Also, in case both the partners are working, then both can enjoy tax concessions. Register all real estate property in both your names for administrative as well as loan purposes. Change the wife’s name on all legal documents including bank accounts, PAN card, passport etc. Have a budget to keep track of your monthly expenses and how to manage them.
Financial planning for the newlyweds
As is the case of all personal financial planning, it is essential to have short-term, medium-term and long-term financial plans which can be used as a definite plan or as a yardstick by which you can measure your financial success and also keep a tab of the roadmap you have set for achieving your joint goals. These goals may be further categorised into needs and wants to mark their importance.
Financial planning is a dynamic process that will evolve as the years pass and the couple assumes new roles and responsibilities. However, it is essential to have a shared vision and attitude towards expenses as this financial stability is highly essential for a stable future.
The writer is CEO, BankBazaar.com