The newlyweds could live happily only with financial planning
The newly married couples should try to read each other’s thoughts about savings and investments and accordingly prepare the sketch for their future financial security if they intend to spend the evening of their life with dignity. There is going to be a big change in the life insurance sector. Only the new life insurance policies could be sold out now according to the IRDA’s latest directives.
Marriage is an important threshold of life. Newly married couples have their own desires and aspirations. This fusion of two beings is extremely convivial provided its foundation is standing on a solid financial autonomy. However, this is easier said than done, because the challenges of financial management could make any couple the victim of problems. Nevertheless, with preparing plans with caution and with the right mutual dialogue, a long term financial independence could be achieved.
Knowing the details first
Both the husband and wife should have the knowledge of the entire type of investments (Banks saving account, brokerage accounts, life insurance policies, and other nature of investments). The newlyweds should try to ascertain each other’s ideas and thoughts regarding savings and investments and etch out the structure of financial security of future. Every couple has aspirations and expectations of their own, as for example, buying a home, but it is just possible that the resources for this are scarce. Consequently, the couple should immediately determine their financial goal and the roadmap to attain that. It is but imperative to prepare such a plan that meets the requirements of both. Taking note of the habits of their expenditure and the financial aspects of the managerial styles would help determine accordingly in fixing up of the limits of the time frame in reaching the goal. Talk with each other about money. A shared outlook makes the task of achieving the shared goals easier.
When once the goal is found out, it becomes easier to determine how much is to be saved. Begin saving accordingly. Make the habit of saving a particular amount every month exactly like you deposit telephone or electricity bills. If you start saving small amounts right from the very outset, you are saved from the burden of saving big amount ahead.
Keep yourself debt-free
If you have any loan outstanding, repay it within the shortest possible time from your shared income. By decreasing the debt burden, you shall feel easier to turn the direction of your saving in attaining your financial goals, whereas the amount that goes in repaying your loan shall later reduce the possibilities of earning more for you through saving and investments. Therefore, the sooner you repay your loans the better would be the chances for you to save money for investments.
Create emergency fund
Life is full of uncertainty. No one knows what surprises the life would throw at you. Unexpected emergencies and...