Financial Planning for Couples after Marriage

Congratulations on getting engaged. You've found the partner of your dreams, and you're ready to take things to the next level. We've all heard the popular saying that a marriage isn't just between two people, it's also between their families. But, marriage is so much more than that. Right from the moment you finish your last phera, or say I Do, you promise to always consider your partner in every decision you take. This becomes especially important when it comes to making prudent financial choices. No longer can you splurge on that cute dress you saw in the store, or that fancy new smart watch that's just been released. Once you're married, it's time to seriously start thinking about the future, and protecting your life with your partner.

If you aren't sure how to factor in your partner in all your decisions, then this helpful guide is here to give you a few pointers on how to get started:

• The Wedding Budget

  If you're planning to pay for your wedding yourself, it's important that you get a handle on the costs early on. Always remember to set a budget before you even start planning. No matter what you and your partner have dreamt about for your wedding, remember that you need to start saving for the future right from today. Try to find venues, caterers, makeup artists and photographers who will fit within your budget. If you find that you have to work outside of your budget, try and ask your parents for some financial help. A wedding can seriously drain your savings, and you want to have something left over for when the two of you start your life together.

• Set Financial Goals Together

  Whether you have a joint account or not, you need to have a conversation about your finances early on in your marriage. Talk about your saving habits, and set your financial goals together. Perhaps you both would like to purchase a car, or you may want to move to an apartment by yourselves before you even have children. Whatever your goals may be, always discuss it first, and then work on a plan together. By deciding how much money you both need to save every month to achieve your goal, you'll have a better handle on your finances. You could also set up a joint account and put your savings in that account each month. This will allow both of you to contribute more or less equally to all your financial goals.

• Put Your Partner First

  Now that you're getting married, you're going to have to think about your partner first. You want to ensure that no matter what happens to you, your husband or wife will always be in a secure financial state. We all know that life is unpredictable, so the easiest way for you to ensure your partner's safety is by purchasing life insurance plans and health plans.A life insurance policy is not for you to get rich, but to ensure your family doesnt get poor if something untoward happens to you. A health insurance is a must so that it can act like a security blanket for the months you may not be able to work due to ill health or during recovery.

• Save for Your Children

  Having children is a wonderful experience, but it's also an expensive one. Inflation, a higher standard of living, and rising education costs are things that need to be considered before you decide to have kids. The best gift that you can give to your child is a good education. But, basic tuition today is expensive by itself. If you think about extra-curricular activities and extra classes, it becomes quite a financial burden. The easiest way to come to terms with all these costs, and provide your child with everything they need is by investing in a smart Child's Plan. These plans will build up a nest egg for your child as they grow, and could help pay for their higher education, could fund their own business, or might even pay for their wedding one day. It will give your child a secure financial future.

• Plan for a Happy Retired Life Together

  As you embark on this magical journey together, it's important that you think long-term. Think about a time when you are both no longer working. You may be looking forward to have a retired life together, and may even have dreams of travelling the world together after you retire. It's always a good idea to start planning for your retirement right from the day you start working. Talk about how long you both intend on working for, and then purchase a Pension Plan that will help provide you with money when you no longer have a steady income. A pension plan will help build up your finances while you're still working, so that you have enough left over in your golden years together.

  Saving and planning for your wedding marks the beginning of a new chapter in your life. Be prepared for your own home, children and other discoveries through wise decisions, financial planning and managing your expenses carefully with HDFC Life.

• Make Wise Decisions

  Maximise your money by making the right choices in everything from loans, to credit cards, and retirement savings. Always remember that you need to save first, and then spend whatever is left over after saving. Limit the use of your credit card to only once or twice a month. This will prevent you from overspending, so that you don't land yourself in debt. At the end of the day, you need to remember not to waste money, or you'll end up without any when you're facing a difficult financial situation

  Planning and saving for the future becomes easier when you purchase health plans, insurance plans and pension plans. 

Related Articles:

• Marital Financial Inclusion - How to Plan Jointly
• Retirement Planning for Couples
• How Marriage influences your Investment Decision?
• Should you buy life insurance after getting married?