Just Married? Here’s a Financial Roadmap for Newly-Weds

Apr 30, 2018 | 7 months ago | Read Time: 3 minutes | By iKnowledge Team

Introduction:

If understanding whether your partner shares the same beliefs as you do is important, then so is understanding their financial condition and risk appetite. Do you wish to buy a home together or do you have travel plans that will need an investment? These are just a few of the basic financial questions you need to keep in mind to make sure your financial life is secure.

Here’s a quick read that can save you from all the uncertainty. So, sit down with your partner and start planning:

1. Change your beneficiaries

Back when you were single, having a nominee may not have felt that important. But after marriage, it’s your responsibility to safeguard your better half, which is why it’s important to add him or her as your beneficiary right from the start. In fact, a good idea would be to change the beneficiary name of all your credit cards, bank accounts, insurance and investment plans too. Your parents can still be beneficiary but should be the second priority, assuming they also have their policies in place.

2. Reviewing your insurance policies

As you start your new life together, you know it’s going to be filled with a lot of ups and probably a few downs. It’s wise to be prepared for these uncertainties, especially once you are responsible for someone else. If you have an existing plan, understand if the cover is enough now that you are married. You also need to be careful about renewing the insurance policy, so that it doesn’t get lapsed and you don’t lose out on the benefits that you have accrued. With a safety net, you will manage to enjoy your married life to the core.

3. Discuss your financial goals

What’s the first step to planning and solving problems, you ask? Well, talking of course! Communicating with your spouse is probably the first and most important step you can take to planning your finances. Understand each other’s financial goals and what the best route to get there is. It is also important to understand your spouse’s spending habits and financial concerns before making any major financial investment decisions. Financial planning goes a long way if done correctly and with the right intentions.

4. Create a monthly budget

Living the single life is way different to being newly married. Earlier going without three meals a day was normal; partying on weekends was the norm and now you end up doing the laundry instead! Things change, expenses rise and you have to adapt to this with caution. If you don’t, then this may cause a lot of obstacles down the line. The best way to tackle this is to chart out your current and potential expenses. If both of you are working, think of opening a joint account where you’ll contribute a certain amount every month. This can then be used for common expenses. It will also help you both make wise decisions and divide responsibilities accordingly.

5. Discuss big expenses

When it comes to buying expensive things like living room furniture or a refrigerator, for instance, both you and your partner should discuss the details and weigh the options. Do you want to save for these expenses or purchase them on EMIs? How will this affect your current standard of living and other expenses? It’s normal for newly-weds to set up their home from scratch, and with a good amount of financial planning, this can be done smoothly. Sometimes buying a house is also in the cards and this will need immense financial planning and possibly a home loan too.

In the end

If you are both still stuck while creating a financial map, you can reach out to your financial planner or investment advisor at Aegon Life. Here we have the expertise to help you chart out a route to achieving your financial goals.

Conclusion:
As you begin a new journey, ensure that your money never comes between you! And remember communication is the key!

Advt no.: IA/Apr 2018/3898


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