A marriage involves various challenges and benefits. Having dual-income surely makes it more comfortable to manage a household. However, sharing the expenses and managing the money together are aspects that are essential for proper planning. You need to decide how to maximize your income, save, and invest.
Ways to make the best out of dual-income
- Debt-free Living
Debt is one of those things that follow you throughout your life. From personal loans to home or car loans, you surely have many debts to handle. If both you and your spouse have regular incomes, you must consider paying off some of these loans. You can use your surplus savings for the same. The trick is to decide which loans you will need to repay first.
- Buy or invest in property
Buying a home is a dream that every person has. Now that you and your partner make enough money, you can consider buying your own house and start saving on rent. Even if you have a home, investing in properties can help you a lot. Remember that property is one asset that grows in value over time.
- Dreams that money can buy
Financial stability brings peace. However, sometimes you also need to spend on materialistic things to feel happy. You and your spouse should sit together and decide how much portion of your income should be spent on luxuries like an exotic holiday or a brand new car. Fulfilling these aspirations requires productive discussions and actions.
- Short-term contingency fund
The contingency fund is a certain amount of money that you need to keep aside for financial emergencies. According to experts, an amount equivalent to your six months income should be sufficient.
- Insurance
Consider buying a joint term plan that is available for couples. These term policies are more affordable and offer many benefits. You can consider term insurance plans for couples that pay death benefits in case of an untimely passing of one of the partners. It is suggested that you also opt for a comprehensive health insurance policy to tackle the rising healthcare cost. Buying the online term plan and health plan allows you to compare the best deals and invest in the most suitable one.
- Retirement planning
If you want to maintain your lifestyle even after retirement, you need to start saving from now for this purpose. Make it a point to save up to 10% of your joint annual income. You can invest that in a pension fund to build a fortune over time.
- Children’s education and their wedding
If you are planning to have children, you need to start saving to financially secure their future. Education and wedding are two of the most costly expenses in India and you must start saving for these at the earliest.
Setting up the right financial goals is the key to building a happy and secured future. When you prepare for these goals together, you ensure a fruitful marriage.
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