Generally, there are a few big-ticket expenses in the first year of marriage that the newly-married couple should be aware of to plan for them in advance. Here is a newly married financial checklist that you should be aware of-
Post marriage, you would want to go for a honeymoon at an exotic location, preferably a foreign country. A week-long honeymoon at a popular international destination could easily cost Rs. 4 lakhs to Rs. 8 lakhs. Savings and investments are two options that you can consider for managing something as expensive as a honeymoon. But you’ll have to start at least a few years in advance to ensure that you have the necessary funds after marriage. If your marriage is already around the corner, you can also consider a personal loan.
2. Household Supplies and Furniture
Managing finances as a couple should be your top priority as this will make things easier for both you and your spouse. If you will be moving to a new home after marriage, one of the biggest expense would be of purchasing household supplies and furniture. This can easily cost Rs. 2 lakhs to Rs. 5 lakhs. Savings, investments, and taking a loan are some options that you can consider for this purchase. Moreover, you can also consider purchasing things on EMI.
3. Securing Your Future
Now that you are married and have added responsibility, which will extend further with the addition of a new family member soon, this is also a great time to secure your future as a couple by making investments and buying insurance policies.Insurance products are generally cheaper when you are young and healthy. If you are investing in a health plan, consider an individual plan or a family floater plan which can cover all the members of your family.
Financial Planning to Keep Financial Worries at Bay
Financial planning for a newly married couple can be challenging if you and your partner do not discuss the finances. Such discussions are not only crucial for your financial health but to also ensure that the first year of your marriage is as blissful as you and your spouse had always imagined.
Consider the points discussed above and hire a financial advisor if required to enjoy the first year of your marriage without any financial worries.
Learn more about Mutual Funds to plan for your marriage.
* Terms & conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
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