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Financial Planning After Marriage

It has been seen that patience level in young couples is decreasing. Many of them have heated arguments which may lead to the situation that they get ready to untie their wedding knot. Studies show that financial issues are one of the major areas of concern for couples.

Many couples are not able to solve their financial problems as they get emotional and reactive about money rather than solve by right approach.

Now, question is “what is the right approach?”

Answer is as follows:-

  • Personal & Joint account: - Couples must sit together and then discuss for future financial planning. There is no need to rush for the outcome. Both of them should feel comfortable with the outcome of the discussion. They must plan in such a way that they will bifurcate their money by putting some percentage in their own autonomous account and rest in their joint account. Here one must remember that both partners must know about all the transactions from the joint account but at the same time they should not keep police check on personal account of each other. But at the same time one can advise his/her spouse to spend wisely if one notice that he/she is quarrelling away thousands of dollars in unnecessary things.
  • Budget:-Couples must prepare budget at the starting of the month and accordingly deposit cash/cheque in the joint account. They can also do online transaction to deposit money in your joint account. They must prepare budget in such a way that some amount must be allocated for daily needs. It includes the grocery Items, bills, clothes, other items for the family needs. Save some amount for big purchases such as plasma TVs, cars, or computers.
  • Investment Judicially: - Couples must invest judicially. It is advisable that “Don’t put all the eggs in one basket.” It means that they should not invest in one scheme. They can take the help of financial advisor in this. For example you can invest in Post office schemes, Bonds, Mutual funds, fixed deposits in banks, Shares and Debentures. You must sit with your financial advisor along with your partner. You can talk about your investment goals and time frame for which you want to invest. You must take as much as risk as your goals allows. Remember that you can take for part of money and not all.
  • Insurance Policies: - You must have Health insurance, Life insurance, Property insurance, Vehicle insurance, Educational insurance to secure you and your family future. Keep checking on different insurance schemes given by different insurance companies. You must read all the Terms & Conditions of each scheme to avoid any problems in future. This will keep you prepare for emergencies such as accident, major illness, burglary in house or anything that could throw you off track if you don't have any insurance .
  • Personal debt is the joint debt:-If there is a debt on one partner then other partner should not crib and curse the other partner. Instead, the other partner must think that it is their debt and must be paid off by the efforts of both of them.
  • Financial Secret: - Never use money in embezzlement, gambling, or any other kind of work which you keep secret from your partner. Always remember that you that if you are transparent with your partner you will able simplify your life and likely to get helping hand when trapped in financial loop.

Hope you understand the importance of financial planning and start working on it after discussing with your life partner. It will definitely help you to avoid letting small problems or assumptions growing into large problems. It will help you to make better and smart financial choices.

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