Financial Planning for Married Couple

If you are newly married, you and your spouse may have to do a lot of financial planning. Both of you will be beginning a new life and so, there may be expenses for setting up the house. Once you set up the house and spend the initial few months, you should discuss about having kids and about saving for annual vacations, for buying your own home, for giving the best education to your children and so on. You should also discuss about saving for retirement. If you start planning for your shared retirement early, you will live more happily during the retirement period than how you live just after your marriage. The only way for planning for all these is to understand the goals, expectations and needs of your spouse. Of course, you should have clear ideas about your goals and needs also. The following points may be useful to you and your spouse while doing financial planning:

1. Both of you should discuss openly about your future goals. You may want to retire early and your spouse may want to climb to the top position in the career. You may want to own a house in a posh locality in your city and your spouse may wish to settle down on the countryside after retirement. If there are such differences in the financial goals, it is better to discuss about them and come to an understanding. A shared financial goal will be stronger than individual goals.

- Though you and your spouse may want to retire at different stages, it is better to make financial plans together.

- You and your spouse should openly share all the financial commitments each of you have. If there is no transparency, it may derail all the plans. You should give importance to the commitments of the other. Only if you have all the complete details, you can avoid  sudden shocks. Likewise, you may have a tendency to take risks in your investments and your spouse may despise such risks. A compromising formula should be worked out taking into consideration your wishes and attitude along with those of your spouse.

- As a family, there will be domestic expenditure month after month. If both of you adopt a frugal attitude and save as much as possible, achieving your goals and those of your spouse may not be difficult at all.

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