Marriage is a partnership which tied the knot for a lifetime. Two couple bound together with emotionally and also financially as well. Marriage is not about only you anymore, but also it is about doing things together, including planning your financial future. As a newlywed, As you move forward through the life journey together In life there will be good times and bad in your married journey, so it is better to start early, plan about managing money and making investment decisions.
Financial plan for a newly married couple can sometimes be challenging. It will easy when you have a clear financial plan for your financial goals. The couple should review their spending and saving each other. It is important to be transparent about your income with each other so that you can invest properly for your better future. Here are some investment options for the newly married couple which must help you in your successful marriage life.
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Investment Options for Newly Married Couple
Start Investing As Early As Possible
Most of the couple start invests after the birth of their child, but if you start to think about investing in the early day of post marriage, it will help you create a good corpus for your various requirements ahead. The most important benefit of regular investment like RD or SIP that some amount of money is deducted from your bank which also avoids you overspends.
If you want to really want to make your future finances in order then you need to learn to save by avoiding over spending, if you don’t know how you spend your money every month then it is difficult to save money. So track your expenses and manage your saving by Budgeting. If you are a working couple then the expenses can be shared equally.
Real Estate Investment
Real Estate Investment is the best option for life as it is the most expensive purchase most couples will make in their lives. This invest gives you the better price when the time to upgrade comes. It the more quick investment process to increase your money in future. The couple can buy or invest in real estate according to their budget and earn more returns from rental income too.
Life Insurance is an important vital investment. Life Insurance Investment or insurance policy is that it not only covers the policyholder for a lifetime but also pay the sum assured along with bonuses to the family. The other benefit of the Life Insurance is you can enjoy tax deductions on life insurance payments.
Get the Financial Benefits of Marriage
Any married couple can avail financial benefits after the marriage of insurances like health insurances, medical claim, IRA Contributions, Income Tax Withholding and life insurance policy by informing spouse name the insurance company. And the only spouse can get a claim to the policy benefits other than other member of the family. So newly married couples should enjoy all the financial benefits after marriage.
As the cost of health care and medical treatment increases day by day so it is important to invest in health insurance. If you have a health insurance policy through your employee, then after marriage you can choose to increase the cover or opt for a family health insurance policy. There are many Health Insurance in market. And the features, terms and conditions, limits and sub-limits are often hidden so you need to go through the fine print to ensure that you choose the right plan.
Build Emergency Fund
You need money for an emergency situation in your life it could be due to job loss, unexpected medical expenses, and home repairs. You can save money for your emergency needs by investing in bank FD or mutual funds or short term mutual funds.
As time changed now newly married couple faces a very different set of experiences than those of a generation before. Your married life will not be stressful if you and your partner develop a clear financial strategy. Between both of you, financial transparency is essential. If you choose or learn good money management habits as a newly married couple, then you both will able to work as a team no matter what life throws at you.
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