So you have found your life partner and decided to start a life together. Your parents would have done the spadework in terms of job, family, education, etc. But do you know about the financial compatibility you have with your spouse? Many of us think only about horoscopes, character compatibility, family background, and would assume that we are financially safe if our would-be spouse is a professional or works with an MNC.
If you also think like that, you are wrong. It is because, this is a highly complex world, and having a safe and secure job or being a professional doesn’t mean that one is financially secure. Both of you are working in the similar field also does not mean that you are financially compatible. Remember, your partner’s financial habits and liabilities can affect your life a great deal. So what are the things that you should know about the financial habits of your would-be spouse? Let’s have a look at it here.
Credit History
Partner’s credit history is the most important thing to be checked before fixing any proposal. He might have a decent job and is well-paid. But your life can be a wreck if he holds multiple credit cards and have a poor repayment track. A defaulted personal loan, even if it is closed, can affect your future chances of availing a loan, or might be a sign of an undisciplined financial life. Even if a defaulted loan is closed, a poor credit history can be a stumbling block in fulfilling your future dreams like owning a home, when you apply for a home loan orany other loans.
So if you come to know about any defaults or cheque bounces in his account, don’t feel hesitant to ask him about the same. The best way is to have a background check with his bank. Banks won’t give you credit reports, but you can ask him/her directly to obtain the same.
fixed liabilities
Ask your would-be spouse about his present fixed liabilities. This doesn’t mean that you should avoid a person with multiple liabilities. But having a fair idea about the situations can save many unpleasant situations in your future life. Would-be husbands also beware as today women can also have financial liabilities.
Spending Pattern
He or she might be well-paid, but what if he changes his car every year, is crazy about branded accessories or if she is a shopaholic? This would not only cause havoc in your future financial life, but can cause difference in opinion when you start your life together. There are many young professionals who are spendthrifts and rely heavily on credit cards for splurging by the end of the month. So know him/her closer, especially the spending patterns, because if yours don't match with your partner’s, it will be difficult in objectives like starting a joint account, sharing an add-on credit card etc. Knowing this in advance also helps you to take charge for your future money management.
Attitude
Marriage is a milestone in everyone’s life, and careful planning is very essential for a secure future. You and your partner’s thoughts should be compatible in terms of aspects like house, job, children, future planning etc. Many youngsters today have a habit of jumping from company to company for better opportunities. It is always good to grab opportunities, but if he is highly instable in nature, it can affect your life in many ways. So having a clear idea is very essential to avoid future uncertainties.
Monthly Income
Have a clear idea about how much he/she earns. It doesn’t mean that you should marry someone based on income criteria, but having a fair knowledge is good to know how well your would-be partner manages finances, as a precaution while taking a big step ahead in your life like a marriage. Financial stability and credibility matters in the long run. A common factor in many divorces today is financial matters. So it is sensible to speak openly.
(The writer is the CEO of bankbazaar.com)
