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Marriage and Money

Marriage and Money

 

Marriage is a very big step; it’s about sharing your goals and aspirations as well as assets and liabilities. It brings responsibilities not only for you but for your partner and children too.

Let’s have a look at certain points which has to be kept in mind for planning your investments after marriage:

  1. You should have all the documents updated – bank accounts, marriage certificate, pan card, voter ID, nominee names, etc .so that there are no hindrances when planning for your investments.

2. Communication is very important whether it is formal or informal. The couple should jointly make their goals and should plan out together; there should be transparency between both with regard to savings, expenditures and investments. This will lead to better handling of problems and avoidance of disputes.

3. Your investment plan should be categorized into short term, long term and medium term for each and then compile it to make a composite plan. This can be used as your standard for measuring your financial success.

4. Creation of emergency funds is of fundamental importance as there could be a situation where you need money on emergency basis. These emergencies could be anything be it unexpected medical expenses, job loss, household repairs, etc. This can be done through opening accounts in savings account, fixed deposit account or liquid mutual funds. While investing for emergency g=fund, you should focus on liquidity and safety.

5. Making a budget and tracking it can be of the ways for smart planning of your investments and finance. If you are planning the budget in the early phase of your marriage it will be more disciplined in terms of savings, spending and investing.

6. Taking term insurance plan for the earning spouse. It is life insurance policy that provides a coverage for certain period of time where if the insurer dies within the specified period of time.

7. Planning for your child education, whether to take loans or invest for getting returns? This debate never finishes between couples. As mentioned earlier, talk about it, communicate well and decide on the source for your child’s education. It can be a good mutual fund plan or loan with low interest rates, that’s totally your choice.

8. Last but not the least, planning for your retirement – knowing about social securities ,savings , mutual funds, getting an insurance cover are some ways of planning for your retirement.

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