Planning for the finances required for marriage is a major challenge for couples. We understand the importance of having a solid financial plan in place before tying the knot. It’s essential to ensure that couples are financially compatible, and that they both share similar goals and values when it comes to money.
There are a few key steps that couples should take while planning for marriage:
1. Develop a budget: No matter what your financial situation is, developing a budget is a great way to get started. It’s important to factor in all expenses, from current bills to future costs related to getting married and starting a life together.
2. Evaluate financial compatibility: Before getting married, couples need to evaluate their financial compatibility. This involves discussing financial goals, communication styles, and spending habits. Be honest and open with each other, and work together to strike a balance.
3. Identify your goals: As a couple, it’s important to identify your financial goals and plan how you will achieve them together. Do you want to save for a house, a car, or a vacation? Do you want to pay off debt or build up an emergency fund? Whatever your goals, make sure to write them down, prioritize them, and create an action plan.
4. Talk to a financial advisor: A financial advisor can provide valuable advice and help you create a financial plan that meets your needs. They can help you figure out how to prioritize your goals, create a retirement plan, and even help you manage debt.
While the above is to make oneself ready for marriage, the same process can be followed to plan for the marriage event also. Budgeting & planning is required to decide on no of guests, venue, food & logistics etc. In Indian context, this traditionally has been planned by the parents, but slowly couples are taking up this as their own responsibility.