Money power: Tips on financial planning essentials for newly weds

Sep 27 2013, 12:27 IST
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After marriage the financial responsibility of both the partners doubles in order to make a new home successful. After marriage the financial responsibility of both the partners doubles in order to make a new home successful.
SummaryNewly weds taking care of financial essentials gives them power of money and success of marriage.

Marriage is certainly one of the most exciting events of anyone’s life and it brings about a whole world of changes to one’s lifestyle. However, apart from the social and personal implications of marriage there is also a whole new world of financial responsibilities for both the newly wed partners who have to now plan for their combined future as a family - in short ensuring money power. It is an established fact that money plays a very important role in the success of any marriage and therefore deserves adequate attention right from the beginning of married life. The first thing that couples should do after marriage is to check out their financial appetites, preferences and compatibility so that a common road map can be chalked out for their joint future.

Financial Musts

There are certain legal processes, which have serious implications on one’s financial status which must be undertaken as soon a possible after tying the knot.

* Change of Name: Since in many Indian families the brides have to change either their first or last name as per the groom’s family there needs to be an updating of this change in your financial records.

*Change of Address: Since one is likely to move out after marriage into a separate accommodation, all banks and financial institutions that you are dealing with must be appraised of the new address.

*Change of Nominee: One needs to change the nominee at various places such as bank accounts, securities, insurance policies and other investment arenas.

*Change of Will: In case there is an existing will then the details of inheritance will have to be changed or else a new will has to be created.

However, if you plan to keep your respective finances separate then there is no harm in retaining your maiden name, however it must be consistent throughout.

Chalk Out a Family Budget

A completely new approach to financial planning has to be adopted keeping in view the new responsibilities and roles. Both the partners have to sit down and chalk out a road map by defining the exact earning potential, essential expenditures and then setting goals accordingly. The financial aptitudes of both the partners have to be considered in order to work out a middle path with balanced risks in the investment. The responsibility of monitoring of earnings, expenses and investments has to be divided among the partners so that a tight control is maintained. In case either

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