In most of the cases , newly married couples are not happy with their life after a few year because they haven't proper financial planning before marriage.So a proper financial planning is require to make a happy married life.
We can divide the financial planning for young married couple in two categories.
A) Planning for unpredictable situations
It involves with preparing finance plans for contingencies like accident, disability , illness or death etc.
B) Planning for predictable needs
It involves with predictable needs like a car, home improvement and maintain stats.
So what plan is suitable for both cases .After marriage, they have to take some responsibility to invest money .It is advisable to invest their surplus money in mostly insurance sector like life insurance, health insurance, pension plans , systematic investments and saving instruments.
Life Insurance
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It is a good idea to buy some policies where the couple can increase their contribution with their income.It will help them in tax benefit.
Health insurance
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It is most require for a married life people . It is advisable to should take it now.If they take it in the younger age ,they will get the benefit for a longer time.
So they can buy a policy which includes maternity expenses, where is available health facilities.They can also buy policies which includes health covers with family members( they will got discounts on premium ranging from 5% to 10%)
Pension Plans
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Select a life insurance plan which will help you in providing pension after retirement.
Tax savings instruments:
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it will be better than investing in a government-backed fund which provides decent returns with safety .
Systematic Investment Plans:
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Systematic Investment Plans (SIP )- contribute a small amount every month on mutual funds will help you to build an investment corpus.
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