You walk down the aisle and promises to share everything and to remain aside of your partner at every phase of your new life. When it’s about sharing everything, you promise to address your finances together as well. As soon as you stroll down the aisle, reality sets in. Now you have to be smarter not just for managing household chores but balancing your finances as well.
In country like India, weddings are a fancy and costly affair! People spend lavishly on weddings and end up exhausting all their savings and still exceeding the budget. Therefore, post wedding, financial management can be a bit tricky, especially for Newlywed couples, so it is best to check out some crisp and quirky advices to help pave the way for smooth financial sailing for your new beginning.
Communicate – First things first, have an open conversation and communicate freely about your current financial situation. Newlywed couples should not just focus on romancing all the time, but, should know what each partner is bringing into the marriage, in terms of money. It’s quite common to have different financial habits (savings, debt, and spending habits) and therefore, it’s best to have an open communication regarding the same before it escalates to an unwanted crisis.
Set a budget – While you two have just entered into a new world full of challenges and responsibilities, budgeting can actually make your day. It’s necessary to go with precise financial planning and allocate a strict budget for each expense and stick to it. You should know your income sources and focus on how much can you afford for each expense category.
Set some goals – To be financially healthy, newlywed couples need to set some realistic short-term and long-term goals like where you want to travel next year, buying a house, or starting a family.
Deal with debt – Post a lavishing wedding, it is quite common to bury in debt, but, as you two are a team now, nothing should seem impossible, not even dealing with debt. Plan your finances strategically and follow a rule of thumb by paying off the higher amount debt first. Spend wisely and avoid getting any other debt at least unless you clear off the previous liabilities.
Have your marriage perks – As of now you two are inseparable entity; it’s time to enjoy some brilliant marriage perks. There are several banks and financial institutions offering attractive interest rates on couple (Or women-centred) investment plans, so you can go for joint-investment or open joint savings account and reach your financial goals while enjoying your newlywed life.