Newly weds: Financial essentials

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Adhil Shetty: Feb 11 2013, 14:05 IST

Tags: Financial Essentials | Money News

Financial essentials for newly weds: It is a truth universally acknowledged that money plays a very important role in the success of any marriage. Therefore, a financial plan deserves adequate attention right from the beginning of a married life. The first thing that couples should do after marriage is to check out their financial appetites, preferences and compatibility so that a common road map can be chalked out for their joint future.

Financial Musts

There are certain legal processes, which have serious implications on ones financial status which must be undertaken as soon a possible after tying the knot.

Change of Name & address: Your bank and financial institutions need to be informed about your new status and if there is any change in your name or surname or a change in address, it needs to be updated.

Change of Nominee: One needs to change the nominee at various places such as bank accounts, securities, insurance policies and other investment arenas.

Family Budget

A completely new approach to financial planning has to be adopted keeping in view the new responsibilities and roles. Both the partners have to sit down and chalk out a road map by defining the exact earning potential, essential expenditures and then setting goals accordingly. The financial aptitudes of both the partners have to be considered in order to work out a middle path with balanced risks in the investment. The responsibility of monitoring of earnings, expenses and investments has to be divided among the partners so that a tight control

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