Marriages are made in heaven… but to re-make them on earth; it takes a hell lot of planning!

One of the BIG things that you need to plan for your marriage is MONEY! With marriage comes a whole package of responsibilities from buying a house to planning for your kid’s higher studies and finally, your retirement!

So, if you are planning to get married, you first need to start your financial planning. Although a common practice, it is not advisable to rely on your husband to provide you with your lifelong finances. Both of you will have to work then out together!

From the very exciting and eventful post marriage days, you will need to take out some time to discuss ‘finances’ with him.

Start with a monthly budget leading to your bigger financial goals. This will involve planning to purchase a house or car, having children and planning for their future, saving for investment and finally, your retirement. Be realistic about your budgeting. Even at the early stages of marriage, do not drain out all your money. Early saving lead to early investment, and thus, early financial security and prosperity!

Begin with insurance. The ideal solution would be to calculate the present value of all expected earnings till retirement and take out a term insurance policy of this amount. Term policies are a cheap form of insurance and provide large risk covers for very low premiums.

If you plan to buy a house, start saving for the initial down payment. The more you pay for the down payment, the less interest will be charged from your pocket.

Planning for investments is as important as planning for your child’s future. Every drop counts. The best way to go about is to work out a monthly investment plan.

You can safely choose to invest in equity (preferably through mutual funds) at an early stage, as you have fewer responsibilities and can afford to take the risk. Remember: high risk, higher returns. Also, both long-term capital gains as well as dividends are tax-free.

If you are working, financial planning may become a bit easier, but even with single incomes and proper financial planning, all your financial goals can easily be met within the planned period.