Some important financial aspects to be considered by the newly married
Posted on: 15/Jan/2018 1:33:24 PM
It is quite natural for the newly married couple to plan different future activities and provisions. They have an open discussion on these issues. Quite naturally, finance is one aspect which must be included in this planning.
Planning the fiscal policy for the future by the newly married will pave the right way for them to face a good future.
The bridal pair may come from differential financial status. Even in the case, they belong to the same cadre, there may be differences in the mode of expenditures.
Thus, it is important for the newly married couple to have an open discussion and make a suitable budget for the future. It would be excellent for the couple to devise common saving schemes which will facilitate a smooth and efficient management of expenses.
While discussing some mutually important issues such as the future purchase of vehicle, house, etc., it is also wiser to include the topic of existing loans, if any. If there are any education loan in the process, it is better to inform. In case some property had been bought jointly with parents, this can also be shared. This would help a great deal in preparing the monthly instalments of payments due. Sharing all these data would prevent any future misunderstandings.
It is better to keep in mind to fix the financial targets while greatly indulging the marriage-related enthusiasm.
It is better to discuss in detail about fixing the financial target dates and the savings required for the same and also the details of investments for the same.
The bridal couple should not be misled to think that there is no present urgency for such future aspects. It extremely advisable to discuss these financial targets in detail in advance as this would help a long way in effectively controlling the expense process.
Both the spouses may have some financial commitments and responsibilities. It is better to share these in detail to avoid any future misunderstandings. Though the aspect of helping the family is an individual preference, it would still be better for the couple to have an open sharing of these details.
It is a general routine for one of the spouses to take care of the financial aspects. All the investment aspects may be taken care of by the husband. However, it is better for both the husband and wife to be 100% aware of the financial matters. It is in the best interest of the couple to have detailed joint discussions and make decisions. Both the spouses must be aware of savings, investments, loans, and insurance.
