GET LIFE READY!

If you're looking to take the next step in your adult life - with marriage, kids, and all the trappings - it's time to chart out your financial plan right away.

- Kalwyna Rathod

For most men, marriage is not just a personal milestone but a shift in financial responsibility. It's no longer about you as an individual, but a shared journey and a joint vision with your partner. Financial planning for the future goes beyond paying bills or saving for retirement. It calls for transparency, proactive steps, and strategies reflecting both partners' roles and income patterns, while preparing for life's unexpected challenges.

Delhi-based SHIVAM BUDHIRAJA, a finance content creator and founder of Team Car Delight, shares how to get started on the right foot.

STEP 1 ASSESS YOUR CURRENT FINANCIAL HEALTH

Before entering a shared life, evaluate your overall financial position. Review all income sources, fixed and variable expenses, debts, and investments. Check your emergency fund and insurance coverage too. This exercise helps you understand where you stand financially and provides the clarity you need as you step into the next stage of your life.

STEP 2 SET FINANCIAL GOALS

Create a realistic budget that balances savings, investments, and lifestyle needs.

• SHORT-TERM GOALS (1 TO 3 YEARS)

Focus on strengthening your foundation. Build or enhance an emergency fund covering three to six months of expenses. Pay off high-interest debt, save for wedding costs, and secure basic insurance such as life or health. You can also start investing for medium-term goals such as buying a vehicle, making a home down payment, or upskilling.

• LONG-TERM GOALS (5 TO 20+ YEARS)

Plan for home ownership, children’s education, and a sustainable retirement corpus. Prepare for life events such as childcare, healthcare, and supporting parents. Disciplined, diversified investing builds financial freedom and reduces reliance on a single income.

STEP 3 MANAGE FINANCES TOGETHER