How To Save Money And Secure Your Future

2019/02/25

Married life can be a happy married life if both the partners take all the decisions mutually, but if it is question of financial planning then only husband is made responsible for the financial planning. This is not right even the wives should take active part in financial planning.

Mutual consent of both the husband and wife in any financial investment is very important and both of them should have correct knowledge about the investment. After marriage there are so many things like buying car, child education, medical emergency all these things need good financial investment and planning which should be done by both the partners.

For newly married couples it is very difficult to manage their accounts and funds because both have different saving and investment habits. So for them to develop a mutual understanding and do financial planning is very important. If they will not do so then how will they make their future secure and fulfil their monetary targets for buying home, children education etc.

For any kind of financial planning it does not matter that who is saving the money it can be either husband or wife what matters is that there should be perfect saving plan or according to that savings are being done for emergency and future investments.

Easy Saving tips for the couples

Husband and wife should sit together and prepare their monthly budget and should spend according to that budget plan only.
They should share the future investments with each other and try to implement those investments too for the secured future.

After understanding each other’s skills and lacunas they should share the responsibilities. Because it is not necessary that both have same understanding and capabilities.

A separate fund should be made for emergency like sudden accidents or severe illnesses, which never come planned in life.
In order to keep a tab on the pocket money both husband and wife should fix certain amount of pocket money for each other. This pocket money should be fixed according to each other’s spending and needs and both of them should try to stick to this limit of pocket money.

Both should stop spending money lavishly and should put a tab on the way of spending money by making a budget. According to this planned budget they should spend money. If your partner is not able to save money then do not keep on nagging about this, rather you should think of some other alternative to save money. By thinking smartly you can also start saving.

How to follow these saving tips

Make a diary for monthly spending

This diary will be an efficient financial planner for your house. Every month write the salary of both husband and wife in the diary and add it. Whatever is the total amount you should save at least 20% of the total salary every month. The more the saving the better the planning, but the mark of 20% is bare minimum which both of you should save. This saving will act as an emergency fund.

Now in this diary after writing the total earnings write the total money you need to spend every month not just on yourself but the whole budget should be planned for the month in advance. The list of the expenditures should be made according to their priority and spend money according to the priority list. This way you can easily avoid any kind of extra spending.

Plan Smartly with proper thinking

According to the need of the expenditure the money should be spend , no need to go with the societal trend or have a competition with your friend or family. If you are planning to buy something big for yourself or the house like LCD TV or air co0ndiitoner etc. then before buying just think of pros and cons of buying that thing and how it will affect your budget.

Now after planning to buy that thing plan how much extra saving you will have to do every month for buying that thing. This will help in making the right decision to buy or not to buy that thing. Just check whether your monthly earning allows you to spend so much and moreover there are some hidden costs too like electricity bill maintenance etc. also do not forget to add them too.

Make a list of financial targets

It is very important that you make a list of your financial targets every year like decide in the first three months only that by the year end how much amount of saving you are looking for. Try and plan the investments also and according to their priorities keep them in your list. Most important target should be at the top.

Both the long term and short term targets should be pre decided. Now try and find out how much money will you need to achieve these long term and short term goals? According to the amount required start saving money every month. This way at the yearend you will be able to achieve all your financial goals with perfect planning and saving.

Create an emergency fund

Emergencies never tell and come nor they are planned but you can easily face them by planning a budget for the emergencies in advance. Create an emergency fund for sudden accidents or emergencies. In this emergency fund keep so much money so that you can easily take care of your monthly expenditure for six months. This fund can be in the form of a savings account with six months advance monthly expenditure in the account or you can invest in Liquid Mutual Fund also.

Savings and Investment

After marriage you should do some investment. This can be anything from life insurance policy to national savings certificate. Except for this you should get a Mediclaim too and keep some money aside for health problems. Gold is also a good investment option and for investment purpose always buy 99.9% pure gold.

Insurance

After marriage the family will definitely extend so when you get a health insurance make sure that it covers delivery expenses also. Invest 25% of your savings in Equity finds to get good profits and returns.

Photo Credit: Relationshipbeast.com

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