While a lot of people prefer enjoying their single status longer than usual, there are also those who get married and settle down at a much younger age. Yes, tying the knot with the one you love and starting a family is still a priority for many. While we agree that marrying early is a fantastic idea, the fact that it comes with huge responsibilities also cannot be overlooked. If overlooked or ignored, it can cause serious damage to your future life. Therefore, if you are planning to marry early, you should not ignore your financial priorities and plans. Here are a few important tips which will help you build a secure financial future if you marry early.
Tips to Build Financial Future If You Marry Early
1. Discuss your current financial situation. First thing first. Make a list of your premarital assets, separately. Next, be open about your current debts, loans, mortgages, credit dues clearly. Try to avoid discrepancies by any means.
2. Discuss your financial priorities and plans openly. Are you planning to live lavishly? Maybe, your partner is not that comfortable spending so much on a luxury lifestyle. In either case, it’s important to discuss your perspectives regarding money and wealth at the very beginning.
3. Try not to take a loan for your wedding or honeymoon. Even if that means chopping off a few “dream” elements from your wedding planning. Starting a new life with debts is not a very great idea. Also, it will directly affect your post-wedding expenses.
4. Start living within a monthly budget. Write a monthly budget together and start living your life accordingly. Make sure the budget is accepted by both of you and it includes all the major and minor expenses.
5. Pay off the debts. It can be the student loan or your vehicle loan or other personal loans. Either way, the earlier you will start getting rid off debts, the easier life will become.
6. Build an emergency fund. At least for 6 months. It is very important.
7. Rent for a few years. If you don’t have your own house and not planning to stay with your families then go for rents. Staying at rented apartments may sound not that good, but it will save you from those deadly monthly installments.
8. Include travel, trips etc in your budget. Yes, while planning your monthly or yearly budgets, don’t forget to include the weekend getaways, foreign trips or birthday dinners at five star hotels.
9. Save for a future home. While enjoying your life, paying bills and doing everything together, start a separate account for your future home and save as much as you can. It will come back to you as a blessing in the near future.
10. Reconsider buying a new car. Even a pre-owned car will be a better option, if you really need your own. Otherwise, if you are living off a tight budget, it’d be wise to not to buy a new car right after marriage.
11. Buy life insurance and medical insurance. Yes, because you wouldn’t want to pay those painfully huge medical and hospital bills.
Featured Image Courtesy: Cineyug Celebrations
