Hyderabad: A lot of weddings are taking place this season. Promising young couples take vows to stand by each other and live together for the rest of their lives. After they start a new life, they would have to take care of many things for their smooth journey. A very important thing that a newly married couple should do is to set clear cut financial goals. Read on to find out what they need to do to ensure a happily ever after life for themselves and their children.
Make decisions jointly
Try to understand each other's financial priorities after becoming a couple. Come to an understanding and take joint decisions. Find out which way is best to achieve the goals. Young couples have the flexibility to invest in the long term. If it is done carefully and with a plan, it would be possible for them to accumulate huge funds for their future needs.
Sharing responsibilities
When it comes to achieving a financial goal, it matters how we plan for it. Whether it is a short term or long term goal should be determined first. If you think that both spouses will earn in the coming days, it will be easy to achieve these goals. If only one spouse works, then they would have to adjust their responsibilities.
Just having a goal is not enough. Some sacrifices are necessary in the process of making it a reality. Both of them should learn to save first and then spend from their earned amount. Don't forget that even if you are the only earner in the family, you can easily achieve big goals with proper planning and with the support of your spouse. Try to follow the right investment policy.
Borrow thoughtfully
Borrowing may not be wrong. But, what matters here is how much it is needed. Never forget the principle that if you borrow to buy things you don't need, you will have to sell things you need. Even if you take a loan, you should ensure that the interest is low. Loan should be taken only for things that increase in value. An example of this is home loan. If you take a home loan as a couple, it is also useful to save tax. Check credit score and credit history reports to understand each other financially. Both should make diversified investments.
Long term plan
It is important to strive every moment to make a dream come true. Look for schemes that protect your hard earned money and help grow your investment. Your age and resilience are key here. Even if there is a high risk of loss in the initial days, you should choose schemes that offer high returns. As time goes by, one should switch to something that protects the investment. Financial planning is like a journey. It does not end in one day.
Income earner
An insurance policy must be taken in the name of the income earner in the family. This will financially support the family in case of unexpected events. An insurance policy can also be used as a savings plan for children's education. Life and health insurance policies are an undeniable necessity. As soon as you become a couple, it should be preferred to take a joint family floater health policy.
