Tips For Financial Planning For Newly Weds

2019/02/25

Marriage brings a whole lot of responsibilities with it and one of them is the financial planning. Now you have to look after two people, plan for the future and invest and save for you family. So before the marriage sends you in dismay, that how will you handle so many things at one go after marriage, why not start planning in advance.

This will help in keeping your finances in place and you will not have to be terrified of the consequences of marriages. Usually before marriage we hardly do any kind of financial planning or save money so post nuptial the finances go hay wire. The reason we spend extravagantly during marriage and pre nuptial there is nothing called financial planning in our lives.

So do not feel dismayed post marriage, with few excellent tips and tricks you can be financially strong and look forward to a financially planned and secured life with your partner. It is just that you need to follow few tips and make the financial provisions after marriage and the life will go on smoothly as you have planned. Let us check out what these cool tips are:

Develop A Line Of Attack

First thing that the couples need to do is form a strategy and execute it from the day one. If they develop a perfect tactic and save according to it, then their future will be nicely secured and they will not have to worry about their finances going haywire. If both of you are earning then it is better that both of you develop a saving plan be it long term or a short term plan to invest and save. Then only the proper line of attack will be developed and you will be financially secured in near future.

If just one of you will keep on saving and the other one will keep on spending then there will be no use of such savings. This might lead to some tiffs initially because one of you might be spendthrift and does not believe in saving and investing. But the right way to handle it is sit together and stratagem your financial needs and plans and cooperate with each other to achieve them. Decide with the help of a financial advisor that which investments will give you higher returns in near future and based upon that develop your line of attack.

Talk About Financial Planning Openly

There is nothing to feel bad about discussing your finances with your partner. Once you are married, it is just both of you who have to handle all the finances together, so it is better that both of you talk and discuss the financial planning with each other. This the first phase of your married life and there should be a perfect understanding and compatibility with each other. It hardly matters whether you have known each other for years or not. Both of you should know each other’s current financial standings.

Everything from income, assets, loans, expenditure and savings should be known to each other. Usually it does not happen, both of them do not discuss their financial positions with each other and especially when they are newly married. Rather it is a good idea to tell your partner about all your savings and investments post nuptial this will make the reliability factor stronger. After marriage the wife should transfer the name of nominee in all her investments and it should be her husband who should be appointed as a nominee. Regarding any savings account which she should have shared with her parents now should be transferred with her husband as the joint account holder.

Look For Monthly Investments

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There is both short term as well as long term investment tools which you can choose according to your planning needs. Like there are lot of financial instruments ranging from shares, mutual funds, public provident funds, bonds etc. but you need to make a perfect combination of both long term as well as short term investments for maximum benefits.

Short- Term Investments:

    Long –Term Investments:

      Insurance Should Be A Must Factor

      Usually people ignore the importance of insurance be it life or medical insurance. Both of them are important and integral parts of investment which should never be ignored and especially by newly married couples. There are several factors attached to getting insured post marriage. Before marriage you were staying with your parents and there was no need for life insurance policy.

      But after marriage since both of you get dependant on each other the importance of securing each other’s life becomes very important and necessary. Especially the newly married couples should never ignore the dependency factor and they should realize the worth of life insurance and should get each other’s; life insurance policies as soon as possible.

      Same way there is specific role of medical insurance too, before marriage it might be that your spouse must have been medically insured by his company. But after marriage it is his responsibility to get you also medically insured, in order to avoid any kind of future possibilities. Especially if you are a housewife it is more important to get a medical insurance cover for you too.

      Things To Remember While Investing:

      Do not over burden yourself with many loans.

      Draft a will in advance for future.

      When you take a loan pay at least 50% of the amount in advance and pay rest in EMI’s.

      Create liquidity funds too for uncalled for emergencies. This liquidity fund should have at least 3-4 times of your income in your account for medical or travel expenses which you have not planned.

      Do not forget to nominate your partner for any Insurance, fixed deposit or any joint account.

      This way post marriage financial planning will be much easier for you and your partner and your future will also be safe and secured financially.

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