4 Ways to Plan for Marital Bliss while Staying Clear of Financial Worries

Weddings aren’t cheap, which is why taking a marriage loan in India is common to fund the union of souls. Newlyweds take their first step towards living a happy life together without giving much attention to future financial securities. That isn’t a very smart move to make and might lead to a financial crisis in the future.

Here are a few hacks that’ll help you manage your finances well post marriage:

Who Manages the Finance?

A big question that needs to be addressed after marriage is who would manage the finance? Well, one of the best ways to solve this problem is to let the best money manager take over.

Now, if you have a problem deciding who the best money manager is, take a look at each of your past financial status and see who was more stable. But just because one handles the finance doesn’t mean that they get to make all the financial decisions. One of the important aspects of having a successful married life is sharing the financial priorities together and productively discussing a financial plan.

Where Does the Money Go ?

The best way to manage money for recently married couples would be to write separate lists with details of personal fixed expenses. You can then club these lists and see what are the expenses you can do without.

You can also make a list of things you voluntarily like to spend on; like a dinner at a restaurant or going to the movies. With a balanced monthly budget, you and your spouse won’t face any financial setbacks at the end of every month while enjoying marital bliss.

Emergency Fund

It’s common for people to take loans in case of emergencies, and if you're one among them, it's best to list your expenses, and use a personal loan calculator to figure out exactly how much you’d need.

But why wait for such an emergency personal loan when you can be prepared?

This is the reason why it's important to save to tackle unexpected troubles that life throws your way. It’s advisable to set aside an amount every month like a fixed expense in your priority list, until you hit the target. Never take a rupee from this deposit unless it really is an emergency.

There’ll be times when you’ll have to take a loan. Having some savings will ensure that you clear the debt taken from the lender on time and avoid any penalties.

Monthly Reviews

This is a part of financial planning most people miss. It's important to keep track of financial progress on a monthly basis to know what portions of your income are going into payment of bills, groceries, insurance policies, and fulfillment of other expenses.

Another benefit of doing this is that you’ll be saving on the money you spend on things that are not needed. This saved money can be used for paying off debts or saved for future emergencies.

Following these pointers are essential so that you can live a happy married life, without having to struggle with finances.