Marriage is one of the most significant decisions in life, and it’s something you want to embark on with a proper plan. If you’re planning to get married, you and your partner need to be financially ready for marriage. There are several reasons why family planning and investment before marriage are so important. Marriage isn’t cheap – you’re committing yourself to another person. Some studies have revealed that over 20% of all marriages end in divorce by the time they celebrate their 5th wedding anniversary worldwide. The two of you will likely be combining your finances upon marriage. That’s why you need to have a solid financial game plan before taking such a huge step.
In this article, I will be discussing the importance of having a discussion with your future spouse on how much you are willing to spend for your monthly needs as a couple, how much you want to save every month for investment, how much you want to save for your children’s school fees, recreational expenses and other expenses. The aim of creating a financial plan is to make you financially stable as a husband and wife so that if something were to happen to either of you, then at least you already have money set aside for that emergency or setback.
**This article is focusing on women or can say women oriented life based !
Few life lessons and plans, from my life, that I would like to share with you:
Planning for marriage
If you are planning to marry within the next two or three years then read this article to understand how to plan your career and future in proper..
If you have graduated and are interested in an MBA degree, consider taking a full-time or executive MBA program. There are many colleges within India as well as abroad that offer these programs.
Obtaining an IIM degree is easier if you start preparing after high school means after 12th board or 1st year of your graduation . Group discussions are very difficult because there is a lot of competition for these programs. Executive MBA programs are slightly more expensive but offer same placement opportunities than full-time MBA programs.
Studies abroad:
The initial investment required to study for an MBA or M.S. degree in the United States or the United Kingdom is typically between 20 to 30 lakhs. However, scholarship programs are available for those who need help to afford such a high cost. There are also low-cost options for pursuing arts and literature degrees, but the cost can be as high as 30 lakhs at any top college in the U.S. or U.K.
Marriage
Continue the job or else do at least freelancing in the worst scenario:
Even if your husband is the CEO, stay in your career. Why? As you never know when he stops loving you back, divorce settlements can reach a crore, whereas if you work hard for 5-10 years, you can earn that much. If you can’t work at the office, at least continue to work even if it is part-time or do freelancing but never sit ideally at home.
Insurance Plan:
Have your insurance plan independent of the company’s. Only partially depend on your husband and the company; do your own health insurance plan too.
Start investing for your own:
Do SIP, spend investing on mutual funds and the Stock market (if you have an idea or you have any interest) along with long-term investments for the next 20-30 years, which will support you for your children’s education or own.
File I.T. return
Every year, file your tax return. This will help you to take out a home loan or car loan.
Start saving for your own house.
Start saving small amounts every month for your own house. Start investing in the property, even if it’s one BHK or a Bungalow.
Never compromise on valuable assets
Such as clothes and jewellery, as they define your self-worth and dignity.
Clothes: keep a few daily uses dresses (low to medium cost but comfortable), Party wear (Medium cost), Professional dress (Good Brands), and Saree (Indian professional dress up).
Jewellery: Must assets for any woman. I love jewellery, especially earrings, my all-time favourite.
Makeups to personal care: Always prefer good brands or dermatologist prescribe
Handbags to heels: (Must be good brands): Damaging your feet and lower back by carrying heavy objects can be prevented using the right heels and handbag.
Do your job, spend time with family vacations or go outside in holidays, then spend festivals with family. Have a good life with proper daily communication with your spouse and spend at least 30 minutes in the daily talk – about what happened and how the day is , one time meal together.
Live your life in a beautiful life; life is not just spend time in cooking, doing jobs, inviting guests, treating them well, then die. Live your life fullest before you move to old age. Fix the time or dates for your relatives or friends, and keep your husband or wife as the priority.
Pregnancy:
There are common reasons that women and men choose not to have children, but the only real reason not to have a baby is that you don’t want one. What if babies weren’t expensive in time, money, and effort? What if it was just as easy to raise a baby as it was to raise a puppy? And what if there were no second-hand costs or cleanup? We’d have more babies. I advise all couples – especially younger ones – to establish an heir-planning strategy.
Pregnancy is a very important period in a woman’s life. During this period, many women have to quit their jobs or take leave from work. It is important to plan for the period before becoming pregnant to prepare for any eventualities. The right planning can help you raise a child without sacrificing your finances, health, or freedom.
Before getting pregnant:
Save money for your maternity leave: If your employer has a maternity leave policy that provides paid time off, start saving early so you can take full advantage of it. Save enough money, like 1-2 lakh at least, if something goes wrong during the pregnancy, you can still manage financially
Start an investment plan: If you have one that requires long-term contributions; set up an automatic deposit into your investment account, so you don’t miss any payments while on leave. For: If you have any long-term investment plans where you need to invest at least 50,000 rupees per year, save at least 3-5 lakh rupees in your bank account so that if you go for a two-year maternity leave, then your savings will save you.
Plan for a hobby: If you want to spend your pregnancy days peacefully, start a hobby that makes you happy and may provide financial stability. If you love writing, start a blog, write a novel, or even paint–whatever makes you happy. If you want to do a PhD, complete your masters degree, as the first year of a PhD is less stressful than the following years. Once your child becomes four years old, you can concentrate on preparing for a lectureship or a job with good pay that will provide you with financial stability.
Start your own business or invest in a social cause: Starting a business or investing in a social cause can be a rewarding experience for women entrepreneurs. The flexibility of small-business ownership allows you to communicate with others daily and can help reduce stress. Social work also reduces stress while giving you inner peace, helping your child grow up as a well-adjusted adult, and helping build relationships with people of similar interests.
We often worry about the outcome of a pregnancy; frankly speaking, if you are less stressed out, your pregnancy will go smoothly. Yes! If you carry triplets or more babies or if you have had high diabetes or high blood pressure, or other complications since the beginning, then you need to be a little conscious. The pregnancy period or postpartum period is best because a few moments come in life once or twice. So enjoy how you want to spend the moment, not how others want it.
In pregnancy, one needs to be taken care of a few things: food (good nutrition), jerk (extreme physical activity), stress and unnecessary communication. As these only create issues, the rest body can bear, even God.
After having children
Investment for Kids
Investing for the long term, like 15-20 years, is a good strategy, especially when investing in a child’s education or retirement.
Start retirement plan
Retirement planning should begin about ten years before you retire; this will allow time for your investments to grow and investing in a world tour fund is a way to ensure that you have the money you need in the future.
Conclusion
In short, enjoy your life as long as you live on this earth. Don’t be a loser in life; always be a gainer of happiness and love; if your luck doesn’t support you in terms of a relationship or career now, then one day it will. Nowadays, nobody cares what other people think. So, everyone should think about themselves first, along with others’ happiness. Always remember, we are human; we are not God or Saint, and human make mistakes, No matter how good or conscious you are. So forgive all mistakes you make or all decisions you had taken in your life, it’s a part of life, and we can’t spoil our entire life with one sorrow, or else our whole life would be miserable. Always remember that life is too short to worry about others and your mistakes. Forgive yourself and others and Forget like it was a bad memory of your life.