Many times, conflicts between husband and wife over money can be a common thing. So then, know how by adopting 6 easy rules of financial planning, savings, and investment, money fights can be avoided, and peace can be maintained at home.

After a while, it often happens that differences start arising between husband and wife over money. In such a situation, everyone has a different thinking about money - the ways of earning, spending, saving, investing or donating are different for everyone. On one hand, while there are committees and rules regarding finance in companies, money is often managed in homes without any system. So, we will understand how to save and invest to avoid money fights.

Is there any solution?

Yes, if clear rules are made about money in the house, then fights can be reduced forever. So here are 6 rules that will help in building consensus in your family.

1. Decide Ground Rules

First of all, collective rules should be made about the income and expenditure of the house. That is, if a member does not contribute in earning (like a mother who takes care of the house), then others should accept this without resentment.

2. Transparency Matters

Transparency is very important about money in the house and this will happen only when all the members of the house are aware of the income and expenditure. If there is transparency, then everyone will know where the money is going, this can lead to good savings by curbing unnecessary expenses.

3. Make a budget of expenses and savings (Budget & Personal Allowance)

Everyone in the family should keep a record of collective expenses (like electricity, ration), but every member should get some money for his expenses.

4. Invest for Goals, Not Whims

If you save money together as a family, then the investment should be based on the family's goal (such as children's education) rather than personal choice. If the investment is based on the goal, the savings can be more.

5. Set Spending Limits

Decide the budget and spending limit of how much you can spend on the family in a month. Make a budget in advance for big expenses (such as holidays, birthdays). Yes. If the budget is fixed, then stick to it.

6. Technical Decisions

If you are going to take a loan, then at such a time (home loan, car loan), take every thing after mutual understanding. A decision taken in haste without the information of the family can cause regret later. In such a situation, understand with the family which option is right for your household budget.

(Note: This article is for information purposes only and should not be construed as investment advice in any way. Consult financial advisors for investment advice)