Managing Money For Married Life

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Saving for wedding is the primary objective that many people think after they have job. Because wedding is only happened once, they will use all their savings for this moment. You will have your own pride if you can financing your own wedding with your own money rather than use your parent’s money. That will be come true if you are start saving for your one's wedding from early stages of your career. Many circumstances in your life can change your financial goals, such as sick, car purchase, resign from job, or starting business so you will need change your plan and think ahead about your marriage

The First thing you should do
If you still have debt burden, you should finish it first before you are going into wedding. Get rid of all your personal loans and credit card debt is your primary goal.  If you are planning continue your education after the wedding, it is better to start planning your upcoming expenses ahead. You can consider using personal loan for your wedding if you do not under any circumstances

Joint or Separate
After marriage many couple decide to put all their money in one account only usually under their wife name. However, if you still want to keep your account for a few years more that is okay to because you can still use your cheques (for woman). As for certain cheques, you do not need to go through to long procedure to change the maiden name in your cheques.

Managing your money
If you wedding less than 3 years and you have investments in equity mutual fund, you should consider move it to less risky funds like debt funds. Treat it the same with your parent's investment to supply your wedding. If you put your investments in fixed deposits such as bonds, shares, or PPF you do not need to move it and should continue doing it. You can encash your investment when it is nearing maturity. If you do not have any investment yet and planning for wedding in three years from now, you should put your money in debt funds and if your wedding more than 3 years, you can consider balanced funds

Keep all the record
After wedding, the wife usually will change their surname. In several cases the woman want to change their name completely. So if you have your own investment, the name should be change. Keep all your original certificates and get as soon as possible your marriage certificate. Fortunately if your parents have your name as nominee in their investment, they do not need to change it.

Start your marriage life
You and your spouse should think the detailed roadmap about your family finance with your spouse. You can start with covering life risk and health and after that you can prepare budgeting for buying house or apartment and car. Planning out your retirement and what kind of lifestyle you want in your retirement age. Always learn to plan everything in your life, you do not want money ruin your marriage life and be candid with your spouse in term of finances.