A Financial Guide For Couples In Their Mid-Thirties

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A Financial Guide For Couples In Their Mid-Thirties

  • Highlights

  • Invest in equity while you can still afford to

  • Choose FDs to add stability to your portfolio

  • Borrow funds only when it is absolutely necessary

  • Create an emergency fundfor access to liquid cash

Your mid-thirties are an important time when it comes to focussing on your financial health, as you are halfway to retirement. Now is when you should revisit your financial plan based on your goals for retirement, major expenses such as healthcare, financial requirements for your children’s education or medical expenses for your parents.
To get started, look at a few financial tips that will help you and your spouse make the rightmoves for your future.

Take risks now rather than later

Since you are 30 years away from retirement, you still have ample time to take risks when it comes to investments. Investing in market instruments like equity and mutual funds will serve you well, as they give you high earnings and boost your wealth over time./p>

While taking calculated risks will pay off, it is still important to research your choices and stick to what you understand. This will serve you well in the long run as compared to investing blindly based on popular investment choices and opinions.

Invest in high-yielding FDs

While you multiply your wealth by investing in market driven securities, it is also important to ground your portfolio and add security by investing in savings schemes like FDs. Fixed deposits provide excellent stability and offer guaranteed returns that help you steadily grow your wealth in the long run. This investment willlet you fund your retirement and help you make the best use of the gains you make in high-risk investment options like equity.

Additional Read : 5 Facts You Probably Didn’t Know About Fixed Deposits

Choose a good insurance scheme

An insurance policy provides you cover for various unforeseen circumstances. So, it is important to invest in insurance policies like life insurance, car insurance, home insurance and medical insurance. In the eventuality that you have any unexpected expenses like car repair costs or hospital bills, the insurance cover will take care of it, thereby allowing you to preserve your wealth.

Why should you choose Bajaj Finance Fixed Deposits?

Borrow finance cautiously

Since you’re halfway to retirement, it is important to weigh the pros and cons before taking a loan. Before borrowing, put in places measures like a dedicated account to ensure smooth repayment. It is also important to refrain from borrowing funds unless your need is pressing. This is because the interest from debts can increase over time,and in the process, you are likely to lose out on a size able chunk of your income.

Additional Read : When To Start Investing For Your Child’s Future

Work towards creating an emergency cash fund

No matter how diverse your investment portfolio is, it is always beneficial to have a cash reserve that you can use as a back-up plan.It helps you finance repayments of debts and sudden expenses until your insurance claim is passed, for example. Excellent liquidity and easy access to funds make it a must-have on your financial checklist.

Implementing these measures will ensure that you can keep your finances on track and provide for your future, no matter what the circumstances.

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