Medical Insurance Policy and Money Planning For Newly Weds

Investment Planning Tips for Newly Weds

Did you know that not knowing your partner’s views on money and what his/her experiences have been with finances during their growing up years could be a gross mistake? If you are newly married, one of the first things to do perhaps is to get the money and investment planning right. There are a lot of aspects to be delved into, including wealth creation, crisis management with the aid of a life insurance and medical insurance policy, and managing day to day finance of course. We look at a few simple yet effective tips here.

Important Tips for Investment Planning

1. Have an Open Discussion: Before any investment plans can be created, it is important to understand each other’s priorities. Starting with a heart to heart discussion is best. Each will have their own priorities or even individual responsibilities to carry out. These would have to be respected to reach common ground.
2. A Mix of Joint and Individual Accounts is Preferred: Opting for joint bank accounts in banks is common after marriage. However, if one partner is uncomfortable with this, there is no need to rush into things. Some people prefer to have control of their life and their income, and respecting it is best. What you can do is have joint accounts for sharing family expenses and individual ones for personal needs. Once joint investments are planned, funds can be allocated accordingly.
3. Always Prioritize Risk Management: Wealth creation is important. However, protecting each other against the uncertainties of life is more important. So, insurance must be prioritized. If both of you are working, opt for a comprehensive medical insurance policy with critical illness cover. Choose one that provides maternity benefits for future needs. Remember, apart from the apparent benefits these policies provide, you will also be entitled to tax rebates. Also consider life insurance. Discuss options and choose one that puts both of you at ease. If you have bought a home or car, consider auto and home insurance as well.
4. Manage Credit Cards Well: If both of you have credit cards and are managing them well, it is an ideal situation. However, if one lacks debt management skills, it is the duty of the other to pull the reigns and keep him or her in check.

Remember, financial stability will go a long way in ensuring longstanding relationships. And, how well your finances shape up depends on the strength of foundation laid.