Then you must know marriage brings in a lot of responsibilities. Financial responsibilities form an important part of your married and family life. How you handle these responsibilities will set a lifestyle for you and your family. Here are 5 tips to make sure that you ensure Financial Prosperity for your loved ones!
- Protect what Matters most
When you get married, you need to review, update, and in some cases purchase different types of insurance, including life insurance (to help protect your loved ones), health insurance, and disability insurance.
Along with that also protect your precious assets like house, jewelry by buying suitable insurance.
- Set Goals
Discussing and setting financial and career goals is very important to avoid future disputes and arguments. Goals can be buying a home, yearly vacations or planning for retirements.Work together to figure out what you can realistically afford and how much you can spend.
- Start saving and investing.
Once your goals are set it’s time to achieve them. It is very important to save money from our monthly income and it is equally important to invest that money.Start with small amounts. Even a Rs. 2000 monthly investment in well know mutual fund for 20 years (investment of Rs. 4.8 lakhs) has grown to Rs. 1.01 crore.
- Avoid too much of Debt (Loans) and plastic money.
When you are still settling in marriage and trying to know each other better, you won’t like to have the burden of DEBT on your head. Don’t spend too much using your credit cards or by taking personal loan. Focus on creating financial surplus which will comfort you during bad times.
- Talk to each other.
Start discussing on finances with each other. Plan to build an emergency fund. Discuss on monthly basis, income/expenditure and check if financial goals and budgets are on track.
Marriage and money can be tricky, but the best thing you can do is be open and honest. Start off on the right foot by talking about money management and coming up with a solid plan to deal with budgeting, spending, and investing. The sooner you do this, the better. If you form good money management habits as a newly married couple, you’ll be able to work as a team through whatever life throws at you for many years to come!