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Top 5 Financial Tips for the Newly Wedded

Wednesday, December 21, 2016 , , 1 Comments

"I, ____, take you, ____, to be my lawfully wedded (husband/wife), to have and to hold, from this day forward, for better, for worse, for richer, for poorer, in sickness and in health, until death do us part".
Practically every couple takes the same vows on their wedding. The oaths taken during marriage are not just restricted to the wedding altar but plays a great role in their day to day life. While we leave the emotional compatibility to your discretion, we must hark upon a very important aspect of married life, that if taken well-care of, will add to the emotional and social success of your wedding. Yes, I am talking about the financial planning and management.

Source: Lifehacker
Here are few financial tips for the newly wed couples-
1) Know Each Other's Finances including Debts: Ideally, you would have discussed this before marriage. However, it is time to discuss it in details and in length. You may ask why? simply just to know levels of your financial commitments, savings, retirement plan, real-estate, cash flow and plan your expenses accordingly. Taking a look at the numbers helps you in managing your finances. You also need to ascertain and understand your debts level so you can work towards clearing it up. 
2) Design a Budget: You may have different lifestyle before the wedding. Good news is that now you have a combined pool of finances to manage your expenses, investment and debt. To make sure making all the ends meet, you need to design a monthly budget of your household under broad categories like - essentials, entertainment, engagement and luxury. Designing a budget is am important step towards building your financial goals.
3) Designate a Bill_Payer: You need to divide your responsibilities including bill payment pattern. You may have different utility bills like electricity, maintenance, house-help etc with different payment schedules. You need to designate depending upon the frequency and timeline to ensure a timely, hassle free and smooth payment. This comes handy when both the members are working.
4) Tune into the investment mode with SIP: Now since you have discussed your finances, knows your money and expenses, you need to allocate some funds to investment as well. A healthy economy is one where the spend is < investment. One easiest way to invest is via SIP [Systematic Investment Plan], one of the Sabse Important Plan for your marital harmony. 

You can check Birla Sunlife SIP for some top SIP plans including mutual funds,  and other SIPs.
5) Share the Load: Last but most importantly, you have entered the oath of the wedding to not act as a parasite feeding on each other but to build a symbiotic relation. The gender gap is fast diminishing with the time. With the women also working at offices, they need to share the household expenses with the husband. 

Source: The Fiscal Times
So, these were my top 5 financial tips for the newly wed. Do follow them and remember, a penny well-saved is a penny well-earned. 

The autor is half Human, half machine. Go Figure or just revel in what I write

1 comment:

  1. Though it forces the people to be in the habit of savings, it invests the same amount in market's high and lows. For a young couple, who are newly married, I think it is better to invest more at lows and less at high.

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