Marriage is the keyword that shares and balances everything in a twosome way. Sharing life along with finances everything happens on sharing terms in marriage. The institution of marriage calls for harmony in establishing the equation of marriage and take it along with stability for long years of togetherness. The early years of marriage are usually spent in deciding on the role factors, dispensing money factors, splitting costs, etc.
Based on the role play of each partner, the right amount of investments should be decided upon. Family goals and the right planning for the future should be taken into account. If there are dependent parents also staying along with the married couple, splitting of costs should be grossly decided upon before starting off with investments. In such cases, the health aspects of aged parents make an additional attachment to financial planning. The decision to start a family by planning for children is another major milestone in marriage and incurs huge expenses and requires special planning. Let us now look into some correct financial decisions that should be taken at the early and nascent stage of any marriage, in terms of financial planning:
5 financial decisions you must make early on in your marriage!
1) Personal Savings with a long term view
The early years of marriage are usually spent in trying to know each other better, planning short term and long vacations during the weekends to get quality time with each other. When a person gets married, they have to share their responsibilities in order to carry on the boat of marriage smoothly. So giving away all time in spending money on unnecessary costs and not planning right for the future will put a dent on the money cashed in accounts. So good savings in personal accounts will offer instant fulfillment of costs and whenever there is a gross need for urgent money.
2) Family insurance for better cover
Life is an unpredictable question mark! It is full of unseen and unexpected challenges. To face these challenges, we have to be prepared at every step of our life! To be prepared for financial outruns in case of unforeseen situations, especially medical ailments, we have to equip ourselves with an insurance cover. If the person has sought a single cover for himself, its time he upgrades it for an extension, providing cover for himself and his spouse too. This way, expenses for the unexpected situations can be dealt with in a smart way.
3) Planning medical expenses smartly
Medical cover is a must these days, given the rise in lifestyle related stress and diseases. Not only diseases, but infections due to pollution are on the rise and a walk down the road on a busy street can lend an allergic reaction in our body. So it’s better to be prepared for the worst. Planning for the right medical insurance along with better transparency of claim returns will give a leeway for better managing finances of the couple.
4) Family extension and planning for future costs
After the early stage of marriage passes off into some serious business of planning for the future, the aspect of family planning comes into the fore. Planning for a child throws big challenges and at the same time brings in new excitement on would-be parent’s faces. Planning for their children’s education, health expenses etc necessitate proper financial planning for the entire family.
5) Planning for retirement
Life indeed comes a full circle. After several years are spent in one’s education, finding jobs, marriage, children etc, there comes a stage when one has to plan for his retirement. The earlier the plans are made, the better for the saving factors. If one begins saving a large corpus for his retirement early in life, then he can rest assured about not having to worry too much post his retirement from the job. Life post retirement entirely depends on the financial situation he is staged in.