Money & relationships: What you should do if your husband doesn’t share financial details

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Try to seek the help of a mediator if your husband is reluctant to share crucial financial information
Among married couples with a single earning partner, a skew often slips into the financial equation. If the husband takes care of everything, from earning and spending, to saving and investing, there is a tendency to dictate terms to the non-earning spouse. In some cases, the wife has to ask, remind or grovel for money every month to take care of household or personal expenses. In many marriages, the husband shares money, but not information regarding his salary, spending or investments. It is crucial for both the spouses not only to be in the loop when it comes to finances, but also be equal beneficiaries of wealth. If you are not, and are having trouble finding common ground, go through the following points to know what you should do.

1. Know your financial rights
A wife has the legal right to secure basic amenities and comfort—food, clothes, residence, education and medical treatment— for herself and her children from the husband. So, understand that as a homemaker, you should not have to ask your husband for money; he is bound by law to provide it to you. Also, the wife has a right to know the details of her husband’s salary, as per a 2018 ruling by the Madhya Pradesh High Court. This is important because the quantum of salary will provide clarity to the wife about how much money she can have for household and personal expenses.

2. Show interest, split financial responsibility
If your husband does not share financial information, it is possible that at the start of the relationship, you did not evince any interest in financial transactions. If you want to change the status quo, have a conversation about it with the spouse. It is important to not only display interest, but also split financial responsibilities as per your individual skills. If you are good with investments, take on the responsibility, leaving the tasks of earning and paying bills to the husband. If investing is not your forte, you could handle the household budget and payment of bills, leaving investments to the spouse.

3. Get this information
If the husband is not sharing information out of habit or laziness, not malice, make sure you seek it from him periodically. Both the partners should be in the know about important financial aspects because if one were to pass away, the other should not be left clueless. While it is not important that you communicate on a day-to-day basis, both should be on the same page when it comes to goals and budgeting. Make sure that you know the accounts and passwords of all online and offline saving and investment accounts. You should also know about the investments in your or your spouse’s name, and have access to original documents of all insurance policies, be it life, health, vehicle or house. Finally, ensure access to will and property documents, essential for smooth transition of assets.

4. If husband refuses
If you have tried to talk to your husband about the need to share crucial financial information, and he is reluctant to do so or refuses outright, try to seek the help of a mediator. This person can be a trusted confidant or older relative, respected by both spouses, who can help clear the impasse. If this doesn’t work, approach a financial adviser, who can take an objective and pragmatic stance on the need to share financial details. If this, too, fails, seek a marriage counseller as a last resort because the issues and fissures are clearly deeper, involving your marriage, not merely your finances.

IF YOU HAVE A WEALTH WHINE, WRITE TO US…
All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend who wants you to invest in his new business venture? Should you take a loan from your married brother? Are you concerned about your wife’s impulse buying? If you have any such concerns that are hard to resolve, write in to us at [email protected] with ‘Wealth Whines’ as the subject.

Disclaimer: The advice in this column is not from a licensed healthcare professional and should not be construed as psychological counselling, therapy or medical advice. ET Wealth and the writer will not be responsible for the outcome of the suggestions made in the column.

[“source=economictimes.indiatimes”]

Want A Loan To Study Abroad? SBI Offers Global Ed-Vantage Loan. Details Here

Want A Loan To Study Abroad? SBI Offers Global Ed-Vantage Loan. Details Here

SBI’s Global Ed-Vantage loan amount can be repaid up to maximum of 15 years.

State Bank of India (SBI) offers various kinds of education loans. SBI offers an early approval facility for its Global Ed-Vantage scheme. This was said by the country’s largest bank on microblogging website, Twitter. SBI’s Global Ed-Vantage loan is an overseas education loan exclusively for those who wish to pursue full-time regular courses at foreign colleges or universities, according to SBI’s official website – sbi.co.in. Under SBI’s Global Ed-Vantage scheme, one can avail a minimum loan of Rs. 20 lakh and a maximum of Rs. 1.5 crore.
Here are all the details you need to know about SBI’s Global Ed-Vantage loan:

Eligible courses: Candidates pursuing regular graduate, post graduate or doctorate courses in any discipline offered by foreign institutes or universities in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.

Margin: A margin is an amount you need to pay from your own funds, while the rest is paid by the bank.

Scholarship/assistantship to be included in margin.

Margin to be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.

Processing fee: One has to a processing fee of Rs. 10,000 per application.

Rate of interest: Simple interest rate will be charged during course period plus the moratorium period.

SBI GLOBAL ED-VANTAGE SCHEME
Loan Limit 1 year MCLR Spread Effective Interest Rate Reset Period
Above Rs. 20 lacs & Upto Rs. 1.5 Cr 8.15% 2.50% 10.65% 1 year
Concession 0.50% concession for students availing of SBI Rinn Raksha or any other existing life insurance policy assigned in favour of our Bank
Further Concession 0.50% concession for girl students
                         (Source: sbi.co.in)

Security: One needs to have a tangible collateral security.

Collateral security offered by third party (other than parents) will also be accepted.

Repayment And repayment holiday:

Accrued interest during the moratorium will be added to the principal and repayment in EMI (Equated Monthly Instalment) is fixed.

Repayment will commence 6 months after completion of course.

One can repay the amount up to maximum of 15 years

[“source-ndtv”]