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Financial Planning for Married Couples with No Kids


idiva_026There is so much excitement when you get married! Expectations and eagerness to keep each other happy doubles the fun of life! As a married couple, financial planning should now become an urgent and important priority!

After a few months of your marriage, you start realizing the responsibilities of living with a new partner.

It marks a new beginning, to bring perfect harmony in relationships.

This eagerness to align the new life has its own challenges and has its own set of tasks.

If you and your spouse have to live in separate cities then, it is an even bigger challenge.

To have a ready-made checklist of these tasks can help to smoother the new life together.

If you were looking for such a checklist, then this blog is for you. It talks about the simple steps for financial success.

Once adopted by the young couple, this would help in implementation and for easy execution process also.

Between finding out what’s the best and what’s right for you, don’t delay taking a financial decision.

You can also modify the steps to customize it for your own circumstances.

Let’s look at some possible scenarios to understand the options for Financial Planning for these married couples:

Scenario-1: You are living together with your parents in a city like Delhi, Mumbai

Scenario-2: You are living together in a metro and have left your parents in their hometown.

Scenario-3: You are living separately as your job may require you to do so.

Scenario-4: You have got married and both of you have been immediately posted abroad on an assignment for a few years.Step by Step Financial Planning for Married Couples with No Kids

Based on the above scenarios, let’s look at the checklist for Financial Planning for Married Couples:

  1. Beware of all those friends and relatives, neighbors and colleagues, who suddenly develop a deep affection for you!

They start giving you “unsolicited” advice, making you buy “unit-linked-insurance-policy (ULIP). You would, hence like to know the best life insurance to take customized to your life needs and goals.

  1. Sudden urgent need or any unplanned events thoughts bring you to start keeping a huge safety net. How much would you need as Contingency fund?Step by Step Financial Planning for Married Couples with No Kids
  2. Planning for a baby in a few months?
    • Then you need to plan expenses related to hospital admission, delivery charges, post-natal care, vaccinations, or any unforeseen illnesses.
    • This would bring more joy to your marriage and take you to the next level of Financial Planning for Married Couples.
  3. If you are working in a company, that company may be providing you with health insurance for yourself and your spouse. If so, consider yourself fortunate, to be on the higher success levels of Financial Planning for Married Couples.
    • You should now explore the best alternatives: Beyond this health insurance cover, how would you manage any additional expenses? And, what happens to those when you are without a job?
  4. What if any prolonged illness would keep you away from your office? Like Cancer. This would bring your success level down on the scale of Financial Planning for Married Couples!
  5. What if an accident was to set you back in executing your professional responsibilities for a longer period or even permanently? Like any permanent disability, like no sight or no hearing ability, could cripple your earning potential for the lifetime!
  6. Being young married couple with perhaps double income status and with no major responsibilities, you may be looking for best investment opportunities?
  7. House, Car, Vacations: Buying your own house now looks unavoidable.
  8. Retirement planning goal may not appear in your top goal list at this stage! You my wonder and would like to know if you can start or defer this goal?
  9. What if, one partner was to meet with an accident Step by Step Financial Planning for Married Couples with No Kidsand pass away! You would like to know the best way to transfer all his or her assets and liabilities, if any, to the surviving spouse or someone else.

The above are the top 10 challenges towards Financial Planning for Married Couples with No Kids which have simple solutions.

Simple. If the following steps are taken immediately, within the first year of your marriage. You may not need an expert to tell you anything more.

But for implementation, execution and customization, you may need expert help.

