Tips to Get Financially Ready For Marriage 

It is a well-known fact that marriages come with their own set of responsibilities that continues to grow with time.

It is a good idea to assess your current financial situation. Then, you need to take specific steps to ensure that you are financially prepared for one of the most important transitions of life – marriage. Starting from considering the marriage based expenses to the immediate expenses that may follow, including furniture, house appliances, and more. Being financially prepared would help you avoid unwanted surprises later on that would put your finances into jeopardy.

Here are the few tips that would help you get financially ready for marriage –

1. Keep Your Spending Habits in Check

It is natural to be lavish and care-free with your money before marriage when you are not heavily burdened by responsibilities. You might not be responsible for the groceries at home or even utility bills. However, after marriage, few or all of these bills may be borne by you if you decide to move into a new house. If you have been eating out too much or taking a private cab to the office every day, it might be a good idea to curb these expenditures. Limit eating out and use public conveyance like metro, bus, or carpools for office transit. Some of these habits would go a long way in saving the sizeable amount of money that can be used to save or pay for other monthly expenses after marriage. You would want to start your married life without any financial worries, so make sure you start early.

2. Savings Plan

It is important to start saving before marriage so that you have a sizeable corpus ready well before marriage. It can be for buying a house or a car or just to provide you a financial backbone. Regardless of you want to do with it, having a savings target would ensure that you are disciplined with your money and saving regularly. You can buy the best ELSS funds to save tax as well as contribute towards your retirement. Diversify your investment portfolio with aggressive as well as diversified asset class to ensure your portfolio is generating optimal returns. Having your money work for you is crucial for wealth creation and would give your marriage the financial stability it needs. It would also allow you to spend on certain luxury so that you can make your partner feel special and spend more time together. 

3. Debt Reduction

It is inevitable that after marriage, you would be burdened with at least a couple of loans or credit card dues that would come back to eat up your income every month. It is for this reason you need to have a debt reduction plan in place to ensure it can be controlled and limited to manageable levels. You should make sure that it doesn’t continue to rise with time as it would make things difficult in marriage by adding unnecessary stress and tension. While you may not completely get rid of your debt, it is crucial to bring to down as much as possible. It is best to start with debts with the highest interest rates first to help you save money. You can then move to others till you are able to pay all your debts. 

4. Discuss with Your Partner

Even before you discuss marriage, you need to discuss financials with your partner. Both of you need to know each other’s financial standings and create financial goals together. Since both of your assets, income, and also the debt will be fused together, it is best to have a plan that each of you understands. If you have plans to start your business or invest your money for retirement, make sure to discuss it with your partner. Also, learn about your partner’s plan too. It will help you create a financial plan both of you are happy with. It is important to be open about your financials and does not hide anything as it can cause problems after getting married.

When you get married, you and your partner’s financial needs should be met perfectly while taking care of the household and living expenses too. If you plan to get married, it is best to know what you are getting into and be prepared for the added responsibilities. 

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