Financial Services for Newlyweds
A good financial planning for the newlyweds or for those who are about to be getting married is a very important aspect of their future life together. Perhaps a bit more so given the distressing times right now. Generally, this extremely crucial step is avoided until the last minute if not totally overlooked until there is no escaping it.
There is a tendency in most of us to consider financial planning as something which involves stuff like old age pension provision, real estate decisions, and other long-term issues. But in actuality, this is not so. Newlywed couples require a good financial plan in the absence of which they may face difficulties in the future. Living alone and being married are two entirely different things and a person’s life entirely changes after his or her marriage.
It is an undeniable fact that money is a big factor in life. Good or bad financial decisions can make or ruin the lives. After marriage, a good financial planning becomes all the more required.
After the wedding ‘I’ become ‘we’; it is a team game now. So along with all other plans, a couple should also carefully plan their finances which will go a long way in saving them a lot of future problems and misunderstandings.
There are male-female differences in approach to money and this factor may torment many relationships. But a good financial planning by a newlywed couple may save them from such mental and emotional bedevilments. A newly wedded couple should carefully plan their finances while keeping in mind these.
A. From ‘I’ to ‘We’
First and foremost important aspect of financial decisions after marriage is that both the partners should keep the fact in mind that they are no more single entities. They are a team now. They should concentrate on how to merge the two financial entities as one. The couple should discuss financial matters with each other openly and in a neutral manner. Each one should respect the other’s opinion though how different it may be. This will ultimately result in a healthy and careful financial bondage.
B. Joint Management
Next thing which a newlywed couple should do if both the spouses have a career is to jointly manage an account and to pay the joint expenses such as running the household and paying for joint savings from this account. For your personal expenditures maintain separate personal accounts though be very careful to regularly contribute to your joint account
C. Planning and Budgeting
Another step which you may adopt for financial planning is to sit together and work out a general budget for the household and other common expenditures. This will help you greatly in planning your investments and in planning holidays and other expenses.
D. Contingency Planning
Fourthly, you should have an emergency joint account for sudden and unexpected future expenses.
From I to We
Planning & Budgeting