Money may not buy all the happiness in the world but financial stability provides lot of happiness. If you are the lucky person getting into an auspicious relationship like marriage then here are some pointers you need to keep in mind before and after uttering your marriage vows:
Before you tie the knot
Steer clear of all debt:
If you have a debt like a home loan, car loan etc, make sure that you have repaid all your debt before you get married so that you can start a new life with a positive bank balance. Apart from this another important advice is that you should not start your married life with debt. Most of the time it has been observed that, in the bid to settle down in life soon, most people buy loans at high interest rates just to fulfill all their desires to make their dream wedding day come true. It is just ok to sell your investments if you lack the finances however borrowing debt at higher interest rates is not advisable. That is strictly not advisable. In order to avoid any awkward situation in front of your newly wedded wife, it is advised that you start saving at least 2-3 years before your D day so that you have the finance to make your wedding day even more special.
Compatibility: in all aspects:
Apart from the emotional and psychological compatibility with your partner, it is equally important to assess the financial stability and compatibility of your partner. What is required is that both partners must be fair and frank with each other so that they can get the opportunity of understanding the credit they are involved in, their spending habits, their knack for savings etc. Abroad, most couples get a credit run check in order to figure out their partner’s credit standing and also take them to a credit counselor if possible.
After you tie the knot
Once your honey moon period is over, it is time to face the realities of life. The actual grinding of responsibilities and requirements sneak up before you even know it. Before you actually start to plan on building your portfolio, there are a few necessary requirements that you need to complete:
Financial documents:
It is important for you to update your financial requirements and nominate your spouse as a nominee where ever possible. Try to complete all the necessary paper work and fill in all the information required about your spouse so that she is entitled to all the legal procedures. For example, if you moved to a new house, it is important that you change the address in all your legal and financial requirements. A change in the surname of your wife is also required in your passport, Permanent Account Number (PAN card) and some other places where the name change is required needs to be carried out.
Sign up for a Locker facility:
As we all know that all newly married couples are blessed with gold and lots of gifts from near and dear. In such cases open up a locker, where they can be stored safely. In cases where you are blessed with liquid cash, open a savings bank account or an FD or even an FMP on your spouse’s name and start your initial investment with that.
Set financial goals:
The next step is to sit down with a cup of coffee and discuss what your financial future should be like and write down all the financial goals you wish to achieve in your married life. Chart out your investments accordingly. It could be as complex as buying a house or as simple as going on a foreign vacation without the necessity of borrowing any kind of loan.
Budget:
This is a very important part for achieving financial stability. Budget your expenses. Make sure you do not spend more than what is required. It will help you stay away from debt as much as possible and guarantee you faster success towards achieving your financial goals. Remember patience is the key.