All posts tagged: money management.

Ways to Repay Loan Early

choose-a-repayment-plan

We encounter many situations wherein we have to rely on loans. And where there is a loan there is a debt that follows.
We often become perplexed and overwhelmed after seeing the debt pile. This is often due to mismanagement. All that is required is a sense of systematic financial arrangement that will allow you to be on time with repayments or even be an early payer.

We will list down some ways through which you can pay off your debts in a much faster way.
1. Go for Bi-weekly Payments. You can choose to pay the lender every two weeks instead of the regular monthly repayment
Paying your loan early will save your money that amounts due to the interest. This will also decrease the overall term of the loan.
With the surplus money, you can do so much with your life. You can invest it, or you can save it for retirement or you can pay off other debts.
However you need to consider this with your lender first. There should be no penalties associated with an early payment.

2. You can speed up the repayment procedure with each salary hike you get.
You can do that by incrementing the EMI account with every hike in your income. Even a moderate increase in the income saves a great deal of interest. For example If you get an increase of 7 to 8 percent then you can easily increase the EMI amount by a 4-5 percent. This little increase in the EMI can lead to the completion of loan repayment at a much faster rate thus saving a lot of interest and time.

3. Choose the path of Refinance when you have many loans in your basket. Taking a loan against your existing asset again helps in waving off other debts in place, and also helps in reducing the overall interest rates that are spread over multiple debts. We will explain how.
Refinancing basically is paying off your existing loan, and going forward with a new one, while using the same property as collateral or security. You can utilise refinancing for reducing the term of a longer mortgage, or for a switch from a fixed-rate to an adjustable-rate mortgage.

4. You can convert the credit card dues to EMI’s. Credit cards are otherwise convenient, but they also give you a hard time, if you spend without thinking.
If the credit card bills become insanely high, then it is time for you to ask your credit card issuing company to convert your due payments into EMI’s. Many of the credit card companies allow the customers to pay off in 6-12 EMI’s. However if the amount is large, then it might even get extended to 24 months.

5. You can resort to rounding up of the payments. Here you will have to spend a little extra money. But this leads to saving your money in the long term on the interest rate, and also shortening your loan period.

6. Most importantly, bring in a wave of change in your lifestyle too. It is important for you to strike a balance between what you spend and what you save. Do not run into recurring debts. Also keep in mind that paying off debts after the due date affects your creditworthiness. So it is advisable to pay on time, and not fall prey to debt traps.

So do not run away from repayments. Investing in the healthy habit of paying on time will help you out to steer clear of debts and will also help you to live in financial stability.

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Planning for Retirement

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“Retirement” .Do we need to think about it at all? If no, then perhaps now is the time to stop giving a cold shoulder to it.

Being ignorant does not help carve a secure future.

Though we are young and quite able at this stage in our lives. But do we think of times when “un” gets added to our ability.

Reality covering us from all four sides has changed now. We cannot wait till the RIGHT age.

Money control and Money management is imperative and so is wise investment.

We would want to jot down some essential tips that would assist you better with financial planning.

Compounding it is!
One of the strongest instruments in the financial world is compounding.
So how do we go about the process?

Start investing early, even if it is Rs10,000 a month, go for it. Putting in a small amount is okay, what is critical here is the interest that compounds with the passing time.

Also,Save your bucks! Saving is always a great idea to keep. Saving not only for retirement but for other purposes aids at various stages of our lives. The sooner you start saving , the more time your money has to bloom. Pooling in some money for retirement should be your utmost priority. Financial Goal setting is important, however sticking to those goals, and not wavering is even more critical.

It is time to go digital!

Start using an e-wallet!
This has advantages of cash back and it is safer
The flexibility, security and the usability of the wallets have cemented faith in the people using them. You can put an amount as tiny as Rs 10 to Rs10,000.
Convenience blended with rewards incites people to use it again and again.

Sail the boat of Direct mutual funds!
Investing in direct plans of mutual funds renders higher returns. The difference in returns is more pronounced in case of equity funds. In debt funds the the returns are moderate in amount. And the returns are the lowest in liquid funds out of the three.

