10 Money Questions Every Wife Should Ask Her Husband

I often meet couples where the husband handles every investment. He picks the funds, renews the policies, files the returns and tracks the loans. It works smoothly, so nobody sees a reason to change it.

Then I ask the wife a few simple questions.

• Which bank accounts do you have?

• Where are your mutual funds?

• How much life cover do you have?

The answer is usually the same: "I'm not sure. He takes care of it."

This is not about trust. It is about awareness.

In most homes, one person naturally takes charge of the money. That is a sensible division of work, not a problem.

The problem begins when only one person knows where everything is. A medical emergency, a long trip abroad or a sudden loss can leave the other partner searching through files, emails and phone apps at the worst possible time. Money that the family does not know about is very hard for the family to claim.

Knowing is not the same as managing. He can continue to manage the money. You only need to know what exists, where it is kept and how to reach it.

10 questions to ask him this week

If your husband manages the money, these ten questions cover almost everything you need to know.

1. Where is all our money?

Ask for one written list: every bank account, FD, mutual fund, demat account, PPF, EPF and NPS. One page is enough. If the list lives only in his head or on his phone, it is not a list yet.

2. Am I the nominee on all of it, and when was that last checked?

Nominations are often filled in once and never looked at again. Accounts opened before marriage may still carry a parent's name, or no nominee at all. Go through the list from question 1 and check each item.

3. How much life cover do we have, and where is the policy document?

You should know the insurer, the cover amount and where the policy is kept. A life insurance claim is filed by the family, so the family must know the policy exists.

4. Does our health insurance cover me if your company cover stops?

Employer health cover usually ends when the job ends, whether through a job change, a layoff or retirement. Check whether the family also has a personal health policy that continues regardless of his employer.

5. What loans do we have, what is the EMI, and have you signed as guarantor for anyone?

For each loan, know the lender, the outstanding amount and the monthly EMI. Ask about guarantees too. If he has signed as guarantor and the borrower does not pay, the lender can come to him.

6. Who is our financial advisor, and can I meet them?

Save the numbers of the financial advisor, the CA and the insurance agent on your own phone. Meet them at least once, so that your first conversation with them does not happen in a crisis.

7. Have we made a will?

A nomination and a will are not the same thing. A will states clearly who should receive what, and it saves the family from confusion and disputes later. If there is no will, put it on the to-do list.

8. Where are the important documents and login details kept?

Property papers, policy documents, PAN, Aadhaar and investment statements should be in a place you can reach. Also find out which mobile number and email ID are linked to the accounts, because that is where the OTPs and statements go.

9. What are we saving for, and are we on track?

Children's education, retirement, a house. Each goal should have an amount and a year against it. This is also the moment to add goals that matter to you.

10. What is in my name, and what can I access on my own?

You should have at least one bank account that you operate yourself, with your own debit card and net banking. It should hold enough to run the house for a few months without needing anyone's signature.

How to have this conversation

One hour is enough if you keep it simple.

1. Pick a calm hour this weekend. Not during an argument about spending, and not late on a working day.

2. Start with the reason. Tell him this is not doubt. You want to be able to handle things if he is travelling, unwell or unreachable.

3. Write it down. Go through the ten questions in order and put the answers on one sheet. Keep it where both of you can reach it.

4. Note the gaps. A missing nominee, no will, no personal health cover. You do not have to fix everything in one sitting. Fix one item at a time.

5. Repeat once a year. Accounts, policies and loans change. The list should change with them.

And if you are the husband reading this, do not wait to be asked. Make the list and walk her through it.

You do not need to become an investment expert

You only need to know enough to make decisions on your own.

Sit together for an hour this weekend. Make the list. I am sure this one hour will give you maximum returns.

If you would like help putting this list together, or reviewing what it shows, the team at Swadhyaay will be glad to sit with both of you.