Just married? Here are five financial tips for you
Just married? Here are five financial tips for you
Below are five simple tips that all newly married people should follow in order to ensure a financially secure and stable future.
1. All cards on the table: The first thing both partners should do is disclose everything about their earnings and expenses. Tell each other your exact income, loan installments if you have one, savings, deposits, investments etc. This will help you have a clear idea of total income and total expense.
2. Budgeting: Both the partners should sit together and prepare a monthly budget. You should take into account all the necessary expenses. Start noting down all your monthly expenses so that you can know which one is necessary and which is discretionary. This will help you understand cash outflow in the household.
3. Goals: Discuss short term and long term goals with each other. Map out all your goals like buying a car, buying a flat, planning a baby, children education etc. If you have all these goals clearly mapped out, you can save and invest money in a way that will make sure you are able to achieve these goals
4. Savings: As newlyweds, it might be tempting to go on vacations, dinners outside etc. You won't even realize just how much extra money you are spending. Going on vacations or dinners occasionally is fine but you can save a lot of money if you hold yourself back just a little
5. Investment and insurance: Do not start investing late. Sit together and discuss the best investment options and insurance policies. it may be noted that if you want to buy a health insurance plan with maternity cover, you have to plan accordingly. Typically, insurance companies accept maternity expense claims only after two years of purchasing a health insurance policy. So buy a health insurance with maternity cover at least two years before you plan for a kid
Ref-By: http://www.timesnownews.com/business-economy/personal-finance/planning-investing/article/just-married-here-are-five-financial-tips-for-you/238128
Below are five simple tips that all newly married people should follow in order to ensure a financially secure and stable future.
1. All cards on the table: The first thing both partners should do is disclose everything about their earnings and expenses. Tell each other your exact income, loan installments if you have one, savings, deposits, investments etc. This will help you have a clear idea of total income and total expense.
2. Budgeting: Both the partners should sit together and prepare a monthly budget. You should take into account all the necessary expenses. Start noting down all your monthly expenses so that you can know which one is necessary and which is discretionary. This will help you understand cash outflow in the household.
3. Goals: Discuss short term and long term goals with each other. Map out all your goals like buying a car, buying a flat, planning a baby, children education etc. If you have all these goals clearly mapped out, you can save and invest money in a way that will make sure you are able to achieve these goals
4. Savings: As newlyweds, it might be tempting to go on vacations, dinners outside etc. You won't even realize just how much extra money you are spending. Going on vacations or dinners occasionally is fine but you can save a lot of money if you hold yourself back just a little
5. Investment and insurance: Do not start investing late. Sit together and discuss the best investment options and insurance policies. it may be noted that if you want to buy a health insurance plan with maternity cover, you have to plan accordingly. Typically, insurance companies accept maternity expense claims only after two years of purchasing a health insurance policy. So buy a health insurance with maternity cover at least two years before you plan for a kid
Ref-By: http://www.timesnownews.com/business-economy/personal-finance/planning-investing/article/just-married-here-are-five-financial-tips-for-you/238128
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