Swap Fixed Deposits with Debt Funds!!
Safety and Fixed deposits go hand in hand. However when it comes to tax benefits, they are not very efficient. A better path to tread on is Short-term debts, that has the combined credit risk almost equal to FD’s. Though there is not a vast difference on the interest rates generated on short-term debt funds, however the actual return on these is much if they are held for a span of more than three years

Brick a building of buferable cash!
The economic conditions waver like the wind. For example, a hike in prices in the US can subsequently leads to a market fall in India!
Having some cash as buffer, will be handy in such situations. This money can be used to buy at cheap rates and sell at higher rates.

Be wary of Debts/Mortgages!
Being freed of mortgages or any lingering mortgages is a fantastic step towards retirement planning. You do not want to get nightmares of debts when you are greying.

Also lets chart out a plan for someone who is close to us and has just entered his/her retirement phase We will go step by step.
1. Firstly we need to calculate their monthly expenses and needs
2. We then come to her various sources of income
3. Changing their status in the bank is a wise option. Transfer their corpus to a senior citizen savings account. That gets better interest.
4. Get their 15H form signed and deposited at the Bank so TDS in not deduced at source on her FDs. This also reduces agony of chasing for Tax refund.
5. Go for opening a Mutual Fund Folio. Do you know once you have done a KYC with one Mutual fund, it is valid for all investment across all Mutual funds.
6. Divide their portfolio into Four segments
6. 1 Monthly income (if pension is not there or less) – In Fixed Income Mutual funds go for a standing instruction to transfer a fixed sum to their saving account monthly.
6.2 Diversify Equity Mutual funds for long-term steady income
6.3 Invest 10% of the corpus in Blue chip companies
6.4 Build an Emergency fund
7. Activate confirmation emails and SMS on your and their phones
8. Make sure their health insurance plan is secured.
9. Ensure all assets have nominees as per their wish.
10. Make their will

Retirement is the a faraway destination, but we need to cement a path from now to reach there in a financially healthier state.
We hope that our recommendations will help you in deciding clearly and taking informed steps.

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All posts tagged: money management.

Tips to Consider before Lending Money to Friends

Lending-money

Lending money to friends becomes a difficult choice at times. Money has the tendency to create rifts between closely bonded people. Yet money is a topic that becomes unavoidable.

Lending and borrowing between friends can lead to sequences of debts, debt traps, uninvited apprehension and animosity. Situations where the money is borrowed, and half-returned, partially returned or in the worst case scenario not returned creates an unpleasant situation

However we can create a space of clarity in the money matters between friends if we follow some ground rules. They are listed below.

  • 1. Lending should always be a situational process. You should assess the urgency of the situation. . If a friend asks us to open a credit card in our name for their use or asks us to guarantee their loan, then you should consider its consequences. We should not put ourselves in a situation where some one else’s actions can affect our credit. Their wrong usage can disrupt our credit score, thus lowering our chances of getting loans.
  • 2. Lending should be within limits. Even if it is a friend that we are talking about, we need to still evaluate the amount that we lend. Do not nod in agreement for an amount that can push you in a debt trap.
  • 3. It is also imperative to gain access to the details of where the money would be utilised. Here we are not talking about the trust, of course we trust the people here who borrow. But knowing where the money would be spent will give us a better knowledge of whether it is being put in the right use or now. It will also help us in acknowledging whether the situation deserves a loan or not.
  • 4. Discussing it clearly might seem like an awkward idea to begin with. However having the terms and conditions set in the beginning leads to a smoothly painted financial end. Repayment period, interest rates and the loan amount itself should be discussed in detail to avoid any misconception or a possible rift.
  • 5. Draft an agreement. In case you are lending a large sum of money, having a financial agreement worded in paper is always a good idea. Both the parties know the exact details of when, how and why. This just clears the air and avoids conflicts.
  • 6. Also a great option for them is to borrow through the new-age and financially sound institutions.
    EarlySalary is one such platform that provides instant cash at ease without the hassle and obstacles. So refer EarlySalary to your friend and be a friend in need.
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Setting Personal Budgets

budget

In our lives today, it seems that we are constantly in our running shoes, because all we do is race to fulfilling our duties, necessities and obligations.
Expenses are never-ending. How we wished that we could count the expenses on our fingers, but unfortunately we cannot.

