The Ultimate Guide to Plan Your Finances If You Are Just Married

Mar 15, 2018 | 2 years ago | Read Time: 3 minutes | By iKnowledge Team

Finances will never lose their priority in your life as a couple. Our guide will help you plan your finances better.

As much as we don’t like saying it, financial planning plays an important role in the marital success of couples who have been married for long or those who are newlyweds. The honeymoon period may phase out within a few months, but finances will never lose their priority in your life. Therefore, it is always said that you should become responsible once you get married.

You must indulge in a detailed financial planning discussion with your spouse so that both are on the same page. You should not only plan for a peaceful retired life together but should also think about unforeseen circumstances and plan for emergencies. A common mistake that most of the couples make is to not talk about finances and planning until money becomes a looming problem in their relationship. Here are some effective tips that you can follow to plan your finances if you are just married.

Frank communication about assets and liabilities

If you want to plan your finances well and save for a bright future, you should know your current standing. Both should sit together to discuss openly about your current incomes, monthly commitments, savings (if any), when you would like to stop working, how much money you will need after retirement, outstanding loans and EMIs (if any) and other financial goals at each stage of your lives. For example, if you and your spouse agree to retire when you are 45, use Aegon Life’s retirement plan calculator to understand how much you need to save every month if you want to retire at the age you desire.

Agree upon common savings goals

As per a recent survey conducted by Fidelity, a whopping 42% of women surveyed didn’t know how much their husbands earned! So, the first step is to know how much both the partners earn and how much is left after your necessary commitments. The second step is to agree on common financial goals and the time to achieve these goals. That is if you plan to have kids, you will want to start saving for their education, wedding and more. With the help of our education plan calculator, you will understand where you stand and how much you need to save so that your common goals are achieved.

Choose investments wisely

While choosing investment plans, you should focus on two main rules – a) not to put too many eggs in the same basket and b) you must plan for emergencies and unforeseen circumstances. If you want your wife and kid to live comfortably without any financial worries, even after you, you must invest as early as you can in term insurance policies. Aegon Life’s iTerm Plus plan gives you the freedom to choose your own nominee, and offers you a cover against 36 critical illnesses.

Due to increasing medical expenses today, you need an emergency fund to cover your medical and hospitalisation expenses. Hence, choose proper health insurance plans for your family so that you don’t have to shell out any money from your pocket at the time of a sickness. What if you are diagnosed with a critical illness like cancer, cardiac arrest, or stroke? Unfortunately, most of the health insurance plans may not provide cover for these illnesses. This is where a critical illness insurance plan may come to your rescue. With Aegon Life’s iCancer plan, if you are diagnosed with a cancer, your family is paid a lump sum by the insurance company to help you with treatment costs, hospitalisation fees sand recuperation expenses.

Conclusion

As newlyweds, you should discuss openly and arrive at common financial and investing goals to avoid any stress in their relationship due to monetary issues. Yes, it’s quite difficult for two individuals to get aligned to common financial goals, but with a little amount of disciplined spending and a lot of strategic planning, this should be a cakewalk you.


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