Young married couple with both working members 

Let's congratulate this couple on this occasion, where both are independent and there is no liability. This is the new life where you both have to have a very strong communication with each other, communication is the thing which can solve maximum problems. Try to solve all the problems with discussion.


For both of you now there may not be much change in the expenses assuming both of you are earnings and spending before marriage as well .

Now you have to change the gear as the responsibility is entered in your life, As Now you may have to plan some more things in your life where you have to take collective decision.

As per as the financial planning goes 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 even if you have it from your company . which will protect your from possible loss in wealth in emergency as well as protect your financial well being in unfortunate events. life insurance may not important to you, as both of you are working , if you have any loan just have a cover for it. When you think of life insurance think about Term insurance only.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.if any of you have a secured job like Govt. permanent job then depending on the proportion of salary of the member having a stable fixed income the reserves can be reduced to 3 months expenses.
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.
Use different type of instruments for investment like RD's for short term fund accumulation, Equity for long term , have a home to reside in , buy a car if necessary etc..., your first goal is to fund for your needs and this is just a start of it still time is in your hand and accumulation over a period of time can give you a very good fruits.

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.