7 Tips on Financial Planning for Newly Weds in 2019 - PNB MetLife
PNB MetLife 11-10-2018 09:37:07 AM
7 Financial Planning Lessons for Newly Weds
If you have just got married, you know you will not only be sharing space but also your expenses. This means, you will have to align your financial goals with those of your partner’s and plan together for your future. So, we understand making a joint financial plan might seem a bit overwhelming, but if you take it one step at a time, it becomes an easy one. We tell you how:
Here’s how you can start:
- Have an open conversation about your finances
This is the first step towards planning your finances together. Talk to each other about debts, savings plan and investments. Get to know each other’s finances to make your monthly budget planning a smooth journey. Start the conversation early and prep with your partner to establish long-term financial goals.
- Discuss your financial liabilities
If you are paying off any debt or have bought anything on credit, inform your partner about the same. Let him or her know about how much of your income will be apportioned towards those payments. Similarly, understand their financial liabilities and debts. This will be helpful when you decide to borrow a joint loan for your house, car or any other asset.
- Get to know each other’s goals
You and your partner may have certain individual goals and it is important to budget for them. Recognise their importance and see how you can fit them into your joint budget. Marriage is about sharing everything.
- Know each other’s spending habits
Are you the impulsive shopper or are you someone who plans each and everything you buy? Your spending habits affect your budget and other finances. Similarly, if you are going to create a budget with your partner you will need to know about their spending habits, too.
- Get a joint term life insurance plan
Insurance is one of the crucial elements of a sound financial plan. Secure yourself and your partner with a joint term life insurance plan. This will ensure that your partner continues to live the same lifestyle, even in your absence.
- Investments are important
As you enter the new phase of your life, unexpected costs may emerge. You might buy a new house or take a vacation together. However, don’t forget to set aside a certain amount for investments. Analyse your long-term financial goals and decide on the instruments that best achieves your objectives.
- Make a financial goal as a couple
Making plans together will give you more opportunities to understand each other. So why not have a couple goal for saving or investing and bond over numbers and balance sheets? Open a joint savings account or pitch in for a common SIP for a long term savings plan.
To Sum Up
Marriage is a lifelong partnership and there are no set rules to have a ‘happily ever after’. But when it comes to finances, you can have a happy life with some financial discipline. Plan your budget, invest wisely, and save for emergencies to enjoy a stress-free married life.