How is it to get married with financial fitness planned with it? How does one ensure that it is a well planned financial life when you tie the knot? What can be all the issues that should be addressed before entering the marriage arena? What should be the "precautions" to take care of?
These are some of the issues that should get addressed in this blog but I have addressed them in a very unique way! in first person account, so that this comes to you as if you are listening from the "husband" or the "wife" as if she was narrating it to you in person. This way, you are going to enjoy the conversation as well as get the right information also.
When I married recently, I never thought and I never imagined, what could be the reasons for financial planning! I had no idea what is financial planning for just married. What are all the important things that I need to plan, as a married person? What are all the important aspects of money, that I need to even think about? Do we really need a financial plan when my only priority is to enjoy the new happy married life that has just started. But my wife was very clear that we must have, certain things planned and a system in place so that we are not worried about what could happen next and what we should avoid. My wife's idea maybe great and hence, the following 10 points, seem to be the most appropriate, issues to plan a happy married life
- Joint decisions: from one, that we are too, I guess it has to be the, not me. So all the decisions regarding money investment savings returns should be taken by both of us and not only me
- when we have to take all the decisions together, then should we have a joint savings account or should we have nominations, or should we have either or signatory to our accounts.
- Nominations: now that we are married couple, all the past assignments, nominations and wherever I have put my parents name, should I get it all changed to a joint name?
- Moving from a single to a couple, only to have a joint health insurance in place, which would have scope for growth, to add-on more family members, as you go along? That would be a great idea, if I can have scope, for adding more members later
- Although we don't have joint liabilities or individual liabilities, so do I need, to have insurance, as my cousin had suggested, that you may go for, a joint insurance, but I wonder why? Well, I think I'll go for individual insurance for life. In insurance amount, what can be the cover for all the liabilities, if anything would happen to either one of us.
- Since we're both going to be working and we would have independent salaries, I thought to be a good idea if we can put together, contingency plan, which can have an amount of, equal to six months of our household expenses. This will also include any of my insurance premiums or any other due amounts, that we may need to pay, without disturbing our investments for the long-term goals
- Now that I'm very clear that should anything happen, there is insurance both life and health, and a contingency fund, for all the emergencies that can happen to either one of us, I was pretty confident that now I can plan for the dream house that we are both seen in the big city for which we should start planning for the down payment and have up to 35% of our port combined salary to go as the monthly EMI amount. Planning for the home would bring me the joy and happiness, and that feeling that now I will have home of our own.
- That international vacation which we eagerly look forward to within the three months for marriage and the next vacation also within six months and the dedication after a year, needs a lot of amount and I think, planning for those holidays with her, is a dream to be fulfilled. So I thought of planning for the vacations, and started imitating the amount required for the three vacations in the next 12 months.
- That SUV, which we saw the other day, now became the dream car, which you want to purchase in the next two years. But you don't know how to? How do we plan for the car? Can we buy it? Can we afford it? Should we take long for it? Or should we rather go for a smaller car? I guess I need help to understand this better
- 50 to 80% of our salary, can actually be saved, for all the long-term goals, for all the long-term investments, when I don't want to think of retirement, but I don't want to think of anything else, and I would like to call it simply, wealth creation simply. I will go for long-term investments in mutual funds and I will study everything possible to know what are the long-term mutual funds most suitable for me and I will also understand how I can develop, my investment philosophy, when I do my, risk profiling, long-term goal identification, my priorities, and the time horizon mapping. I would take the help of our financial planner. To understand better, what I need to have, what of the mutual fund is best suitable for me, what are the pros and cons, what is the transparency, and what is the unbiased opinion, where I can get all the gold standard for all the future investments, and can I see a transparently, and can I see it and monitor it also
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