It has become extremely necessary to have a budget made. Having a budget in place allows more breathing space when it comes to financial decisioning. We can actually take a pause, and direct our expenses better, without being hasty about money matters

We will talk about how we can focus on administering our expenses and savings.

  • 1. Track your spends and earns for every month. Figure out what you spend and where you spend. It goes for your earnings too.
  • 2. Also prioritize your bills. The necessities have to be thought about first. Rent, Groceries, Electricity tops the list.
  • 3. Now is the time to plan for your future goals and dreams. Start saving and investing to make the dreams turn into reality. Sit and discuss your goals with your family, and ask them to give in inputs too about what they want to achieve, lets say in the next five years. Such brainstorming is always productive.
  • 4. Create categories for your goals. Tag them as short-term, mid-term and long-term. Your short-term goals could be buying a refrigerator next month, or purchasing a car next year.

    Mid-term goals could be about you wanting to go on a vacation with your family to Malaysia

    Long-term goals would be you thinking about retirement plans and policies.
  • 5. While we have created goals, we need to also assess the value associated with them. Inflation is a factor that can cause an upheaval in our financial dreams. Short-term goals would not be affected by inflation. However mid-term and long-term goals can be affected by inflation. So you need to be wise enough to invest also side by side.
    This will help your money boom too over the course of time.
    Also having a correct estimate on the value of assets is imperative.
  • 6. After estimations, and goal settings comes the most difficult part. Now you have to save for your goals. That means you need to keep aside some money for your different goals. Shelling out money at appropriate intervals will help you in achieving all the goals that you want.
  • 7. A great way to track, monitor and create a more systematic budget is through the innumerable money management apps available in the technical horizon. These apps act as your financial advisors and guides and they accurately advise and calculate spends and earns.
    Some of the most popularly used money management apps are Wally, Mint, Homebudget etc.
    You can get a detailed description of the same at money-management-apps

    Managing money seems like a task impossible. But we assure you that with budgeting and prioritizing your monetary needs, it is a task really easy.

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Education Loans

Graduate Piggy Bank

Quality and Quantity seem to come hand in hand. In present scenario, quality education burns a hole in the pockets of parents because of the huge quantity of fees charged for it.
Education loans offered by numerous financial institutions are a boon to the vast sea of students. Students can breathe a sigh of relief with the numerous loan options served across to them, choosing their careers is easier now.
Parents also can be complacent about the fact that they have a monetary pillar to recline on. However there are some factors that we need to be vigilant about.

  • 1. Your educational institution is looked at with a microscope before a loan can be granted. The colleges that offer good placement opportunities are given a green signal. The educational institutions that are not well recognized are given low priority for giving out loans.
  • 2. The CIBIL score for both parents and students is one of the key factors that leads to an approval or disapproval of the education loan. The credit history needs to be up to the mark, and there should be no traces of regular defaults. This holds integral for students, who have just entered college and also have started working. These youngsters might apply for various credit cards with a low repayment capacity resulting into a disrupted CIBIL score. For the parents who are the guarantors, it is imperative to have a good credit score.They are the ones who guarantee the repayment of the loan.
  • 3. Your academic performance also one of the deciding factors for the lenders to grant you a loan. So if you do not fit in the eligibility criteria that the financial institution possesses, then your loan request might be rejected. The banks/financial institution thinks that you would fall in the category of a non-performer and not earn enough to repay.
  • 4. The type of course that you have applied for ascertains the loan approval. If the loan is for a part-time course, then chances are that the bank might reject your loan application. Financial institutions/banks approve loans that are meant for a full-time course abroad or in the same country.
  • 5. The income of your parents is a crucial factor that can turn the tables. Since your parents essay the role of guarantors, and if you fail to repay the loan, then it is on them to repay the amount. If it is fairly low, then the lending institution will not hesitate to disapprove your loan request.
  • 6. Financial institutions do not rely on “Age No bar”. There is a certain age limit upto which loans can be approved and that is 30 years.
  • 7. Whenever you take a loan of more than 7.5 lakhs, then it is necessary to have a collateral and joint borrower in place. If you are unable to provide these, then you might get the loan disapproved. Having a collateral in place, gives a sense of guarantee to the lending elements. They feel that they can recover the amount loaned in case of failed repayment. For an amount lesser than 4 lakhs, you are not required to have a collateral in place. However even such an amount necessitates the involvement of a guardian/parent.
Taking loans for education that is a step taken in many people’s lives. Hence we wanted you to be aware of the obstacles that might come in future planning and career decisioning. Being cautious will help you in better financial planning and control of money.
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How to Repair your credit score?

