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Tips For Financial Planning In A Marriage

You’re married and apart from the overwhelming emotions, it also means a lot more responsibilities. All of a sudden everything that is yours is his and everything that is his is yours. So what do you do? How do you manage your expenses and how do you save up money for the future?

Financial planning is often ignored by newlyweds because well, they are newlyweds. But trust us when we say that a little planning can go a long way and you’ll realize this when you’re in a pickle of a financial situation.

Discuss your goals

Since you’re married, you might have some if not a lot of idea about each other’s financial status. Discussing your goals and how much you would have to invest in them is a great way to not seem too eager but still interested enough to know about the finances.

Bank accounts

You will have a bank account or two and your husband’s the same way. Do you want to combine your accounts to form a joint account or will two separate accounts be better? The decision is not always easy because there are pros and cons to both these choices. Joint accounts are helpful in spending money for household expenses like paying the bills, fees and so on. You and your husband can add all of your earning into the same account and can take turns in managing the household. But having individual accounts will allow you to spend personally like on shopping or a spa day and so on…

Create budgets

Your husband might have completely different spending habits when compared to you. So it’s important that you set a monthly, weekly or even a daily budget. The most important is the monthly budget since most people get their paychecks on a monthly basis. Allocate the required money for all the known expenses and then a few more rupees for unexpected purchases.

Whatever you buy, try sticking to the budget by reducing the amount you spend on other things. A lot of people keep track of their budgets in a planner or a diary.


If both of you are working then the first thing you’ll want to do is add your spouse to the insurance sheet. If not then you might want to look into various life and health insurance options available in the market. Make sure to read all the terms and conditions properly and see if pregnancy is covered in it.


Maybe it’s too soon to talk about kids but it’s never too soon to start planning for the expenses that come with the kid. Start saving up a few rupees from your every month’s income and keep it aside as something you need for your kid’s schooling and college. Education is not cheap but it is a necessity so might as well save up as much as you can. 


Take a harder look at your PF and pension plans. You might also want to take a look at your assets and make sure that they go into the right hands. Apart from the standard plans, try saving up about 10% of your salary every month by investing in an RD or if you’re into risks, mutual funds are also an option. This money will come in use when there’s a hospital situation and if fortunately, you don’t have to spend a lot of money on health then you’ll have money to keep you comfortable when you grow old. 

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