How a woman can maintain personal finances before and after marriage


Whether a woman chooses to be career-oriented or a stay-at-home individual, knowing how to manage personal finances, both before and after marriage, is important. The financial journey can be diverse right from teenage, adult age, middle age up to the retirement age, but an individual has to learn the basics of managing incomes, expenses, and taxes. Financial independence and understanding are essential for every woman today, and here we have divided them into pre and post marriage. 

Here’s how a woman can maintain her finances before and after marriage:

Investments before marriage:

While many girls and women are not sure of how to manage finances before marriage, because usually, parents are there to take over and help, but, here are a few options to consider: 

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  1. Start saving early as a student – Look for safe investment options like fixed deposit schemes and a savings account. In an FD, the principal amount is secure, and you earn interest at the end of tenure. Look for short-term investment options, so that you have access to funds to pay fees or plan a college trip. You can earn through part-time jobs or save from your pocket money. 
  2. As a youth and with a fixed income – Once you start getting an income from a job or as an entrepreneur, it is time to study the various investment options like mutual funds, Government bonds and recurring deposits. For investing in stocks, shares and mutual funds require an understanding of the market and its dynamics. Recurring deposits are similar to FDs, where you deposit a fixed amount every month and earn interest. You also have to invest in PFs. 

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Investments after marriage:

Most girls and women are not prepared for the change in financial status after marriage. They may or may not have been involved in taking care of the house and household expenditures pre-marriage, but post-marriage these are necessary. Additionally, financial planning for parents, children, in-laws, spouse and self also becomes important. You also need to have a financial goal in mind – buying a house as a long term goal and buying an asset as a short term goal. You can continue with the options mentioned above, but here are a few other options.

  1. Explore the government schemes – Schemes like the NPS are essential investment vehicles to keep your money safe while assuring you of a fixed income. Since the government backs these, they are considered the best saving options. 
  2. Invest in property – Though most young girls buy jewellery before marriage, it is more for fashion and less as an investment. Post-marriage, you can think of investing in an immovable property with your husband. You can even take a home loan, and enjoy tax exemptions and benefits. 
  3. Opt for insurance – Pre-marriage, insurance is not something most people think about. But, when you are responsible for others, then investing in medical, life, fire, theft and other insurances is a necessity. Insurance can help ease the financial burdens in case of emergencies. 
  4. Plan for your retirement – Start early and take the help of financial experts who will factor in inflation and your requirements to create a plan. 

As a woman, your objective is to grow older with financial independence, thereby ensuring a secure life for you and your dependents/family. 

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