Money9 Helpline | Planning your finances with spouse in Covid times

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The coronavirus pandemic has disrupted our life. Your personal finance is certainly not immune to the current crisis. Therefore, smart money management is critical for the survival of households during these uncertain times.

Money9 Helpline takes the responsibility to help you in shedding away the financial burden covid-19 has amplified. The purpose is to make sure that you are tension-free from at least one important part of your life- ‘your money.’

Harshvardhan Roongta, founder, Roongta Securities, talks about how families can plan on their budget and finances to deal with the financial crunch in Covid times.

Prakash Shukla, Gujarat: I work in a bank, and my wife is a teacher. We have been married for two years now. Both of us have life insurance policies. We have also invested in SIP in mutual funds. But this investment was done before marriage, now should we align our goal and jointly plan investments.

Roongta: You should understand that as a family your goals are aligned now, be it planning for your children, home, or vacation, your goals are the same now. It is important that you plan your investments as a family. If the overall objective of the investment is aligned then your common goals can be achieved. You can build a combined portfolio, though asset allocation can be separate, investments should be planned after keeping both of your risk profiles on the same pedestal.

Asesh Sengupta, Kolkata: I am working in the IT sector, while my fiance is a school teacher with a stable job. Should we invest in joint accounts or separately and naming each other as nominees?

Roongta: It is easy to operate the account in the case of joint account holders. For example, if the first holder dies, the second holder can immediately operate the account. In the case of a single account, nominees will have to request for transfer and the process may take time. So a joint account is preferable in your case. But in a joint account also you have to have nominees, you can assign your children as nominees.

Sandeep Singh, Mumbai: Due to the second wave of Covid-19, I am getting half of my salary, while my wife is getting her full salary, I am paying an EMI of Rs 22,000 for our home loan with my salary. I have exhausted my emergency funds as well. Is there a possibility of joint loan repayment or should I liquidate my MF investments?

Roongta: If you are able to pay EMI from income from your wife’s or your salary, then try not to use your emergency fund. I would also suggest not to liquidate your MFs.

Watch the full show here: