed Deposits for retail investors.  And the catch is you are likely to enjoy better interest rates with these institutes as compared to bank deposits. Although these institutes may not give you attractive features like flexible tenure options, online account access and insurance cover on your fixed deposits.


Myth 2 – TDS (Tax Deducted at Source) on Fixed Deposits is mandatory

Fact – Knowing the mandates well could help avoid Tax Deduction

This is no myth that fixed deposits are taxable, however, not everyone needs to pay taxes. Yes you read that right! Returns from Fixed Deposits are included as a part of one’s total income under ‘income from other sources’. So, if your interest income exceeds Rs. 10,000 in one financial year, TDS will be 10%. For company deposits, TDS is deducted once interest exceeds Rs. 5,000 in one financial year. Minors, housewives, senior citizens, and people living on zero taxable income or no income, can most definitely avoid TDS. In that case, one needs to submit form 15G or form 15H to avoid TDS. If you’re over 60 years with no income, you won’t be losing any of your money on taxes, and can even enjoy a better interest on FD returns.


Myth 3 – All FDs Offer Tax Benefits

Fact – Select 5 year deposits offer tax benefits

Now if you are looking for tax saving, you will have to know that not all FDs offer that benefit. Tax benefits under section 80C of the Income Tax Act are offered only on specific deposits – for instance you’ll need to lock in your money for at least 5 years for this purpose. And during this time, the deposits cannot be pledged nor withdrawn.


Myth 4 – Regular interest payments on Fixed Deposits fetch more returns

Fact – A cumulative Fixed Deposit with returns only on maturity would fetch you more

Fixed Deposits come with two options, one where you receive interest payouts at regular intervals, and two a cumulative deposit where the whole amount (principal amount + bank’s interest) is received on maturity. The latter fetch you more returns. How? Well, that’s the magic of compounding. What happens in a cumulative deposit is the interest paid by the bank is compounded or multiplied at regular frequencies. So, higher the frequency of compounding, higher the yield on investment.


Myth 5 – Investing on an FD in the name of a family member helps saving taxes

Fact – Investing on an FD in the name of a family member doesn’t help saving taxes

Money gifted to spouse or children doesn’t attract tax. But when it comes to investment the income it generates is clubbed with the income of the giver and taxed accordingly. So, if you are thinking to invest in fixed deposits in the name of any family member, remember the interest will be taxed as your income. So, it’s best to avoid.


Myth 6 – In case of cash crunch, premature withdrawal is the only way

Fact – Fixed Deposits have other options in times of emergencies

If at any time you require money from your Fixed Deposits, most banks offer part withdrawal of funds, so that you could withdraw the amount you require taking care of the emergency, and the balance would continue to earn interest.

Henceforth, investing helps your savings grow – only if you truly understand how the concept works. At SBS Fin, we want our investors to indulge and understand wealth management as well as the money market instruments. Try and inculcate the habit of being up-to-date with the trends of the stock market and analyzing its ups & downs for better investing strategies. The same can be followed and assessed on our mobile app SBS FinFit, the same is available on Google Play and App Store.

Woman’s Guide to Financial Freedom

It’s a universal truth that women lack confidence when it comes to investing in the market.
Although women are independent, earn good money and have access to all kinds of online services and information that their earlier generations never had, yet they stick stubbornly to cash savings in an era of rock-bottom interest rates.
Instead of taking charge of their financial future, women either leave financial matters to the men in their lives or ignore the importance of planning for it altogether. When asked about it, Monica, 33, a marketing professional said, “I find investment tricky plus saving up a percent of my salary is sometimes a task. What’s the easiest way?”. Whereas Seema, 29, advertising professional said, “I want to understand the market, but I get bogged down in all the jargon and end up completely confused”. What we found out through this survey was that for these women, the certainty of outcome far outweighs any desire for profit. But not that they don’t want to take any interest when it comes to building wealth through investment but all they need is a proper guidance. So, if you find yourself falling to this circle, read on.


Learn well and be prepared

Learning isn’t all that difficult, especially for a woman. Plus saving money comes naturally to us. So why not understand where to invest to further grow your wealth. Get hold of any newspaper, a book, online reading material, even Wikipedia (for the financial terms) and read them over and over again. Do this regularly for at least a month or two. In time, you will develop an understanding of what is going on in the financial world. You will acquire fair idea of what is going on in the world of economics and financial markets. You can also turn to friends and family members who invest and can enlighten you with their share of knowledge. The key is to take baby steps but just don’t stop.


