Shubh Mangal Savadhan

It is a marriage season out there. All around people are hopping across marriage venues leaving behind their best wishes for the newly weds for a successful life ahead. After all the efforts back in preparations, planning and co-ordination finally an event has taken shape.The two different individuals are coming together to share their life together. Going forward among the various things that they will share and plan include their personal finances.

a) Understand your cash flow – To begin with it is necessary to make a note of following points:

• Are both the partners are working, if yes, then cash flow doubles else the couple have to survive on single income.
• Make a list of necessary expenses which are likely to increase with two people living together including living ,conveyance or lifestyle expenses.
• In case of home contribution, work out the likely increase in it.
• Understand the likely emergency provisions to survive for any contingency.
• Also make sure, if you have committed any funds to your respective parents, your spouse is made aware of it.

b) Distribute your monetary responsibilities – For a successful marriage, it is best to distribute your responsibilities along with your funds. Similarly even in personal finance, it is best to understand,who is going to perform what role. You can divide your bills clearances and payments versus spending in line with the budget. It ensures clarity of funds movement. This will give you full freedom of doing your work and to learn from your own mistakes.

c) Sync your savings – Prior to your marriage, if you have been making savings it could be in line with your goals and income. However, going forward, you have to sync your goals as a couple and rework your priorities. So, now the savings are suppose to be in line with your goals as a couple. Also, the previous savings should be now utilized to clear off your joint liabilities and outstanding.

d) Update your records – It is necessary to update all your nominations, contact details and all required documents including PAN card, Passport ( if you wish to), ration card and even your voters card. These records are basic and should be corrected under any circumstances. Get the process in motion at earliest.

These are few beginning points to bring your personal finances in place. Once, the wheels of personal finance are set, it is recommended to get your financial plan devised to improvise it further.