Hello Friends! Here comes the wedding season…the time to strike the band and put your dancing shoes on as the couples walk down the aisle to tie the knot.
A new chapter of their life is about to begin. Here are some quick financial tips to the newlyweds so that they can build a financially secured future.
First of all, both husband and wife need to get organized. Make a list of all income, assets and debts that each of you bring into your marriage.
Secondly, start keeping a track on the money spent and earned because when two people leaving independently suddenly become one unit, spending can spin out of control! Adjusting to the new lifestyle may require little time. Make sure that you strike a correct balance between your income and expenses. Your every spending decision that is made can have a crucial effect. Thus, it is important for the couple to list down their priorities together.
It would lead to a better tomorrow if good financial habits are followed from an early stage. This will lead your life to a financially secured and responsible manner and avoid financial mismanagement.
Make it a point to save on a regular basis. It is not only about saving but start investing now so that it will help you to deal with your future expenses. The best way out is investing in SIP – Systematic Investment Plan wherein every month a certain amount is invested. A small amount every month can give you a big chunk a decade later in order to meet your future family needs.
Thus, the couples need to consider the financial wellbeing as an important topic in their new chapter of life!