SEMARANG, AYOSEMARANG.COM — Financial openness in the household is considered very important.
This is because it is a precaution if one of the family members, especially the breadwinner, is unable to access the assets they have.
Automatically other family members must access it.
Don’t let a sudden bill come from another family member which of course will burden other financial posts.
Advisor to Wealth and Asset Management Indonesia (WAM Indonesia), Legowo Kusumonegoro said that financial openness was becoming increasingly important in the midst of an increasingly violent pandemic.
In the household, sometimes husband and wife do not talk openly about finances. There are financial secrets that are kept from partners, although sometimes husbands or wives choose to tell relatives or close friends.
The non-transparent management of assets and debts can be exacerbated by taking debts that do not need the approval of a spouse, such as unsecured credit (KTA), online loans (pinjol), or credit card debt.
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In times of a fierce pandemic, a closed attitude in terms of household finances will have a serious impact when one of the parties dies.
Every household should be prepared to anticipate the worst in the midst of a pandemic.
Even though it feels hard at first because they are not used to it, husband and wife must start to open up and don’t keep family financial secrets to themselves.
It’s important to ask your spouse’s permission before taking on new debt because in most cases, the burden of the debt will be passed on to the surviving spouse.
If there are old debt dependents, make a note that lists the names of the lenders, the number of installments and the due date. Show this note to your partner and discuss it.
This debt burden is jointly borne, spouses and perhaps children should know, and if necessary, make lifestyle adjustments so that the debt burden can be paid off immediately without the need for additional new debt.
Likewise with property. Take notes and collect various documents that prove ownership of household assets.
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All proof of ownership of investments in mutual funds/stocks/bonds, insurance policies, savings books, certificates of deposit, house/land certificates, proof of ownership of vehicles, gold, crypto currency, and so on should be stored in a special folder.
PIN records for ATMs, mobile banking, e-mail, mobile phones, online investment platforms, safe deposit boxes, and so on belonging to husband and wife should be stored specifically and where the storage location is known by each party.
Do not let the treasure that has been stored cannot be accessed by spouse and children if needed because it is kept secret.
Financial records in the form of routine income and expenses are becoming increasingly important at a time when the pandemic is getting worse.
At times like this, both husband and wife must know how to manage household finances.
Husband/wife who is more understanding and used to managing household finances must be willing to help their partner to catch up, so that both of them can manage household finances well.
The roles of husband and wife must be aligned, so that they are ready and able to manage finances if one of the parties has to undergo intensive care or dies.
These various risks must be discussed together, not avoided by taboo reasons, including discussions about new alternative livelihoods if you lose a breadwinner.
It doesn’t take long to collect data on household debts and assets, but it takes an intention to start being open about financial issues with your spouse and children. This openness will bring benefits, especially in times of emergency such as in the midst of a fierce pandemic.
Author: Advisor to Wealth and Asset Management Indonesia (WAM Indonesia), Legowo Kusumonegoro
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