Take control of investment – like every other task

Stop making excuses like you don’t have money or understanding or time for financial affairs. Don’t let your household duties, child’s responsibility or work for that matter come in between your financial planning. Housewives always have the excuse that they don’t earn salary and have no money to save. But what if your husband wants to buy you a new luxury car? Have you thought of asking for a more modest car and having the extra money placed in a savings account in your name?

And when it comes to an annual holiday, you can always pick a humble destination. There are numerous ways of cutting back and investing that money. Saving even just thousand rupees a month over 30 years, yielding an annual return of 10%, will provide you with more than twenty lakhs. For working women, it’s easier. Simply start budgeting and allocate your allowance or salary more sensibly. Every penny you save can change your future. The key is take control of your earnings.


Women can’t be better investors than men – Just drop the notion

Women think they are not good investors and don’t want to make mistakes with the money they have. This impression they have of themselves is wrong. It’s just that men are perceived to be better investors because they are more aggressive than women and are prepared to invest in shares – the asset class that outperforms all others over time. The reason women can do better when compared with groups of men is that they tend to do more research than men and don’t act as aggressively. Women look at a lot more factors before making a selection (The hot deals we pick while shopping). So if women can be better shoppers, they can even excel when it comes to bargaining to shares.  


Take investment as a journey

Are you prepared for retirement? Your retirement can be 30 years or longer and you may seem you have enough time to plan for it. But start today! Learn about the different investment options and retirement plans that are available for you. You don’t have to be a financial genius to get started. Just have a clear picture as to what you want your retirement to look like. That picture will help you to stay on the road and propel you towards your dream.

To sum up, the first thing to do is recognise that you generally possess all the skills of building your wealth. The aversion to the risk of loss can be tempered by increasing your knowledge and finding a good adviser. Start reading the financial papers or articles today – invest 10 minutes a day in your future. And most importantly, remember that the money you need for your retirement may be available if you simply do a detailed budget and invest accordingly.

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ELSS – Options for the Tax Payers in 2017-2018

Viren, a store manager with a leading MBO got hassled after looking at the Investment Declaration form, his HR asked him to submit. Instantly got in touch with a mutual fund distributor and asked for forms to invest an amount of INR 50,000, downloaded the form, filled, signed & shipped. The missing link here, was he failed to ask or mention – that he is looking for some tax saving schemes. Since most of the investors look at mutual funds as one of the leading money market instrument for wealth creation, Viren just followed the norm. Back in mind, he was also assuming that the investment would work as tax saving investment in the declaration form.

On realizing, the purpose is still impending, he decided to speak to us on tax advice and how we thought that the mutual fund he chose to invest in must be an ELSS. Let us learn more about ELSS here:

What is ELSS?

ELSS stands for Equity Linked Savings Scheme. ELSS comprise a unique class of mutual funds that provide investors with tax benefits under Section 80C. Like other mutual funds, ELSS as financial products are also offered by fund houses and are handled by experienced fund managers. Therefore, when you invest in an ELSS scheme, you get to invest in a professionally managed tax saving investment option.

Why people Opt for ELSS Mutual Funds:

  •  Shorter Lock-in period
  • Tax Exemptions
  • Options of SIP
  • Optional Dividend & Growth option
  • Transparent & Trackable
  • Ease of Transaction


Comparison of select tax savings instruments across key criteria:

Financial advisor in delhi

Popular ELSS Funds for Tax Saving and Wealth Creation:


Axis Long Term Equity Fund

Launched in December 2009, this fund has grown rapidly and have the largest AUM. Axis Long Term Equity is a large cap oriented fund with almost 70% in large cap space.


Returns: 22% (CAGR) and 20% (CAGR) over the last 3 years and 5-year period.


Franklin India Tax Shield

Launched in April 1999, Franklin Tax shield is being generating a return of 24% over the last 17 years. This fund is accelerating and has beaten its own benchmark in 12 out of last 15 years and has generated over 20% (CAGR) and 17% (CAGR) in the last 3 and 5 years.  However, with almost 80% invested in giant companies, the risk of losses from possible market corrections is also high.

DSP BlackRock Tax Saver

Launched in January 2007, this is a large cap fund with 68% invested in the large cap companies. The fund focuses on companies with strong growth potential and higher valuations. The fund has delivered 22% (CAGR) and 19% (CAGR) over the last 3 and 5 years respectively.


ICICI Pru Long Term Equity

Launched in August 1999, the fund rests on a value investment style. This fund raised the bar and outperformed its benchmark for 13 among the last 15 years. The return rates have been 18%(CAGR) and 17% during the last 3 and 5 years.


