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A marriage is arguably a huge turning point in one’s life. A slew of changes grace the lives of the couple post marriage on a social, economical as well as personal level. The most important aspect that needs to be planned efficiently when it comes to marriage is the finances. Luckily the current generation of millennials is well versed with the basics of financial planning. For those of us who tied the knot recently or are about to soon, here are some useful financial tips that will help you set the finances right.

1) Budget Planning
The importance of prudent financial planning and setting a budget cannot be over emphasized. With the numbers in place, you can be rest assured that you have planned for a secure future. After marriage, your day-to-day, as well as the monthly expenses, change quite significantly. With a proper financial plan in place, young couples will be in a good position to evaluate the best way going forward and ensure there are no conflicts arising later. Also, now is the best time to think about savings and long-term investments.

2) Setting up a Savings Account
As mentioned above, at this juncture in life it is vital that you have a robust plan in place when it comes to savings. A solid savings corpus will help you prepare for any untoward incident that a couple may encounter. One of the best ways of going about it is to open a savings account. With regular monthly deposits, it will help both the partners save in a disciplined fashion. However, whether the saving account should be singular or a joint one is a matter of personal discretion. The thing here is that, with a joint account, there is a possibility that one’s CIBIL score will affect the partner as well. This will greatly affect the loan borrowing capacity of the couple.

3) Getting Health Insurance
Like mentioned earlier, it is a crucial time to invest. While there is a multitude of investment options available, one of them is buying a good health insurance plan. In addition to being an investment, a health insurance secures total peace of mind. When you avail a mediclaim policy, you don’t have to worry about the medical bills in case of an emergency.

4) Tax Planning
With the combined income of partners, it is imperative to plan taxes accordingly. Diversified investments are a good way to save taxes. With a health and life insurance policy, you get tax benefits under sections 80C and 80D respectively. Also, a home loan is another good option from the tax saving perspective.

5) Retirement Planning
Although it might seem farfetched to think about retirement this early, it is indeed essential. When it comes to planning for the future, it’s never too early! There a lot of pension schemes available in India in addition to the Employment Pension Scheme (EPS). With these investment options, you not only build a retirement corpus but save tax too. This is a must for the newlyweds.