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Things To Consider About Finance Before Getting Married!

Wednesday, 13 February 2019 0 Comments A+ a-

*Sponsored Post with Mason Finance*

Hi Everyone!

   Marriage is the most difficult part of one's life. It's almost like juggling balls all the time. If you lose focus, you lose a ball. It's similar with marriage, if you don't plan your expenses and splurge your money on things you can't afford, chances are that you're going to face a financial crisis. I'm a very indecisive person when it comes to buying stuff, but I do remember to keep a fixed budget in mind. Today's post is going to be about Things To Consider About Finance Before Getting Married! Let's jump right into it. 
Couple deciding whether to sell life insurance policy
Things to consider about Finance before getting married!

I'm going to be really frank here and tell you all that Marriage is hard. If you think that it's going to be easy or it'll make your life better. Have a seat, you're in for a really bumpy roller coaster ride. Although, it's true that if you work hard and are completely and utterly honest with your partner, you might just ace it. Here are a few pointers which will help you out in any situation:

  • Review Your Situation: Whether you're about to get married or are already married and struggling with finance. The best way to get started is to lay it all out. Understand your monthly budget and how much you have left after savings. Know about which loans or EMIs you are currently paying for. You might be spending more than you're earning which is why it's best to get the real idea of the situation. Analyze the amount that you're spending on groceries and other utilities. You might realize that you can cut back significantly on this amount. If you think a life insurance is strapping you down, it's better to cancel life insurance. This will help you to get the much-needed clarity. Moreover, you would easily be able to get some extra cash. 
  • Talk It Out: Talk about your goals and your budget with your partner. Discuss everything that you think is essential. It might be that your partner is spending lavishly on gifts for both of you. Your partner might be planning to buy a car or some other expensive luxury which you can't afford at the moment. The best way to know if you should buy something is by checking if you even have the money for it. If you need to take a loan, it's probably not the right time to spend lavishly. Don't hide how much you're spending on your own self and talk about everything. Debts, credit cards, expenses - you name it. Setting goals, both long term and short term ones is the best. If you want to get out of your rented apartment and get a house, it's better to plan ahead and save, save and save! Understand how much you'd have to save every month or cut back, in order to reach your goals. Even saving a few bucks on utilities would eventually help you out in the long run. It is also important to make these goals as realistic as possible. 
People reviewing how to cancel a life insurance policy
Things to consider about Finance before getting married!
  • Setting Some Extra Cash Aside: Set some funds aside for those days when you really need some cash. This should be kept separately from your savings. Think of this as emergency money. In case your car breaks down or you need cash urgently, this amount will act as an umbrella for your rainy days. This will keep your savings intact. If you both have seperate accounts, make sure you get a joint one. Not only would you be able to avail tax benefits but also, it would help you both maintain a unique bonding and trust. 
  • Invest Your Gunds: This might not be a great plan if you're low on funds but if you have a significant amount of savings, this can help you to make more money. But be sure to invest your money in trusted and secured schemes. 
Happy senior couple traveling down road on motor scooter.
Things to consider about Finance before getting married!
  • Planning Ahead: As your family grows, so would your financial requirements. Calculate how much money you'd need to spend on your kid's education and set aside funds for the future. This acts as a cushion of protection which will always help you out. Don't forget to give money to the poor. This will open doors for more cash inflow because that's how the universe works. Make sure that you support your partner. If you're both working, one of you can pay the electricity bills while the other takes care of grocery. Don't put burden on your partner. Remember that you're both equals. If you're not working, ensure that you spend money wisely. Switch to cheaper options in terms of food and supplies. 
These tips and tricks would definitely help you have a happy and successful marriage. Make sure that you support your partner even during the lowest of times. You never know when he/she might be needing your support. That's it for today. I'll be back with more such posts in the future. 

Lovexoxo,
Bye!