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Money Power Tips on Financial Planning Essentials for Newly Weds

The most exciting and lifestyle changing occasion in any person’s life is marriage. Marriage brings lot of responsibilities to both the partners. Along with personal and social implications there are also financial responsibilities to be carried by newlywed couple as they need to plan for their united future as a single family. Proper attention and planning right from the beginning of marriage life lead to a successful financial management throughout life. As a couple, they should initially keep a check on their financial expectations, their primary preferences along with their compatibility to generate a combined road map for their joint future.

Most important things to be taken care of after marriage are:

Name change: Change of bride’s name after marriage should get implemented in all financial records.

Address change: Shifting to a new house after marriage should get updated in all their banks and other financial organizations.

Nominee change: A change of nominee has to be done in all the bank accounts, insurance policies, securities and any other investment schemes. After marriage, bank policies should be carefully read before initiating any marriage related scheme in the bank.

Will change: Any existing will should get modified on the data of inheritance otherwise a new will should get generated.

Draw a combined financial budget

Couple should draw a new financial map taking into consideration of all their new responsibilities and roles in their family. They should clearly discuss their exact earning potency, required expenditures and then create their goal accordingly. They should give equal respect to their financial aptitudes and design a middle map with well-balanced risks in their investment. They should equally divide their responsibility of managing their earnings, their expenditures and also investments in order to establish a decent platform.

Prefer a moderate Insurance cover

Depending on their income and financial targets of both the partners, they should prefer an adequate insurance policy. Any existing scheme should get enhanced considering the dependence of another person on one’s income. They need to work out initially for the amount that they can shred for the policy premium and can compare it with their policy necessity.

Always hold an emergency corpus fund

The unpredictable nature of life can always be well managed with a pre-planned emergency fund. Any sudden issue after marriage like health issues, loss of job, house renovation can be comfortably solved only with the help of this emergency fund. Almost half a year of our expected expenses should get isolated as our emergency corpus fund.

Thus financial victory of any newlywed couple depends on the combined effort and team work of both the partners in order to establish well balanced financial platform and everlasting success.There are also experts available who can provide valuable tips of financial planning.

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