Financial planing for : Young Married couple with one working member.
After getting some what comfortable in job or business again it is a start of new journey Married life.
It is difficult to find right match for you in this big world, how ever you will find one.
Here we are taking a situation where only one member out of two is working Most of the times it happens that as there is no responsibility the major portion of income goes as an expenses. There is a fascination about Gadgets, towards costlier life style.
Your expenses are increasing now, your choices may change now so this is going to be an important shift in your life all the Best !!!
Now you have to change the gear as the responsibility is entered in your life, As there is only a single earning member in family
Following are the things which are important in this stage :
1. Take care of your self : You have to take Medical insurance and Accidental & disability insurance. which will protect your from possible loss in wealth in emergency as well as protect your financial well being in unfortunate events. life insurance is now important to you, you should protect your income generating capacity for family. When you think of life insurance think about Term insurance only, calculate your human life value ( there are many online tools are available now for this ). Investments and insurance should go separate, Pl consider insurance premium as expenses.
2. Build cash reserves : You have to have at least 6 months expenses in your cash reserves as the job is not secure now a days.
3. Plan for long term goals : Time is on your side if you plan your investments in right way then you can be wealthy. Here you may have a little bit Idea about the possible expenses in future, try to find out the expenses at that time and start investing for same. break up your goals in to long term , mid term and short term, select right kind of asset for investment and start. starting and keeping yourself on track is a biggest challenge.
4.One more thing you have to keep care that your investment should grow at the rate of salary growth.
It is important for all you have to build assets first and take care that you take appreciating assets not depreciating one.
Any views ???
About the author : Ashish Ramesh Bhave is a CERTIFIED FINANCIAL PLANNER, focused and specialized in financial planing for individuals and families.
