Financial planning for newly married couples

After starting life as a couple, the first thing to do is to work out a plan. Initially, try to understand each other financial goals and then arrive at a common goal. Then set out to find an ideal financial plan for a peaceful life. As we are talking about 'young couple', they have opportunities to invest on a long-term basis.

Hyderabad:Though only a few days are remaining in the month of February, the feeling of love is all over the place. Thanks to Valentine's Day on February 14, there is no better time to celebrate the value and warmth of true love. Besides love, it's time for a couple to figure out a financial plan to secure their future. Only then, the couple can live a happy life. Clear-cut financial planning is necessary for the newly-married couple. Check out a few tips about the same.

Dream together

After starting life as a couple, the first thing to do is to work out a plan. Initially, try to understand each other financial goals and then arrive at a common goal. Then set out to find an ideal financial plan for a peaceful life. As we are talking about 'young couple', they have opportunities to invest on a long-term basis. Wherein, they could get a lump sum amount after a specified period of time.

Dream come true

To realise a financial dream or goal, the couple should discuss among themselves, like who should work more to achieve it. Besides working out the time span for the goal, it should be also decided whether it is for short or long-term gains. If both husband and wife decide to work, attaining the goal could be much easier. Or else, if they mutually decide on one going to work and other plans to become home-maker, a few changes have to be made in the future plan. Just fixing a goal is not enough, rather count on compromises to be made to fulfill it. The couple should start savings from earnings and then indulge in expenses. Even though one is a working member, the couple should jointly attain their goal with proper understanding and commitment. Investing at the right time and in the right plan is the key.

Shun loans

Although borrowing loans is not a crime, it should be done with a purpose. Buying unnecessary things could lead to the selling of necessary things. Even if a loan is availed, prefer one which has a lower interest rate. Take loans for goods that have appreciative value. A housing loan is one of the best options. Availing a housing loan jointly could help in a reduction of interest rates.

Insurance paramount

The breadwinner of the family needs to be protected with an appropriate insurance policy. If some untoward incident happens, this policy will offer financial support to the family. Even for children's education, an insurance policy or savings scheme could be utilised. Life and health insurance policies have to be part of everyone's life. Young couples have to give more priority to family floater health policy after getting married.

Well-thought-out plan

Like a couple who'll remain a strength to each other, even an investment plan should be compatible with the couple. And also both need to have a clear understanding of the policy. Giving a lot of thought before investing will be quite helpful. Pick varied options in investments. Seeking the advice of a financial expert is better, than taking the wrong step.

Live for tomorrow

At a point in time in life, setting a goal is very important. To realise it, put all your efforts. In addition to protecting your hard work, you should consider schemes that contribute to investment growth. Your age and ability to cope with risk are crucial here. There is a high risk in the early days, so pick schemes that provide high returns. As time goes on, we need to switch to those that protect the investment.

Financial planning is like a journey. It does not end in one day. Spend some time on financial matters on Valentine’s Day. Be mentally strong to overcome obstacles that may arise in the future, said Vikas Singhania, CEO, TradesSmart.

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