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    LONG TERM SAVINGS

    7 Tips on Financial Planning for Newly Weds in 2019

    Last Updated On 11-10-2018

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    7 Financial Planning Lessons for Newly Weds

    If you have just got married, you know you will not only be sharing space but also your expenses. This means, you will have to align your financial goals with those of your partner’s and plan together for your future. So, we understand making a joint financial plan might seem a bit overwhelming, but if you take it one step at a time, it becomes an easy one. We tell you how:

    Here’s how you can start:

    1. Have an open conversation about your finances
      This is the first step towards planning your finances together. Talk to each other about debts, savings plan and investments. Get to know each other’s finances to make your monthly budget planning a smooth journey. Start the conversation early and prep with your partner to establish long-term financial goals.
    2. Discuss your financial liabilities
      If you are paying off any debt or have bought anything on credit, inform your partner about the same. Let him or her know about how much of your income will be apportioned towards those payments. Similarly, understand their financial liabilities and debts. This will be helpful when you decide to borrow a joint loan for your house, car or any other asset.
    3. Get to know each other’s goals
      You and your partner may have certain individual goals and it is important to budget for them. Recognise their importance and see how you can fit them into your joint budget. Marriage is about sharing everything.
    4. Know each other’s spending habits
      Are you the impulsive shopper or are you someone who plans each and everything you buy? Your spending habits affect your budget and other finances. Similarly, if you are going to create a budget with your partner you will need to know about their spending habits, too.
    5. Get a joint term life insurance plan
      Insurance is one of the crucial elements of a sound financial plan. Secure yourself and your partner with a joint term life insurance plan. This will ensure that your partner continues to live the same lifestyle, even in your absence.
    6. Investments are important
      As you enter the new phase of your life, unexpected costs may emerge. You might buy a new house or take a vacation together. However, don’t forget to set aside a certain amount for investments. Analyse your long-term financial goals and decide on the instruments that best achieves your objectives.
    7. Make a financial goal as a couple
      Making plans together will give you more opportunities to understand each other. So why not have a couple goal for saving or investing and bond over numbers and balance sheets? Open a joint savings account or pitch in for a common SIP for a long term savings plan.

    To Sum Up
    Marriage is a lifelong partnership and there are no set rules to have a ‘happily ever after’. But when it comes to finances, you can have a happy life with some financial discipline. Plan your budget, invest wisely, and save for emergencies to enjoy a stress-free married life.

    Visit PNB MetLife's website to know more about Term Plans

    Disclaimer:

    The aforesaid article presents the view or an independent writer who is an expert on financial and insurance matters. PNB MetLife India Insurance Co. Ltd. doesn’t influence or support views of the writer of the article in any way. The article is informative in nature and PNB MetLife and/ or the writer of the article shall not be responsible for any direct/ indirect loss or liability incurred by the reader for taking any decisions based on the contents and information given in article. Please consult your financial advisor/ insurance advisor/ before making any decision.

    PNB MetLife India Insurance Company Limited, Registered office address: Unit No. 701, 702 & 703, 7th Floor, West Wing, Raheja Towers, 26/27 M G Road, Bangalore -560001, Karnataka.
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    As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at claimshelpdesk@pnbmetlife.com or indiaservice@pnbmetlife.co.in. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.

    PNB MetLife Insurance, amongst the trusted Life Insurance companies in India, aims to provide a wide range of Life Insurance products that suits the needs of an individual at every stage of his life. Life Insurance Plans range from Term Life Insurance PlansTerm PlanProtection PlansLong Term Savings Plans , Retirement Plans & Child Education Plan.

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