Shortly after the loud wedding carousal comes to an end, we all know that the reality is peeping from around the corner to step in. As a married couple, you certainly need to co-habituate, co-exist, co-spend as well as co-save. The pillars of a successful marriage stand on the co-dependence in terms of financial and emotional aspects. And thus the financial planning for newly married couples is very significant.
Sharing financial responsibilities becomes a bit convenient post marriage when both the partners plan out their financial objectives. Whether you are saving to buy a new house or a car, planning to start your family or even planning a retirement, it requires a fixed plan along with the strict discipline to follow the plan. The main strategy to be followed would be none other than:
“Save first and spend later”
Planning to fulfill your goals would call for you to keep your eye on a proper investment and plan your asset allocation. It would be better to rupture your individual investments which don’t give you decent returns and in turn invest towards your common goal.
Given below are some of the investment options for a newly married couple to secure their future:
- Life Insurance:
Majority of the couples tend to avoid this crucial investment. The main benefit of investing in life insurance is that it not only covers the policyholder for the lifetime, but it also pays out the assured sum along with the bonuses. In short, the insurance will cover both of you and in case if anything happens to either one of you, the other won’t have to face the financial burden. The insurance would, in turn, help the other to maintain financial stability. Moreover, payments on such insurance would let you enjoy tax deductions in your income tax returns.
- Monthly SIP (Systematic Investment Plan):
Many couples tend to think that for investing money, they need to possess a decent sum of money. They are not persuaded by the thought that investing a small sum of money in a timely manner would actually help them accrue a larger amount in savings. Well, if you are one of them then we have a piece of news for you.
Investing only Rs.5000 in an equity scheme through monthly SIP can actually create Rs.1 crore in a little over some 20 years. Investing in such SIP can provide you lucrative returns helping you streamlining your finances and getting higher returns. However, the presence of risk in such investments requires you to be a bit cautious about the investments.
- Real Estate:
Buying a house is the most expensive and one of the best investments in India. Investing in a house can be considered as a mark of starting their new life together by the newly-weds. The couple should consider all the factors while investing in house i.e. proper amenities, a better location that would make the commute to and from work rather convenient. From an investment point of view, the existence of inflation would ensure its resale value selling it at a better price.
- Other options:
These days’ couples do like to go an unconventional route if they are confident enough that the investment will earn them decent returns. Millennials are not scared of the risk factor and are ready to invest as majority of them believe- Risk and Rewards go hand in hand. Introduction of Pre-IPO has gained a lot of attention and even many of the newly-weds believe it is an innovative form of investment. This will not only help the couple to earn lucrative profits which will draw them closer to their fulfillment of objectives but also would give them an opportunity to stay ahead of the competition.
In a nutshell, newly-weds should be clear from the initial stage regarding their investment goals and the measures to fulfill them. Planning together the debts and finances would gain you some clarity and thus it would be convenient for both of you to accomplish your financial goals together.