Brainy Investment for Newly Weds!

Getting married is a time of delight, optimism and bliss for every one of us. Two different people with different mindsets and different habits decide to spend their whole life together. However, while exchanging the vows of marriage, don’t you think managing your finances is also important?

It is a flimsy and tricky situation but managing your finances is as crucial at the initial stage as fulfilling your marital vows.

So, for all those of you who have just gotten married or are going to tie the knot this year, here is how you can manage your income together to run your household.

Married couple

Why financial planning should be done?

In today’s world newlyweds face so many challenges. Firstly, many newlywed couples find themselves married to a person with different thoughts and concerns for money.

After getting married you start sharing your incomes right? So, if you organize your finances, you can use it at the time of your hardship such as when you or your spouse loses a job etc.

“We got married three months back and after marrying Riya, I found her to be highly exorbitant whereas I believe in saving money. It became difficult to become compatible for us but eventually we found a way out and decided to manage our money by opening a R.D. (recurring deposit)”, says Pankaj.

How to invest? What are the ways to go ahead?

Financial planning means realizing your goals in a structured way. Without a structured plan you would go on spending your money on un-prioritized needs.

So, here are some simple suggestions for all the newlywed couples that they can follow.

Manage your finance

Create an emergency account: Look around you, job security around you is declining day by day and keeping that in mind you should always have a back- up option. A job loss can cause severe problems in cash flow. Always try to maintain an emergency account from where you can withdraw your money easily. You can have a bank account with an auto sweep facility or you can invest in a liquid mutual fund.

• Save and invest: Your savings should be invested to earn good returns for you. And good returns will only come when you will invest in the right assets. So, to fetch good results always have a mix of assests – like post office saving schemes, bank term deposits, gold, mutual funds etc.

• Secure your cash gifts: If you got a lot of cash gifts during the wedding, save them up. Rather than spending it you can invest it in safe investments like on gold or you may have fixed deposits to get good returns on it.

“I got so much of cash at my marriage ceremony as gift from my in laws. So, rather than spending it I decided to deposit it. Then at the time of purchasing our car, I supported my husband by giving him a lump sum amount”, says Vernika

Have a happy married life

• Revise your financial plan: So, is it enough to plan once in a lifetime? Of course not, you have to always revise your financial plan to have maximum benefits. Whenever there is a change in your life- addition in your family, change in job or anything else. Do a reevaluation of the market from time to time and chose the best investments for you.

“Investing in gold can be a good option also, as there are various worthy schemes available in banks and deposits have always been a good way to shell out profits”, says Brijesh Srivastava, Manager at IDBI bank.

• Invest in property: Once you get married you can go ahead with the idea to invest in property because this can provide you long term profits. If you are financially equipped to buy a property.

Your goals and dreams will always be within your reach if you plan your finances smartly!