Saving Tips For A Newly Married Couple Before They Expand The Family

It is a fundamental belief that when one gets married, they need to make a lot of adjustments. As per traditional belief, a woman does not marry a man; she in fact marries the entire family. Thus, naturally, a woman has to make more adjustments then her better half. These could be in the form of a change in the standard of life, or simply in financial matters. In such a scenario, to ensure happiness, saving for the future is the biggest challenge for a couple. Not every couple may be well off, and thus, savings become vital for a secured life. These savings can be for various reasons.

Saving for a Baby

This is the biggest responsibility on a newly married couple’s shoulders. It is the responsibility of being well prepared financially, to bring a new life into this world. With the rising cost of money, every single penny matters. From healthcare responsibilities to education, everything is extremely expensive. Thus, this step is a huge one for a couple. It may also require making several sacrifices to keep up with the expenses. Right from purchasing medicines to setting up a nursery at home, all costs keep rising at an alarming rate.

Saving for Security

This is another aspect of marriage, and involves saving to secure one’s future with each other. This may include saving to pay premiums of life insurance policies, and medi-claim policies. Although a yearly expense, these premiums are extremely high. At times, couples also create joint bank accounts and start a recurring deposit, the amount for which is deducted monthly. Expenses may also include paying EMIs for certain gadgets, or maybe a house purchased. These too are an added expense, which make the process of saving quite difficult. For those living in leased houses, rents are also a bane.

So how can a newly married couple start saving?

Firstly, a couple needs to be extremely open about their income from all sources. Some couples start joint accounts and deposit their respective salaries in it too. In order to save, one must cut back on spends towards luxurious items. These may be purchasing a car or a new house, without having the need for it. Every couple must remember, that every single penny saved, matters a lot. In the long run, these add up to turn into large savings.

Newly married couples may invest certain income in financial institutions, like banks. These investments are usually risk free, and thus, offer guaranteed returns. Recurring Deposits and Fixed Deposits offer lucrative interest rates to people. Thus, with an assured return, it adds onto a couple’s savings.

Apart from these, other savings may include investments in sectors like Real Estate. As an industry, Real Estate grows every two to three years. It is a worthy investment, and if a couple has the capital for it, they can purchase a good property. Post purchase, one can sell it for a lucrative profit after holding onto it for a couple of years. This is slightly risky, but can prove to be a high rewarding investment, if done properly. A couple can also rent out the property to earn some money during this period.