In the flurry of activity and excitement before your wedding, plan sensibly for your marriage so that it is a lasting one. Often, people caught up in the romance of marriage forget that the act of marriage usually creates legal obligations between the two individuals involved. Look beyond the shopping and arrangements required for the ceremony and plan your personal finances in advance, such as:
Should both of you combine your assets or keep them separate?
Are there student loans or any sort of existing debt that has to be paid off within a certain period of time?
What is your existing life insurance and what happens in the event of death of one of you?
Do any of you have disability insurance to fall back on in the event of an illness or injury that prevents one of you from working?
Prevent misunderstanding by talking frankly about spending habits so that unpleasant surprises don’t crop up in the future. Reach an agreement on whether to pool your resources or not. Plan for your future, keeping in mind that tragedy and emergencies strike you without any advance notice. Retirement planning is a crucial element of financial planning as a couple and helps you to establish a pattern to save for your future together.
Your budgeting for personal finances may include:
- Existing/new debt
- Rent or mortgage
- Personal spending
- Discretionary spending
ArthaYantra can help you in planning your personal finances and securing a safe future with your spouse. Talk to our financial advisor about financial planning for your marriage today.
You can also use our integrated online personal finance platform ARTHOS to plan the financial aspects associated with marriage.