Newly Married Tips: Start these 5 tasks with your partner immediately after marriage, there will never be shortage of money and bank balance will increase rapidly.

Lucknow. After marriage, a new and beautiful life begins, where along with a lot of happiness comes many new responsibilities. The initial period is very exciting for newly married couples, but due to honeymoon, shopping and redecorating the house, the budget often gets spoiled. According to financial experts, carelessness regarding money in the initial months of marriage can become a major cause of tension in marital life in the future. If you want to make your married life happy without any financial crisis, then it is very important to adopt some smart money saving tips from the beginning. Let us know about those 5 best ways by which you and your partner can create a secure and strong financial future together. 1. Sit together and make a practical budget (Joint Budgeting) The first and most important step after marriage is that both the partners sit together and prepare a transparent statement of their total monthly income and expenses. Keep aside important expenses like house rent, grocery, electricity bill and loan EMI first. After this, set a certain limit for entertainment and eating out. When both of you make a budget together, it becomes easier to control unnecessary spending. 2. Create ‘our’ savings account and emergency fund Even if both of you have separate personal bank accounts, it can be a great move to open a joint savings account in which both partners deposit a fixed amount every month. Additionally, create an ‘Emergency Fund’ to deal with any unexpected problems that arise in life—like sudden job loss or medical emergency. At least an amount equal to your 6 months’ expenses should be secured in this fund. 3. Adopt the golden rule of ‘first save, then spend’. Most of the people spend the entire month after getting the salary and in the end save whatever is left. According to financial gurus, the true rule of becoming rich is exactly the opposite. As soon as you have money in hand, first set aside a certain portion of it (at least 20 to 30 percent) for investment or savings. After this, manage the expenses of the entire month with the remaining amount only. 4. Make smart investments through mutual funds and SIP. Just keeping money in a bank account is not enough in times of inflation. Plan your investment in Mutual Funds, SIP, Public Provident Fund (PPF) or stock market as per your financial goals (like buying a house in future, car or children’s education). Even a small investment started at an early age and soon after marriage turns into a huge fund in the future with the power of compounding. 5. Avoid debt habits and talk about financial goals In the modern lifestyle, indiscriminate use of credit cards and taking ‘no-cost EMI’ or personal loan for every small and big thing can trap new couples in the debt trap. Stay away from the culture of ostentation and discuss among yourselves before making any big expenditure. Review your financial goals once every week or month to see if you are moving in the right direction.