Marriage is the bonding of not only souls but two families. After the fat wedding functions and a great vacation, you need to get into the normalcy of life. This is the commencement of a new life and there are many areas where you need to consult with your partner- one of them being the finances. All this discussion at the beginning will bring up a change to your single spending and savings habits and also prepare your money planning for the future.
Here are the few tips that will help you to plan your money well as newlyweds:
1. Prepare a budget and stick to it religiously: You need to understand all the money inflow streams and also the outflows. If you have an ongoing loan, you have to plan its EMIs as well using EMI Calculator. So you need to be conscious about the savings and the expenditures. The first and foremost expression to this is to prepare a budget for everything and then stick to it religiously. After jotting down all the financial plans and the sources to income, you should fix a spending plan and a savvy plan for everything starting from your vacations to the education of your child.
2. Set up a contingency fund: A contingency fund is very important if you get into any emergency anytime. You should put money in a separate account and use it only for an emergency. All the spending and the other expenses can be met with your salary accounts, but the emergency funds can be made separately. Start with a comprehensive discussion on the double salary levels where one salary will be used for the expenses and the other would go in the contingency fund account in the bank.
3. Choose Investment options according to your financial goals: You should start investing in equities with the Systematic Investment Plan (SIP) route. For example, if your goal is to go abroad in the next few years then you may invest money in a debt or balanced fund having lower volatility and if the need is urgent you can consider investing in an either liquid fund or in a savings bank account to avoid risk.
All these tips will help you to get financial stability if you are newly married. Plan your budget, attain financial stability, and enjoy this new phase of your life.