Money matters for Newly Weds

Stepping into a new life comes with a multitude of responsibilities Therefore, it is important to include your spouse in your monetary affairs at the earliest in order to be on common grounds financially.

Dec 12, 2014 06:12 IST India Infoline News Service

A comfortable financial state is imperative for the people who have recently got married. Stepping into a new life comes with a multitude of responsibilities Therefore, it is important to include your spouse in your monetary affairs at the earliest in order to be on common grounds financially.
 
The below mentioned suggestions can help individuals to pad up their newly married lives, with sufficient financial resources.
 
Setting things clear: Newlyweds should list their individual income, assets and liabilities in order to be clear about their financial picture. The two could decide whether to make investments individually or jointly and set a specific threshold for the same. Also, a couple should incorporate changes in their financial documents post marriage so as to avoid hassles later on.
 
Specific Goals: With a person entering your life, some things are bound to change such as plans and budget. Hence, it is important to set specific goals for future like vacation planning, repayment of home loan, buying a car or retirement planning. Quantify each of your goals and fix a number of years. This is how a person can become disciplined and goal oriented in their lives.
 
Upgrade your insurance: Once a person ties a knot, he or she has to consider revising insurance needs, which should then be in sync with the dependent's needs as well. Also, health insurance should include your spouse’s health care needs as well. If you have an employer provided health coverage, it is important to include your spouse in the coverage as well.
 
Create a Will: It would be sensible for an individual to write a will or alter existing will to include your spouse as your beneficiary. Missing on this could put your spouse in a difficult situation, in case of an unfortunate event.
 
Keep the conversation open: If at any point of time one feels that they have to discuss money matters, it should be done immediately. One could fix a monthly or biweekly schedule to discuss money. It should be kept in mind that improper financial planning and management is a potential threat to an otherwise smooth running marriage.

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