Jun 20, 2013, 04.38 PM IST
In the first 20 months of marriage the woman should start getting acquitted with the financial matters of her family, personal finance expert, Harshvardhan Roongta, Roongta Securities said.
In an interview to CNBC-TV18, Harshvardhan Roongta of Roongta Securities shared tips on how newly married women should deal with financial matters to meet financial goals.
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Below is the verbatim transcript of Roongta's interview with CNBC-TV18.
Q: When a couple gets married, there are a lot of changes in their financial life especially for a woman. What are the basic check points a women should keep in mind immediately after marriage? Is it just about convenient to change name?
A: Once a couple gets married there are lots of changes in their lifestyle. Focusing specifically on the financial matters, I would recommend that in the first 20 months of marriage the woman should start getting acquitted with the financial matters of her family.
To help her do that we have designed a 20 month programme, which we call as IPL for the new woman; this is just a terminology that we are using and the 'I' that we talk about in IPL is about investments. The first step that the woman can do is to get hold of all the investments and make a list of the investments that the family has. These could be mutual funds , Public Provident Fund (PPF) etc and she can make an excel sheet which is easier to track and follow. The 'P' is for passwords.
Nowadays lives are governed by passwords; one has a password for logging into his accounts, one has password to log into the computer and one also has utility bills, credit card statement, everything coming through an email and for instance if one does not have control over the email account in which the statements come then one will not be able to pay them on time and follow them. Therefore, important thing is to get hold of all those passwords so she can keep a track of utility bills and pay them on time.
There are instances where husbands are not comfortable giving the passwords initially and he may need his space. So, in such case create a dedicated email account for all such utility bills and credit card statements. So, with this she will get hold of all the payments which she need to keep a track of.
The 'L' stands for liabilities. There are two forms for liabilities; first, the monthly liabilities that one has in terms of all the bills that need to be paid and the other bigger thing is that if her husband has an housing loan or any other form of liability on him then it is important that she make sure that he has an adequate life insurance coverage so in case of an untimely demise the bank will not ask to vacate the house.
The other important thing is nomination wherein she need to make sure that all the bank accounts, demat accounts, the apartment in which she lives in is also having a nomination because the society will not be able to transfer the property in her name if there is no nomination. The process is lengthier.
The final thing is a will; if she thinks she has all the rights over the property of her husband she has make sure her husband has a will. She should not wait for husband to grow old. However, the transfer of property becomes easier.
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