There are various reasons why couples struggle financially. Some of the major reasons are:

• High EMIs: Home loan is one of the common and major expenses for couples. It eats a major chunk of their income.

• High Spending:- These days many couples/people want the best of everything. From home to kitchen gadgets, from clothes to electronics… Due to ‘wish to have best things’ they spend a lot of money on various things.

• Lavish lifestyle/impulse buying: These days the definition of comfortable life has been changed. It’s not about being happy with fewer wants or being minimalistic. But it’s about leading a lavish, very elaborate, and impressive lifestyle. And hence the couple spends a lot of money on it.

• Not understanding the importance of Saving: you have heard this from most the millennials and young couples- “you only live once (YOLO)” (remember the famous dialogue from the movie ZNMD?) It’s indeed true, life is meant for enjoying and living each moment. Savings are essential but it does not mean that one should sacrifice everything, otherwise money will become the definition of life. But it also does not imply that one starts enjoying the present without giving thought to the future. Couples should try to keep the balance between saving and spending by prioritizing the luxuries they want and can afford, after making sure to have basics in place and proper planning for the future.

• Low Financial Awareness:- It’s quite easy to get confused when it comes to saving money. People often find it difficult as they don’t know when and how to start saving money? They also don’t know how to control their spending. Improving financial literacy is essential and can help to manage money effectively and reduce the stress.

• Couples who are not in agreement with savings: As a couple, managing money matters is quite a different story. In any marriage, time is essential to understand each other’s habits, nature, and likes/dislikes, similarly, it takes time to understand each other’s spending habits, investing ideas, lifestyle, etc. Unfortunately, there is not much guidance or any courses available which can teach couples about money and investing. ‘Money’ is one of the common reasons for divorce and fights between a couple. Many times, couples, ignore the topic of money or do not discuss it to avoid fights/issues. That’s why sharing and healthy discussion are needed to decide mutually about how to control expenses and save money. (You can read more here:- Couples & Personal Finance: Elephant In The Room? )

• Debt and Credit card: Using credit cards and taking personal loans is quite common these days among couples. Credit cards get swiped easily for spending on electronic items or shopping. But often they forgot that they will need to pay back this money with interest. Also, this could increase their financial burden. There should be a goal for money saving and for spending too. Having a goal can help you better plan, save, and for spending too. Make sure to keep aside a part of your money to enjoy your life, live your present, and save for future goals with the help of proper financial planning.

• Stagnant salary but increase in inflation:- This is the real situation now-a-days. Inflation is increasing but salaries are not. Expenses, cost of living, bills, groceries, and other expenses makes it hard to save money.

• Dependents or health issues:– There are many families with dependents, with special needs children or aging parents due to which expenses get added up to couples and it becomes hard to save money. Also, there could be some serious health issues for any one of the couples and hence health costs could be a regular expense for them.

• Other reasons:-Kids education or tuition expenses, peer or social pressure to spend, taxes, transportation costs etc.