Highly invested on the mid-cap and small cap companies, the ICICI Pru Long Term focus on attractive valuations and thereby reduced risk from market corrections.


Birla Sun Life Tax Relief

Launched in 1996, this fund is best for long term wealth management & generation. The fund invests through multi-cap approach and assures wealth creation by investing 80-100% in equities and sometimes in debt and other money market instruments. This tax saver fund has generated over 21% and 18% (CAGR) over the last 3 and 5 years’ period.


Reliance Tax Saver Fund

Launched in September 2005, Reliance Tax Saver focuses primarily on the mid-cap and small cap companies with 55% portfolio invested in such stocks. However, over the last 3 and 5 years, the fund has outperformed the average return by 5-10 percentage points.

The fund has generated returns of 26% and 21% (CAGR) over the last 3 and 5 years.

Well like all other mutual fund investments, the past performances of ELSS cannot be seen as a guarantee for their future performance but they are useful in giving us a direction for our Tax Planning Investments.

Please compare and match the funds performance with your financial plan & goals before you decide to invest in any of the ELSS funds.


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Continue reading ELSS – Options for the Tax Payers in 2017-2018

Investment Trends, Risks and Opportunities of 2018

“An investment in knowledge pays the best interest.”

– Benjamin Franklin

Statistically and otherwise, 2017 has been a year of considerable and impressive transitional trends in the technology and economy, resulting in notable returns by distinctive companies. It is, however, vital that you stay apresenter of collusive investment that should expect not only financially uplifting results but also a balanced environmental and social return. Experts state that investing transformed itself onto a rather commeasured form in the year of 2017. Moreover, the blooming young generation of consumers and investors has initiated a new approach in parallelism to their money. In other words, they – like every other keen and enthusiastic investor – seek positive endowments.

Your primary motive for this New Year should be to patch capitalism as an element to embark upon proper elevation and enhancement in wealth and adopted financial techniques.

So, here are a handful of Six Financial Advices in regard to any investment that you must consider before commencing your idea for the year of 2018;

Comprehensive Analysis of the New and Upcoming Tools & Services

The dynamic change in technology and networking has enabled the workforce from all over the world to come up with new ideas and techniques, much in the field of investment as well. Internet has enabled an individual to pursue new and enhanced platforms that serve the purpose of assisting an investor at all times for various projects and companies.


Pursue efficient Fund Managers with Experience and Expertise

From cash equivalents to private equity; investments are offered at all fields. Henceforth, prior making a transitional decision as such that assists you in making the right move. One alternative would be to hire a financial advisor or fund manager. This helps maintain transparency and sustain consistent integration of management post investment.


Assort and Alter your Investments

It is important that you diversify your prospective and alternative investments instead of putting in your entire amount amidst one. This ensures a balance between the possible profits and losses. This could process somewhat like how mutual funds work or like the ETF.


Form an Architecture of Investment Literacy

Prior your first investment; spend time in understanding how the process works. The sole key to confidence is through spending ample time in formulating investment tools and techniques. This can be attained by making really minute investments with the aim to build up an affirmative understanding of the process. The second stream to uplift yourself as an investor is to follow the varied sources of information online. At SBS Fin, we are trying to introduce micro-learning channels to pass on the financial inputs in the briefest reads possible.


Ensure that you set Long-Term Goals

You should always keep in mind that making an investment holds equivalent risks. Stated so, the investment that you are about to commence should be in parallelism with a fixed, long-term goal that offers secure financial freedom despite the short-term fluctuations. This also ensures focused attention at your end. To understand, long term financial planning and its benefits – you need to sit the financial expert for financial goal setting as per your life phase.


Initiate Investing with Less Money

The first step always has to be a careful and smart one. Set a well-integrated budget for the next 6 months to ensure an ample amount for your investment. Now, decide on an amount that you don’t mind bearing loss upon worse-case-scenario.

Henceforth, investing helps your savings grow – only if you truly understand how the concept works. At SBS Fin, we want our investors to indulge and understand wealth management as well as the money market instruments. Try and inculcate the habit of being up-to-date with the trends of the stock market and analyzing its ups & downs for better investing strategies. The same can be followed and assessed on our mobile app SBS FinFit, the same is available on Google Play and App Store.


8 Tips to Assess if you are financially ready for Marriage?

Have you planned a successful financial union? Do you understand the nitty-gritties of getting into a wedlock and the add on that come with a blessed engagement called marriage?

If the answer to above question is yes, we are happy that you have planned a successful Financial union but if the answer is no – We would like you to go through the basics as explained below and do the needful.

