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Financial Advice for a Newly-Married Couple

  • Highlights

  • Share your financial goals

  • Start planning early for retirement

  • Pool short-term savings for personal goals

  • Be ready to support each other

If you thought planning personal finances was tough, try to figure them out as a couple! Often, each of you will have divergent views on money matters, which may not necessarily be a bad thing. At least both of you have thought about money, which is a start.
Move on from this point by sharing how your finances stand and set clear goals with time frames. Here are some pointers that will help take this discussion forward.

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Talk about your shared financial goals

Step 1: Share your financial goals with each at the earliest opportunity and come up with a common goal. Put it in writing if it helps in the planning process or to return to in the future.
Step 2: Talk about your shared goals frequently as it will help building your enthusiasm towards the goal. For instance, to keep the excitement alive, discuss how soon you can start planning for that international holiday that you are saving for in the short term.

Start planning for retirement—individually

You never know what the future holds, so, it is best to start planning for your retirement individually. This way, even in the unfortunate case of you both parting ways, your future will be secure.
With individual retirement plans, you can also reduce the tax burden. Plan on investing about 10% of your yearly earnings in a retirement fund. You can create a diversified portfolio with investments like fixed deposits, mutual funds and bonds.

Plan on short-term savings for reaching personal goals

Share and discuss your short-term goals—whether it is getting a new car or planning a short holiday—and work effortlessly towards meeting them. After all, you only live once, so set aside a portion of your earnings to meet these leisure goals as well.

Additional Read: Streamline Your Financial Plan with Bajaj Finance Fd Calculator

Understand that you will need to support each other financially

There will come a point in every marriage when one of you will need to support the entire household’s expenses individually. For example, your spouse might decide to go back to school for a master’s degree. Immediately, the share of income into the common pool will fall. Take these diversions in your stride and support your common investments.

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Start an emergency fund

An emergency fund is cash that you put aside for life emergencies. Don’t always rely on your credit card as the emergency could be identity theft to begin with. Keep enough money aside to meet your expenses for 3-6 months. This will help cover any medical emergencies, car breakdowns or job loss.

Whatever your goals, it is important to start on a mutually-agreed savings plan and stick to it. There will be times when either of you may falter, but pick up from where you left off and start over to secure your future.

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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