Marriage is truly a roller coaster – As you both get ready to start this journey full of laughter and togetherness, remember there will be highs as well as lows, and being prepared and staying together is what will help you tide over the bad times and cherish the good times together.
Very often, in the excitement of getting married, followed by the buzz of discovering your new life together to the humdrum of routine setting in, couples overlook the importance of talking finance. Of course, not a very romantic topic to discuss when you are getting married, albeit an important one – on which your entire future hinges in a way.
Last week we discussed top financial mistakes couples make. Today, we bring to you 5 financial tips for newly married couples to ensure your marriage has a perfect start, in every way:
Do the Talk – This is the best tip for newly weds – talk it out. It is important to discuss finances before you tie the knot. Most probably you both have independent income and would now be spending together for a lifetime. Talk about joining your finances, savings, assets, debts and whether to have joint or separate bank accounts.
Plan your life goals, jointly – Till now you were planning for your individual wants, but now you have to plan your future together. From that coveted foreign vacation to buying your dream car or your family home, you both are in it together – so, plan together and work towards achieving your financial goals in sync.
Save for the future – Now that you know your financial goals, prepare a road map to achieve them. Divide your goals into long term, medium term and short term goals and divide your salary to start saving in a planned manner. It helps to prepare a household budget to curb extra expenditure. Remember, you may be having two incomes now and can afford to spend more, but keep in mind future circumstances that may lead to loss of earnings for one of you temporarily. Save for the rainy day!
Insure yourself – As you start your new life together, it is more important than ever to insure yourself with a basic term plan to ensure your spouse and remaining family is provided for in case of any unforeseen circumstance. Also, make sure you take health insurance with accident cover to make good any cost of treatment up or accidental loss of income.
Invest wisely – Marriage is all about investment – investing your time, emotions, faith and even money wisely will lead to a happier future together. Saving alone is not enough. It is important to invest your savings wisely to meet your financial goals in a timely fashion. Another important aspect that many young couples overlook is investing for their retirement. It may seem far, but investing now will ensure happy golden years for you in the future.
Get in touch with a seasoned financial advisor such as Dr. Celso at Navemarg to get a headstart on your financial journey as a couple.