Marriage is a bond of commitment and responsibility. Their happiness is your priority, ensure that you plan your family is always happy and secured. You strive hard to ensure that their financial future is well planned and uphold their trust in you. If you have just got married, here are a few financial tips for you and your spouse which can help you both achieve your goals together:
- Creating a budget together:
When so much is changing in your life, why not change your approach towards money management, too? Vacations, weekend outings, regular parties and impulsive shopping need not all be curbed however once you are married responsibilities step in and so you need to manage your expenses wisely.
Bifurcate spends things you need and things you desire. Spend on your needs however reduce your expenses in fulfilling luxuries. Start this exercise today!
SIPs are one of the simplest ways to save money. Periodic deposits gradually accumulate to give you a hefty sum in your hands. Your savings can reap the benefits of the market and also compound in few years. Take your wife on that vacation you always wanted to take her on, purchase the car you’ve set your eyes on, retire in style with comfort. It is simple and neat, and it does the job of helping you save money without cutting down on your regular expenses. Investing in SIPs will help you form a habit of regular and systematic savings.
- Secure your health
Life has its own ups and downs, while the ups are joyful moments like your promotions, family get-togethers, etc. there are also things which set us apart like illnesses. You cannot predict sickness or the amount of financial pressure of medical bills. Let your family be by your side and not keep worrying about the hospital bills. Health insurance helps you pay your medical bills while you focus on recovery. If you can’t estimate how costly medical care would be years down the line, why not make things easier for both, you and your family? Apart from your regular health insurance it is also recommended that you secure yourself with a critical illness plan. Critical illnesses are cancer, heart disease, Chronic Kidney Disorder, etc. these illnesses will not only take a toll on your health and savings but also impact your earning capability for some time which will affect your regular source of income.
A critical illness plan is an invisible yet unshakeable pillar that you can fall on when other things are falling apart.
- Secure your family
Term insurance is a safeguard for your family in case of your unfortunate demise. If you are the bread winner or a major contributor in the family expenses than this plan acts as an income replacement. It gives them money to replace the money that you used to make during your lifetime. A term insurance makes it easier for your family to deal with the financial aspects of your loss.
- Start planning for your child’s future
It is wise to think ahead for the times when your loved ones shall count on you for financial assistance. Making plans for your child’s future is a priority for every parent. In today’s competitive world, you want your child to have the best possible education. The rising cost of education can burn a hole in your pockets, however investing regularly will help you accumulate wealth for your child and the finances won’t be a shock for you and your spouse.
These five financial tips will ensure you and your spouse are financially prepared for your goals as well as any contingency that may arrive in the future.