Financial Planning: Important Things to do before Getting Married

According to Finance Investment Companies in Delhi, India money argument is one of the many causes of unrest among married couples. That is why learning some important financial tips can be of great help if you’re about to get married soon. Here are 5 essential financial moves that you need to follow prior to the D’ day.

Financial Wellness Assessment:

Complete financial assessment of yours should be significant enough to give you a firm idea of your financial wellness. At a basic level, complete a net worth statement and review your recent expenses. Then, create a spending plan so that you spend your money in an organised way. Some other important financial planning includes knowing your savings ratio, debt to income ratio, and emergency savings. But a financial wellness assessment should also include a quick examination of your financial attitudes and confidence about your knowledge of your money matters. Peeping at you financial condition would definitely hint you how to direct things in the future.

Reduce Your Debts:

It is recommended that you choose to walk down the aisle only after you are partially/fully clear of your debts. Bringing the burden of debt into marriage can build up tremendous stress on a couple. Hence, as soon as you get a job and you must take an initiative to pay away your debts as soon as possible. Finance Investment Companies in Delhi, India are of the view that focusing on establishing on a debt reduction plan will save you from the impending stress of a financially unstable married life.

Stay True to Your Partner About Finances: 

It’s not unreal to get a little nervous about revealing the financial weaknesses to your future life partner. According to the research done by Finance Investment Companies in Delhi, India - 70% of the adults feels insecure about discussing money with their fiancé. However, discussing your financial portfolio before getting married really helps you give a clear picture to your partner so that both of you can co-operate and take the financial planning forward without any problem. You just need to know that this particular tip is not about dwelling in the past. It’s about using your past to guide you take your future financial decisions together.

 Schedule regular money talks With Your Partner:

Also, after getting married don’t forget to make financial planning a regular event. This is one

of the easiest ways to find the co-operation of your partner in planning your finances. For example discuss the financial lessons that you have learnt, make your vacation goals together, and look forward to doing the most when you have achieved financial freedom.

Make All the Financial Planning Together:

Consolidating accounts can be challenge after marriage. So plan early, creating joints accounts before marriage help in setting a joint account with a common planning so that your day-to-day financial planning gets better and productive in the future. This will help you start creating an initial game plan on how to consolidate accounts and whether it makes sense or not to keep separate accounts initially.