Just like taking care of household chores and raising kids is no more considered a woman’s job alone, family finances are no longer a man’s sole responsibility. We are inching towards a more even distribution of roles and responsibilities where gender neutrality is promoted. However, when two people get married, many things change. It is also when you need to come to a new financial agreement. Sounds overwhelming? Don’t fret! Adjusting to a new financial routine does not mean foregoing financial independence, especially for women.
Millennial women were raised to be more independent and were also exposed to the importance of financial stability early on. If they have a sizeable income, they must pose as equal financial partners to achieve said stability for their household. This means they must be involved in sharing monthly bills, investing in financial instruments, and also partaking in monthly savings. For this to happen optimally, both spouses need to educate themselves about each other’s finances. Post which they can fix a monthly schedule and split monetary tasks.
How to Be Financially Independent After Marriage?
While it may be a good idea to open joint accounts for household bills and investments, women must also maintain separate savings in the form of fixed deposits, gold, PPF, etc. for a higher sense of financial independence. Having a portion saved-up independently will help women maintain a separate credit history, which can be very useful if she wants to avail of a home loan. A house bought solely by putting a woman’s name on the agreement ensures lowest rates of interest available in the market. In most cases, it is even lower than applying for a joint loan. Financial institutions like Tata Capital provide special interest rates on home loan for women and also relax the eligibility criteria for applying.
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Additionally, just because a woman is married, she must not let go of her personal goals and passions and must save up independently for them. These goals can include investing in her emergency fund, saving up for parents, planning for a sabbatical, or building a solid retirement corpus.
Importance of Financial Independence After Marriage
Financial independence liberates a woman, same as it liberates a man. It boosts her morale and lets her be in charge of her own life, rather than depending on her husband or parents for financial aid. Additionally, unlike appliances, life does not come with guarantees. Creating a nest egg is critical in the unfortunate event of your spouse’s untimely passing or the marriage breaking. As a financially literate and independent woman, you will find it easier to consolidate or liquidate your savings in case any urgent expenses crop up that were previously handled by your partner.
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The Bottom Line To stay financially independent after marriage you must continue to separate what goes in the joint kitty and what does not. Planning on investing in real estate to double up on your independent savings? Approach Tata Capital for a home loan today! We offer lower home loan interests rates for women. Log onto our website to calculate your EMI and home loan eligibility by using our reliable home loan EMI calculator or home loan calculator.