Let’s look at these simple 10 steps , each corresponding to the above checklist towards Financial Success for Married Couples with No Kids:

  1. Take Term Life Insurance for an adequate cover of 10-20 times your annual salary.
  2. Create a liquid, safe and convenient way of keeping 3-6 months’ household expenses, and call it as “contingency fund”.
    •  Don’t look for returns and make it simple and easy to withdraw in few minutes to hours.
    • You can invest in a liquid mutual fund, perhaps one which also offers the option of a debit card to withdraw cash or use the card for regular swiping too.
    • Convenience and safety too.
    • 1-2 years goals would need short-term investments: Start a monthly SIP (Systematic investment plan) in a debt mutual fund, for the amount you envisage for your baby.
      • Make your calculations for this purpose to check for expenses and how much to invest per month to achieve this goal. 
  3. For your personal basic health insurance: Take a Rs. 5 lakhs basic and a floating cover of Rs. 15 lakhs (if living in a metro/ adjust amount accordingly).
    • Explore health insurance which can include your pregnancy cover as well as include postnatal baby expenses like vaccinations etc. also.
    • Consider evaluating basic health insurance plans available especially for young Married Couples.
  4. Take Rs. 20 to 40 lakhs of comprehensive 30 or 40 major critical illness separate health insurance from a general insurance company. For yourself and your spouse too.  
  5. Take an accident insurance policy which covers temporary, permanent disability, for both partial and total. Include all other add-ons possible. Take insurance cover of 20 to 40 times of your annual salary.
  6. Long-Term Wealth Creation: Look for suitable monthly investments which suit your risk profile for long-term investments. Invest 20 % of your monthly salary. In 1 or 2 diversified Equity Mutual fund.
  7. House: First identify exactly which city, location etc. that you wish to settle and then find out the kind of investment required for buying your dream house in the next 3-5 years.
    • Calculate, reverse, that you should not pay more than 35 % of your net monthly salary towards the EMI of the loan to be taken.
    • Thus calculate, how much would you need to pay in 3-5 years as 10% or 20% down payment.
    • Reverse calculate using our Monthly SIP calculator, how much should you save every month to be able to accumulate that down payment corpus.
    • Invest in Diversified Equity mutual funds.
    • Do understand the risk and downsides, before investing.
  8. Retirement Calculations need not be long. Just put aside 20 % of your monthly salary towards this goal separately in diversified equity mutual funds for long-term. (read more in my blog on retirement calculations.)Step by Step Financial Planning for Married Couples with No Kids
  9. To make it easy for your life partner to be able to transfer that house, or car or that bank locker or your investment with one single document requires you to make a simple WILL today.(Read more in my blog on WILL simplified.)
  10. Do not think that once your parents will guide you or your friends will nudge you, that you will one day start thinking about these simple steps.

To live aStep by Step Financial Planning for Married Couples with No Kids happy married life is not a one-time mantra but always an ongoing experiment.

Now, consider initiating immediate steps for what works best for financial planning for married couples.

Having joint accounts, nomination facility, updating insurance policy company with your spouse name, are some of the immediate tasks after marriage (read more in my other blog on just married)

Checking and regular re-assessment of your investment should include professional review and updating. Don’t compromise.

Taking the independent opinion of an independent investment adviser would be a wise decision. To streamline and organize all your goals and investments within the resources available. 


Call it the 10 steps to the door that opens the path to a happier married life.

Call it nirvana! Tailor-made for Financial Planning for Married Couples with No Kids

Name it anything, but call these 10 steps by your own personalized title. For example, Ten Steps to a Financially Successful and Happy Marriage Adjustments (TSAFSAHMA). Call it Miya-Biwi Agreement (MBA) Resolution.

Start planning for such a simplified living. Take the decision, that you will implement these steps in the next 10 months, one step per month.

This could possibly bring both of you together as you would have started thinking together, Together, for a common goal. For a Goal, which becomes near and dear to you. A goal which has your future baby envisaged in it.

This can start a new beginning in the lives of Financial Planning for Married Couples with No Kids

It may kindle a new spark of your married life. Light that spark, to ignite those dreams which you may have seen together. This starts your imagination process and brings you closer to a goal which has not one, not two, but perhaps 3 or 4 lives together future too.

Happy marriedStep by Step Financial Planning for Married Couples with No Kids Life.

Enjoy the continued Honeymoon!

Stay Blessed with Financial Planning for Married Couples with No Kids



    • Hello Krishnan, Thanks and appreciate your comment in our blog for newly married couple. It is true that newly married couples can plan their future very effectively. They can make joint plans and create huge opportunities for each other.


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