5 things new couples should know about financial planning

5 things new couples should know about financial planning

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 For newlywed couples, there are a lot of new items on the plate. But managing new responsibilities and enjoying new relationship status, most of us forget that we need to start with our financial plan as a couple. Following are 5 valuable money advice, which will help in better planning.

 * Anytime, anytime, hide one rupee of expenditure from each other

 Both members of a married couple must have some pocket money that they can spend independently, but this money should be quite limited and the total amount should be clear to both people. Do not keep your "hidden" credit card, and never withdraw money from the ATM quietly, your spouse is not informed!

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 * Talk about your shared goals as often as possible

 If you are not working on the same goals, then you are going to literally work against each other in terms of the use of your money and time, which will take you both back to what you want to achieve. The best way is to sit together and explore the goals that you share, then figure out a plan to work towards those goals.

 * You are going to be old

 Start planning for your retirement solution now. The tricky part is that the younger you are, the easier it is to complete the retirement period smoothly. Therefore, think about what you want from your retired life and talk about it with your partner. Then, start saving.

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 * Both of you should save for retirement in your retirement plans.

 Each of you should jump into a retirement account on your own. You should each target a savings target of 10% of your personal income in your individual plans, no matter where they are. If you do this and you start before the age of 35, both of you will be fine in retirement.

 * Start an emergency fund

 now. You will never regret it. An emergency fund can leave a job, during a car breakdown, during a family emergency, or for almost anything that comes unexpectedly and demands money. Set up a savings account with both your names on the account and set up an automatic transfer to that savings account.