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There is a long list of things that couples need to plan for when getting married. One of the most significant aspects of after-marriage life is the shift in the financial life of the couple. Planning about financial concerns after the marriage can be very tough at times, and people might delay the important decisions of their life that may not lead to great results.
Some of the most important aspects that need to be considered after the marriage are setting up joint savings accounts, buying/renting your own house, discussions related to each other’s finances, adding the partner as beneficiary or nominee in insurance and investments, getting life insurance and health insurance plans and many more.
Financial literacy is something the couple must acknowledge before getting married as it makes the process of doing things easier and helps them keep calm. People might not see its benefits at first, but it should be considered as a long term investment that will be enough to make their as well as their family’s future secured.
We have listed 7 must-do tips that couples should do before getting married-
Tip 1: Keep calm - One of the most important things to do before marriage is to keep calm. The couple must maintain their calm and enjoy the process. The marriage rituals can be tiring, and the couple is sure to get stressed about a few things, but he or she needs to understand that they must maintain their mental health.
The couple can go for an outing, long drive, or maybe a trip before or after the marriage that can help them relieve their stress. The couple can also share and discuss their future plans with each other during this time that can also help them while planning for their financial security.
Tip 2: Discuss the finances - It is said that we can only discuss our finances without any hesitation with someone we are comfortable with, such as our partners. A couple should know what the assets and liabilities that their partners possess are. It will help them manage their future finances.
The partners should be aware of each other’s income sources and major area of expenditures. A couple should prepare the list of the major areas of income and expenditures and should discuss who will take care of which area.
Tip 3: Open a joint account - Since the couple has to bear the expenses of everything together after the marriage, they must also think about the savings together. One of the go-to ways of doing that is to open a joint savings bank account.
The joint savings bank account will enable both the parties to acknowledge the income as well as expenses that will help them know how much amount can be saved. The joint account will make it easier for both parties in order to deposit or withdraw the money. The amount saved through the joint savings account can be used for any unexpected circumstance that may arise in the future.
Tip 4: Health insurance - A couple should get health insurance for themselves. We never know when an unexpected situation may arise, so it is advised to better prepare for it beforehand. Health insurance can help the couple in covering a large amount of the medical expenses.
Medical or health insurance also offers tax benefits* under Section 80D of the Income Tax Act that can be of some help to the couple. The couple can also think of getting critical illness insurance for couples that can also help in covering the bills in case of the diagnosis of a critical illness. Along with health insurance, couples can opt for a critical illness cover, which is available with both health and life insurance plans as an add-on. With Critical Illness, they can even buy a Hospitalisation cover, which will not have any conditions of contracting any critical Illness but provides a daily cash benefit in case of hospitalisation of more than 24 hour. The same can be taken with Life Insurance cover as add on benefit.
Tip 5: Buy your own house - A couple should start saving up money for their own home before getting married. The marriage itself is a very big expense, and it continues to be the same even after marriage. The list of expenses does not stop after the wedding ceremony also, and the couple tends to forget about the savings. The rise in the price of the property is something nobody can run away from. The couple can take small steps in saving by investing in the furniture, cutting down the extra expenses, etc. A house is a big asset to a family. No matter what, it is going to be with the person till the very end. The house may also act as an asset to the future generations of the family.
Tip 6: Get a life insurance plan - The couple should be prepared for the future and think about the personal as well as their financial security. The easiest way to get secured financially is to have life insurance. Many companies have started offering joint life insurance for newly married couples, and couples can consider that. In the joint life insurance scheme, both the parties are owners as well as beneficiaries. If any unexpected event happens to any of the partners, the other partner will receive the coverage. One of the benefits of joint life insurance plans for couples is that it is cost-effective or affordable and provides huge benefits in the long run.
For affordable premiums and extensive cover, couples can opt for a term life insurance plan. Alternatively, they can get a guaranteed# returns insurance plan, which offers the dual benefits of life cover as well as long-term savings with assured returns. Couples with a high investment risk appetite can go for Unit Linked Insurance Plans with an equity-heavy portfolio for wealth generation and life cover. Simultaneously people can take the benefit of “Married Women Property Act”, where the insured amount can never be attached with the liabilities of a person and this protection comes without any extra charge
Tip 7: Increase your source of income -Newlyweds should focus on multiple sources of income because there will be a lot of expenses that will be added to the list. Both the partners should look at their current packages, and if they think it is not going to suffice, they should definitely look for better opportunities.
They can start a joint business together or earn through any other part-time or multiple jobs and can generate gains to fulfil their needs. They can also opt for a regular income insurance plan that offers assured returns with long-term investments. The returns on such plans can serve as a secondary source of income. Additionally, the life cover component protects the financial future.
The couple must increase their sources of income by keeping in mind their future aspects such as revenues, expenses, savings, etc.
Financial security is an essential aspect of a couple's life that needs to be discussed before marriage. It is very important to have life insurance plans in today's world. Unexpected situations like a pandemic can arise anytime, and a newly married couple should be prepared with financial security.
Couples can visit the website of Tata AIA Life insurance and choose from a variety of life insurance plans, which offer which includes huge benefits such as discounted rates, lump-sum financial coverage and much more!
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*Income Tax benefits would be available as per the prevailing income tax laws, subject to fulfilment of conditions stipulated therein. Income Tax laws are subject to change from time to time. Tata AIA Life Insurance Company Ltd. does not assume responsibility on tax implications mentioned anywhere in this document. Please consult your own tax consultant to know the tax benefits available to you
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