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Growing Together, Saving Together: Financial Tips for Married Couples
Marriage is an occasion marked with happiness and hope. But it also brings along responsibility - especially financial. Many times, mismanagement of money acts as a cord of discomfort among couples. However, by planning your finances proactively, life can be much smoother. Focusing on investment options, budgeting, and income sources thus becomes essential.
Financial Planning after marriage
Life changes after marriage and so do financial needs. It's always good to set up financial goals together with your life partner. That way, buying your dream house, going on a vacation, planning for your child’s education and retirement becomes easy. The Investment Calculator is a good tool to plan finances and live carefree.
Accounting for two
After marriage, you can mutually decide if you want to maintain separate bank accounts, to maintain financial independence. If there are shared goals and mutual understanding, you can also opt for a joint account to pool your finances and plan for your future.
Life Insurance
It is preferable to have two separate life insurance plans if your partner too has a steady income. Since the rates for life insurance are lowest when you are younger, you should buy it as soon as possible after getting married. The general rule is to take out a life insurance policy with a coverage amount equal to 10 times your annual salary.
If both partners already have an existing insurance policy, remember to add the spouse’s name as beneficiary. Also check if the current cover is appropriate for both.
Health Insurance
If both husband and wife are employed, their employer often provides health insurance. However, a family floater plan is preferable because it offers more coverage and, in the future, can include children as well. Under Section 80D of the Income Tax Act, 19611, health insurance investments up to Rs. 25,000 are eligible for deductions. However, the premiums for health insurance policies have increased due to rising expense of healthcare. Costs for health insurance frequently exceed Rs.25,000 in a year. Health insurance can be purchased in a way so that both working spouses can claim the deduction.
Taxes
Another important factor for married couples is tax efficiency. Understanding the tax advantages connected to various investment plans and products will help you and your partner lower your overall tax burden.
A saving plan or investment plan can give you tax-saving choices that allow you and your partner to maximize your investments while lowering your overall tax liability.
Married couples have benefits in taxation if they own two houses. Currently, no tax is payable on a self-occupied property. But if you have two houses, you’ll have to compute a notional rent for it, and pay tax, even if it’s not in use. However, if you have an earning spouse, you can transfer the property to their name and treat it as occupied. You won’t have to pay additional tax thereafter.
Investment options in India
A good life insurance plan that secures the future of your loved ones in case either of you dies an untimely death is a must in this age of uncertainty. A sound insurance plan can also help you grow your wealth and even offer the option of Return of Premium on maturity, depending on the plans you choose. Then of course, you can also look at investing in the National Pension Scheme, Public Provident Fund (PPF), real estate, gold, and Post Office Saving Schemes, to ensure a diversified portfolio.
Depending upon your risk appetite, you can start building a corpus and lay the foundation for a happy, forever relationship with your partner!
Related Articles:
- Guaranteed Savings Plan - The New Investment Channel
- 10 Most Frequently Asked Questions about ULIP
- How do I choose the right investment plan?
- Learn How an Investment Plan for 5 Years Works for You
- Features and Benefits of HDFC Life Sanchay Par Advantage
- How to Secure Your Financial Future with a 15-Lakh Investment Plan?
ARN - ED/08/23/4174
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
Written By:
Vishal Subharwal
Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.
Reviewed By:
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.
- Tax benefits are subject to conditions under Sections 80C, 80D, Section 10(10D) and other provisions of the Income Tax Act, 1961.
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