Financial Security After Marriage

How to plan your financial journey as a couple?

When my husband and I got married seven years back in an arranged marriage setup, there were big-time celebration parties in our respective homes. The crazy fun went on and on from pre-wedding till post-wedding dates. The newly married cuddly couple-time officially got over when we came back from Mauritius – the exotic honeymoon at the most beautiful resort and cruising locations – what a beautiful time it was, if only I could go back! Well, by the end of everything we were not broke but yes there was a lot of spending that had happened. But isn’t this a part of the life of almost all the newlyweds? As couples, we are so busy planning our big fat dream wedding these days that we skip talking about the dissolving finances. The money getting spent on all the details is always way over budget. But still, we all try and manage everything. I understand that in the early days of any relationship there is some kind of shyness that you feel from your spouse. There is a constant fear that your partner might feel offended if you ask anything on the cashflow. But, trust me a lack of communication in this zone can lead to exhaustion of budgets and can lead to big dents in your savings.


So guys, here are a few tips that I would like to share from my own personal experience.

  • Break the ice

Be the first one to open up. Talk about all the things and don’t hesitate. You may begin with how you started earning, your moments of joy when you became financially independent, or maybe on how you have been managing your accounts.

Strategy to do it – Find the right time and discuss your responsibilities in terms of – student loans or personal loans that need to be taken care of or any EMIs that are currently running. Transparency is the key in this topic. Avoid financial secrets.

  • Plan your dreams

Work as a team to fulfill your dreams and try to plan everything slowly. There is absolutely no need to rush about it. But don’t just talk, pen down your thoughts. You know in the future when you’ll see that file or paper there could be things that you missed out on but the happiness to achieve what you had planned would be very precious. Also, with time your goals might also change but this is what life is. It’s not a one-time thing, instead, it’s a journey that you and your partner are going to live. Always stay focused on your goals. Some cheats are allowed but refrain from unnecessary over expenditures.

Strategy to do it – Once you are aware of each other’s responsibilities you will be in a better situation to plan your financial goals. Knowing the baseline financial status, you can now talk about your short-term and long-term investment plans. This may include high-end vacation for birthdays and anniversaries, buying a car in coming months, changing decor and interior for your parents and kids room in a year or two or maybe buying a home in future years or even your retirement plan.

  • Create a budget

We all have gone through a phase where we land up spending way beyond our budget. Don’t make this your habit. As I’ve mentioned earlier, don’t kill your wishlist but be practical and realistic in what you need and desire. This budget thing may keep on moving up and down with your income changes. A budget is set to check on your spending limits. Even if you are going on a holiday, park some amount and spend mindfully. Savings – be it big or small is always good.

Strategy to do it – The budget preparation task is done once you have identified your joint expenses over a period of time. Start by reviewing your joint expenses over the last few months to determine how much you’ve been spending. For your ease just break them into fixed expenses like monthly rent, electricity bill etc and floating expenses would include your salon services, dining, entertainment expenses etc. See nothing much can be done on your fixed expenses. The floating ones on the contrary are in your control. The idea is to – establish your limit.

  • An emergency fund

Our generation is seeing a pandemic and many people have lost their jobs worldwide; this emergency fund will help you survive tough times. Now as you are starting your new family there shall be many situations in life that will require your efforts physically, mentally, socially, and sometimes financially as well. This parked out the amount, shall be helping you in unexpected circumstances.

Strategy to do it – Your target should be to save at least for six months worth of household expenses. During the research I came across many articles that talk about saving 25% of what you get as a net in-hand salary. Well I don’t know how much of it is feasible and practically do-able but this blocked money is basically your savings money for rainy days. This should not only include your fixed expenses but also some discretionary expenses.

  • Never miss the insurance

In life, I have learned a fact, that health is something where you really need to put an extra effort. Invest your money in seeing good doctors, taking proper nutrition, and exercising. But this doesn’t mean that you skip on taking health insurance and life insurance plans. Your policy details must always be available readily because in case of emergency every minute counts.

Strategy to do it – As a working couple, there will be insurance coverage provided by your employers but please take out some time and see if there are any overlaps in coverage and costs. Understand every possible detail of your plan – age criteria, premium, pre-existing disease coverage, waiting period, maternity benefits, pre and post hospitalization expenses, critical illness coverage, accidental coverage, unemployment coverage etc. Most importantly understanding the plan is not just one person’s responsibility it’s a joint effort. Both partners must equally participate during such decisions. The idea is – to spend your money mindfully and not blindly in the plans.


Well, these are some ideas that I feel may help you achieve your dreams and goals of financial independence sooner or later. As a couple, my husband and I after seven years of marriage do cheat in our spending budget sometimes but now after becoming new parents and buying a new house, we have become more vigilant. Well, the best thing is marriage brings new memories, the memories which you will cherish for a lifetime. The early days of marriage are the most memorable ones. So, as a beginner focuses on taking one step at a time and be each other’s strength.


Always remember - financial independence as a couple is easy for those who build their relationship on trust and respect.
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