Tanned faces, glowing skin and anxiousness about your new life together- the wedding bells are done, vows have been taken and you are back from the international trip. Hello, newlyweds, it’s time to talk business. The honeymoon period is now officially over.
At the brink of starting your new life with your spouse, we probably will not think too long term. But we all realise, a lifelong commitment is a life filled with sharing, fortunately your bed and unfortunately your money! With the two of you trying to build a life together, financial planning for married couples is of utmost importance. Postponing saving together to the next month is not going to help. Here are some quick tips to help you out in your post marital financial planning:
Get a marriage certificate: Believe you me; it makes things are a lot easier with a piece of paper proving your marital status.
Open a Joint Account: A joint account is the best way to save together. Keep a monthly fixed amount to be deposited in this account by both you.
Take out a Life Insurance Policy: It sounds very uncool, but when you become responsible for someone else’s wellbeing, your life needs to be insured to safeguard theirs. Also, the younger you are, cheaper the policy. So make hay while the sun is still shining.
Medical Claim: Again, an uncool sounding advice, but you’ll thank this article when you don’t have to beg, borrow and steal to pay off each other’s hospital bills.
Invest in Recurring Deposits: Your forced savings that will fetch you a lumpsum in a short time and keep your money liquid.
Transfer some money to a PPF Account: If you don’t have a PPF Account, get one. Both of you. This is the amount that is immune from an Income Tax raid and the interest is tax free. Go. Secure your retirement.
Individual Savings: We all try and save for the raining day. And, let’s accept it, the women do it more than the men. So men, pull up socks and stash those notes in them, while the ladies kill their desire for the latest Gucci bag and save some cash in their old purses, hidden in their closets.
Saving money need not necessarily require being spendthrift. Enjoy your new life with your spouses. Travel, go dancing, eat good food, taste great wine, but my friends, don’t let this question ever linger in your minds, where’s the money, honey?