Apparently in urban set-up, marriage these days requires team work – and demand equal contribution from both the partners. Money can’t buy happiness yet you need money for your needs. Money is a major enabler. It is the closest thing we can exchange for happiness. To survive in this material world, it is as vital as oxygen.

Getting hitched??Before even you plan your wedding expenses, honeymoon the first thing to discuss is finances. It is sensitive, never easy or fun but essential.Money is the biggest cause of friction in a marriage. There is no “my” money, “his” money or “her” money in a successful marriage. Regardless of who does or doesn’t work or who brings the most money; the successful married pool their money together, plan together,budget together, give together, spend together and save together.

While talking to few of my friends for this blog, I asked one of my friend why the conversations on money are so difficult. What she said made me smile. She said conversations around money are not sexy that’s why couples are reluctant to talk. On serious note I think we tend to avoid money conversations before marriage because they come loaded with lot of tension and fear of being judged. It is even harder than the ‘birds and bees talk’ which most Indian parent shy away from having with their children.

Not sure where to start??

Couples can start with discussions on money values-respective upbringing, grow up poor? affluent? respective family’s attitude toward money. How did parents handle money? This can be a touchy conversation, but it can also be liberating and create a habit of communication. The first & foremost part is to do your homework about the financial goals and life goals and also to figure out – how you plan to proceed with it as a team.

1. List your goals.
Do you want to own a home? Have one or more children? Emergency fund? Future career plans? Start a business? Do you plan to send them to private or Government schools? College? Do you intend to retire? If so, when and with how much money in your piggy bank?…how you will blend your finances


2. Figure out what each partner’s role will be.
The person who’s more detail-oriented might do the budgeting, account maintenance and check writing. The one who’s more interested in investments can track your portfolio, do research and make recommendations.

Finally planning your wedding expenses and honeymoon.


All this will give you some clarity and enable you to enter your marriage with a better understanding about each other and what is important. Remember you are a team and you need to work together.So let us understand the essentialmoves to make, prior to getting married and talking finances with your chosen life partner.

Smart Financial Moves for Life Partners for a Solid Financial Foundation


3. Complete a financial fitness assessment.

Before you share your financial story with your significant other, you need to know exactly where you stand. Your financial fitness assessment should include important information about your current financial status. At a basic level, complete your net worth statement and review your recent expenses.

Once you are done with the above, create a spending plan so you can start proactively telling your money where you want it to go in advance. Some other important financial measurements include your savings ratio, debt to income ratio, and emergency savings. But a financial fitness assessment should also include a quick examination of your financial attitudes and confidence about your knowledge of money matters.


4. Create a debt reduction plan.

You don’t necessarily have to completely eliminate your credit cards or education loan debt to walk down the aisle with confidence. But it is recommended to at least have an action plan in place to do so as quickly as possible after exchanging your “I Dos”. Lot of Millennials delay getting married until they pay off education or personal loan. Bringing the baggage of debt into a marriage can be a major stressor on a couple. That’s why couples should spend time understanding each other’s current debt obligations. But instead of just identifying the potential problem, focus on establishing a debt reduction plan to deal with education loans, credit cards, car loans, or other obligations as quickly as possible.


5. Be sure to make time for money talk.

Many a times we don’t want to talk money fearing judgement. Money talk prior to getting married requires trust and honest communication. Just remember that this process is not designed to dwell on the past. It is a way to use the past to guide future financial decisions in your life together. But if some financial baggage exists, it is better to expose things early on so you can create effective solutions as a couple.


6. Schedule regular money talks.

Don’t stop with a one-time exercise. Make this exercise a regular event. This is the best way to avoid having your partner become your biggest financial enemy.


7. Assign roles.

Couples must assign roles to manage finances as a teamFiguring out how to consolidate accounts can be a challenge. Sometimes it helps to establish a joint savings account for expenses before getting married to set aside funds for the wedding or honeymoon. You also need to discuss how you currently handle day-to-day financial decisions. Are you a better long-term planner or are you well-organized and prefer to pay the everyday bills? This will help you start creating an initial game plan on how to consolidate accounts and whether it makes sense or not to keep separate accounts initially.


8. How will you make major financial decisions?

Will you have spending rules such as a 24 hour waiting period for purchase over a certain amount? Do you feel comfortable using credit cards for everyday purchases to receive cash back rewards or does the thought of using credit going against your financial belief system? Are you going to use automatic budgeting tools which are easily available on iTunes or Google play store?

These are all important decisions that need to be made before walking down the aisle. So, Honey let’s talk about money first before we decide on the engagement ring.

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