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How to Plan Marriage & Avoid Financial Shock

Earlier I thought I should keep the title to “How to Plan Your Marriage”
but later I realized that it will be for very few readers. So I kept it “How to Plan Marriage “-
every article that you read may not be directly helpful to you but you can always share such
articles with your near ones who really need the guidance.

Festivals and marriage are two seasons we enjoy most and year end is when these two times
cocktail to boost your social networking. Marriage is a new era that begins with lot of pros and
cons in life. Age old rule of settling and than making a family is quite understandable. Usually in
those days settling the new couple seems to be responsibility of family but now the people meet
over net, marry in front of a judge, celebrate at a exotic location, disappear for a honeymoon and
then appear for work making marriage a ritual. But all is not easy today. These marriages also
need a lot of planning.

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Let me give you a checklist for your pre-marriage Financial Planning:

CASH IS KING

No matter what, don’t run out of money. Nothing else in this article matters if you run out of
money. This means know your burn rate. Get quotations from your all vendors. Plan for that
extra dress or an extra day at the honeymoon or that extra lunch for friends. Plan for every weary
thought you are getting through your instincts. Marriage without cash is like an opera without a
lead singer.

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PUT IN REAL FINANCIAL SYSTEMS FROM DAY ONE

And your day one starts the day you fixed up or you proposed or got the yes you were waiting
for. Two things here. One is know the background of your spouse and his or her family. This will
make you know what is expected during and after marriage. Second, get smelling over your
spouse’s financial habits. For an extra spending spouse you need to plan more and interact a
lot to make him/her understand the priorities. These two things will have the utmost bearing over
your marriage financial plan.

MEASURE EVERYTHING

If you have real financial systems in place, you can measure everything. Be obsessive about it.
Measure the cost attached to all the activities and fun you want to pursue. An extra lunch that
you would host can cost you fortunes. So make a budget and cash flow for the marriage.

USE YOUR FAMILY TO FUND

After my marriage I had 8 cuff-links, 4 watches and uncountable cutlery which came as gifts.
Irony was that these gifts came from near family and friends. Idea is when I have that liberty in
relationships to express what I need, I should express it. Family and friends would gift to show
their love and blessings but you can always tell them about your requirements. Believe me they
will also feel happy as gifting what a person like has s different meaning.

CHOOSE PROFESSIONALS CAREFULLY

In all marriage there is a special uncle or bhaiya who has solution to all. Moment you say ‘this
needs to be taken care of’, he will dig his mobile phone from the pocket and say ‘abhi ho
jayega’. And to identify such person is to watch his next step. If he is not calling anybody, this
means he has no idea of doing it. Better you call and fix your requirement.

BE CAREFUL OF PERSONAL GUARANTEES

In the wake of fresh love, one of my friend committed to his bride that instead of one
honeymoon, he would have 6 small honeymoons in the first year of marriage. My brave friend
kept his words but now 6 banks and credit cards companies are behind him for debt recovery.

FINANCE YOUR MARRIAGE

Financing from correct source is also very important. I would prefer this order. First from my
parents/friends than personal loan than credit card. My payment schedule would be just opposite
of the above list. The order will differ in each case but prefer where you have to pay less interest
and have more number of days to repay.

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FOR WHAT YOU ARE TRYING TO CREATE

Marriage besides an expensive event needs to be a fun and enjoying affair also. And fun has low
correlation with money. So, before opening your wallet think about the alternatives where you
get a good bargain. After all it’s your energy, involvement that would make the event more
enjoyable and not the money.

DON’T TAKE ANYTHING FOR GRANTED

And last not the least; do not take anything for granted. A small mistake can cause you life
grievance. Marriage is such an occasion which you and your life partner will discuss for life. A
small silly slip will make you restless for life. In end a confession from my side. In my marriage
I told my wife not to get the photographer from there city as it would be costly. So a lone
photographer captured the stills and video of my marriage and I thought wow as I saved a good
amount of money. Later on the photographer lost the tapes and we could only get the stills. My
wife still hates me that in the era of technology, we only have stills to see and no video to recall
the past moments. I hope she reads this and pardons me as I volunteered by writing this article to
let my readers plan their marital bliss.

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Read Articles at our blog “The Financial Literates” www.tflindia.in

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