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A couple’s guide to prudent investments

  • Highlights

  • Balance debts and investment with planning

  • Use legal benefits of marriage for joint savings

  • Set aside funds and investments for tax benefits

  • Invest in low-risk and high-earning instruments

Having a clear plan for your combined finances is the best way for married couples to share financial responsibilities and achieve goals together. This is important no matter whether you’re thinking of starting a family, saving to buy a home, or planning for retirement.
When you understand how you and your spouse can work together, you can create a financially stable environment for your family.
Here’s how couples can invest together for a financially secure future.

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1. Set aside money to clear existing debt

It is possible for you to have an existing individual debt in the form of a loan or unsettled dues. This may an educational loan, a car loan, or a personal loan you took for your parent’s medical treatment.
After marriage, your financial responsibilities are bound to increase, so start planning on how to clear the pending loans. This will reduce the burden of expenses and help you both prepare better for other expenses or investments.

2. Make a financial checklist

Penning down your financial goals will give you the determination to achieve them. So, make a checklist that includes both your financial priorities, and then give yourselves a timeline to achieve them. This time-bound planning may include things like saving up for the down payment of your new home, starting a college fund for your child, or keeping aside funds to start a business of your own.

3. Jointly decide on investments

Once you have money to invest and goals to finances, decide on investments together. Here are 3 essentials to consider.

a) Fixed deposit

A fixed deposit is a low-risk investment that allows you to reap the benefits of profitable returns. Choose a cumulative or non-cumulative variant based on your necessities and park your money here. Apart from guaranteed returns, these term deposits can be pledged as collateral for loans when you need money for emergencies.

b) Mutual funds

Mutual funds are an efficient way of saving on taxable income. They also give you profitable gains, so choose between a one-time investment or monthly SIPs to get maximum returns.

c) Life insurance

A life insurance cover for both you and your partner is very beneficial. It not only allows tax deductions but also protects you during unforeseen events.
With these suggestions, you and your spouse can fetch maximum financial gains together.

4. Make the most of the benefits of marriage

There are financial benefits of being married that you can use to your advantage. For example, if you and your spouse are buying a home using a joint home loan, you can claim tax deductions on your individual tax filings. If you have non-working spouse, you can gift money to claim a tax deduction under Section 80C. Your spouse can then invest these funds to further add to your savings. You can also avail healthcare benefits by enrolling your spouse in the insurance plan provided by your employer.

5. Set up an automatic savings strategy

Regular savings from your monthly income is also vital. In order turn this into a habit, opt for an automatic transfer of 20% of your overall income to a joint savings account. Dissuading yourselves from getting a debit card for this savings account will reduce the chances of you spending the funds from this account. And, in due course, these savings will lead to a bigger corpus of funds.

Investment options to secure your child’s future

6. Have separate checking accounts

Accumulating funds into a joint account over time will also incur tax. So, balance the savings in this account below the taxable level and save smaller sums of money into individual checking accounts. Maintaining twice the amount of minimum balance in two separate checking accounts will help you retain an ample amount of funds.

DISCLAIMER: The mentioned fixed deposit interest rates are indicative only, and may be subject to change periodically. Please check the interest rates on our website.

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