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8 Financial Must-Dos for Newlyweds

8 Financial Must-Dos for Newlyweds - Aegon Life

Marriage is the beginning of an entirely new phase of life. When you both set off to begin a new life together, it is essential to establish a strong financial foundation. Most of the couples delay the discussions about money and finances, but it’s important for married couples to be on the same page financially right from the start. A newly married couple need to make crucial decisions with regard to their future goals in order to have a smooth life ahead. It’s essential to communicate openly with your life partner about your financial goals and decide the proper measures to achieve those goals. Here’s a list of financial must dos for newlyweds to make things clearer:-

  1. Set up a joint account: – Since a married couple takes most of the decisions together, keeping your finances bundled is also a good option. A joint account is an easy and convenient way to share your finances.
  2. Decide on a budget: – Discuss with your partner about how much you plan to save and spend on a monthly basis. This will make sure you both will be on the same page with regard to your finances. If you have loans to pay, set up a plan and pay off the loans with highest interest rates first.
  3. Coordinate benefits at work: – If you and your partner work with different companies, you can take advantage of both the benefits. If your partner’s medical plan provides better coverage, you can choose to be covered under that plan. Also, inquire about the retirement plan at your spouse’s workplace.
  4. Plan your investments together: – Now that you are married, you will have joint financial goals. Therefore it is important to make sure your investments so not clash with each other. Make sure your partner is also aware about the risks and other details of the investments.
  5. Take up Insurance: – Since you have added responsibility now, make sure your insurance cover is adequate to cover all your needs. Taking up adequate insurance will ensure the financial well-being of your better half. Plans such as iSpouse and iIncome from Aegon Life help in securing the future of your partner, even in your absence.
  6. Declaring beneficiaries: – If you want to name your spouse in your will, make sure you declare the name of your spouse with the bank. This will ensure that all your partner will be entitled to receive the funds, in case something were to happen to you.
  7. Last Name Change (If Applicable): – Although it may sound trivial, it is very important to change your last name on documents such as driver’s license, social security card, passport etc. as they are key identifiers for your financial records.
  8. Emergency funds: – Financial emergencies could strike at any time, therefore you need to make sure you have some readily available cash for such situations. The amount can vary depending on the volatility of your income.

How to Make Investments after Retirement?

How to Make Investments after Retirement? – Aegon Life – Blog

With retirement comes your greatest fear – financial dependency on others. You may have saved years and years in pension plans and other avenues that would you a paltry sum to see to all your needs, but is that really enough? While saving up for your old age is a prudent and much needed decision to make and implement, thinking of other options can certainly be a good choice as well.

If you have set your retirement goals already, you would know how off the track you are in considering the pension amount to cover up the costs. Whether you are planning to take a world tour or retiring in your very own villa at a pleasant location, having a backup in terms of finance can save you a great deal of embarrassment in your old age. It would certainly be better than relying on someone else to see your financial needs.

Here are some investment options that you can consider after retirement to live your dreams even in old age:

Senior Citizens Savings Scheme (SCSS) was started by the government especially for the elderly. Every citizen above the age of 60 is eligible to invest in this scheme along with a few above 55 years of age who are subject to certain conditions. Since the scheme is specifically meant for senior citizens, making an investment here could certainly be quite profitable owing to the fact that their needs would be taken care of.

Providing higher rate of interest as compared to other savings option, fixed deposits work as the best avenue in which to invest in for people of any age. You can keep your funds safe wherein it would increase a great deal until the maturity period when you receive it back. You can live your dreams, no matter how old you are, with the investment you make.

For those who have an appetite for risks may find investing in Monthly Income Plans (MIPs) as the best option due to the high returns they can receive. These mutual funds are market linked investment options that have a certain percent of assets in equities. As mutual fund investments are risky yet highly yielding options to invest in, this option could very well be a great investment avenue for people after retirement.

The Fund Choice offered by Aegon Life in the iMax plan for pensioners helps them invest with an assurance of yielding high returns.

A Simple Financial Plan for Everyone

A Simple Financial Plan For Everyone– Aegon Life - Blog

Everybody has goals in life, but people often have no idea to go about realizing them. Be it buying a home, saving for college, or starting a business, everything requires money. This is where financial planning comes into the picture. Financial planning provides meaning and direction in order to meet your financial goals. A sound financial plan will act as a buffer during the various ups and downs of life.  It helps you to convert your financial goals into action plans, and provides the direction and discipline to achieve these goals.

Contrary to common belief, financial planning does not involve complicated calculations and risky investments. There are various simple and safe investment tools available these days that can be safely utilized by all. Here are a few simple financial planning tips that everyone can follow:-

  1. Asses your financial situation: – In order to know your financial standing, you need to compare your assets against your liabilities. Document your total assets and liabilities along with their value. Then, subtract your total asset value from total liability to obtain your personal net worth. Your net worth is a reflection of your financial situation at this point in time. This valuation will assist you in planning your future expenditures in an efficient manner. When calculated periodically, your net worth can be viewed as a financial report card that allows you to evaluate your current financial health.
  2. Set financial goals for the future: – Regardless of the life stage you are in, you are likely to have some short and long term personal financial goals. Setting tangible goals and following them while monitoring your progress, is the key to success in achieving all of your financial goals. Therefore, list down your goals as well as classify them as short-term, mid-term or long-term goals.
  3. Invest adequately: – There are several investment options available in the market to suit the financial needs of all types of people. If you are risk averse, opt for low risk investments such as fixed deposits or debt instruments. On the other hand, if you are ready to take risk, you can opt for equity based investment instruments that provide higher returns. To ensure financial safety in the long run, opt for insurance plans such as iGuarantee to get assured returns on the investments.
  4. Insurance: – Life is full of uncertainties and risks. At times people fall prey to mishaps and adversities. Hence insurance has become a necessity, as it provides financial protection against incidental expenses. Taking up a life insurance policy is especially important if you have dependent members in your family. One is also eligible for tax benefits on the insurance premium you pay. Moreover, the investment gains that your policy fund generates are tax free.