Newly married? Here’s how to secure your marriage financially

So, you just got married? Great! You must be going through new experiences and feeling that life has changed completely. Marriage is a very big step in your life, and it is essential to be prepared for it. It is also necessary to concentrate on your finances. A newly married couple should have a frank discussion about money matters right at the outset of the marriage. You need to have a clear understanding of things such as insurance, savings, expenses, and so forth. And if you want to start a family, it will result in even greater responsibilities.

Here are some handy tips that can help you secure your marriage financially.

  • Make a monthly budget

Assess your monthly expenses jointly. How much do you spend? How much does your spouse spend? How much does it come to, taken together? You then need to do away with duplication of expenses.

You should also check out whether all the expenses are necessary. Once you know the extent of your expenses, it will be easier to allocate resources to them.

 

  • Review insurance policies

In case both you and your spouse have insurance policies, you will need to decide whether the joint cover is enough, or you need more insurance. This will depend on whether both of you are working, the kind of jobs you have, whether you will live on your own, or whether your parents will be part of your new set-up, whether you will have children soon, etc. You can surrender your individual health insurance policies, and take a family floater policy instead.

  • Start an emergency fund

Once you are married, it is very essential to have an emergency fund. Everything might look rosy as of now, but you never know when one of you might lose a job, or some emergency might pop up. Remember, your emergency fund is not the same as your savings account and other investments. It is something over and above that.

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  • Start investing

Invest your savings wisely. Your goal should be to make your money earn money. You need to be ready for additional expenses, as you might want to buy a home, a car, or a second car. And once the children come along, the expenses will shoot up. You need to be ready for that. Think of tax-free bonds, stocks and shares, or, better still, liquid funds.

  • Change your nominee

Once married, it will make sense for you to make your spouse your nominee in your bank account, insurance policy, credit card, etc. You might have opened your account, taken insurance policies, taken a credit card before you got married. Do not forget to update your nomination details, post marriage.

Remember, your marriage is as much about a financial partnership, as it is about emotional bonds. Make the partnership strong both financially and emotionally.

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