Credit score

Before conversing about fixing damages to the credit score. Let us talk about a good credit score. We often ignore credit score while applying for loans, and many of us unaware of the low score, until the lender rejects our application and informs us.

We should not turn a deaf ear towards our credit score; instead we should monitor it regularly.

What is the Credit score and why is it so important?

So essentially a credit score represents a person’s creditworthiness when he/she asks for a loan. A person’s credit score is determined by the person’s repayment behavior and credit history, and the creditworthiness is constructed around that. The credit agencies maintain a database of credit standings of individuals and commercial entities. The score ranges between 300- 900. Score of 750 and above is considered to be a good score. There are four agencies that are permitted to maintain this database. They are CIBIL, Equifax, Experien, and CRIF highmark.

Why is the score so important?

With a huge array of financial institutions you might feel that money is easily accessible, but this is not the case. The risks associated with lending have always been considered high and it is necessary for the institution to ensure that it’s lending to right person. Hence, the financial instruments rely on criteria that decide whether you deserve the loan or not. Here is where Credit score shines brightly. It is usually the decision making point for lenders to give or to not give the loan to the borrower. Hence it is important for you to maintain a good credit score, and work towards improving if it is low.

What makes a good credit score.?

The credit score, amongst many things, looks at these critical parameters:-

  • 1. Repayment history
  • 2. Loan enquiries and status
  • 3. Loan to income ratio
  • 4. Length of the credit history
There are no short cuts to improving credit scores. The best way is to administer and manage it over time. And gradually things will fall in the right place.

Let’s focus on some things that we can do to better our low credit scores

  • 1. Stop asking for a new credit – If you are aware that your credit score is poor, you should not apply for a loan at multiple banks. The more inquiries the lender puts into your credit score, the lower it goes. You need to be patient till the time you obtain the suitable score.
  • 2. Lessen the debt quotient in your kitty – You should meticulously chart out the credit accounts that you have out of your credit report. You need to stop using credit cards for this situation. Make a budgetary plan, and direct your expenses towards the higher rate interest credit cards first.
  • 3. Keep your repayment balanced: Well it sounds quirky, however repayment does affect your CIBIL score badly. So in this scenario if you drastically pay off all your repayments at once, then this portrays instability in your financial records. Repayments as a process should take place gradually thus reflecting monetary stability and rendering positivity to your CIBIL score.
  • 4. Set up reminders for Payment: We are so caught up in our routines, that we hardly have a breathing space. But we need to be alert, and sensible when it comes to financial planning and decisioning. Some financial institutions offer payment reminders through their online banking portals that can send you an email or text message telling you about the due date. Also there are automatic payments through your credit cards, wherein if you enroll, then payments are automatically deducted from your account and gets received by the lenders.
  • 5. Be vigilant of any sort of mismatches in your credit reports: It is advisable to leave no stone unturned. Sometimes bank authorities can across erroneous entries to CIBIL. So in such case scenarios, you need to approach banks to rectify the mistakes. Also you need to make sure that all the data on positive and timely payments is recorded and submitted by your lender to CIBIL
  • 6. Use your credit judiciously: Whenever you make use of your credit, then you should analyze the credit utilization ratio. This ratio is of amount of credit you have used to the amount if credit available as balance. If you have numerous credit cards, and you use only one of them, then your credit score may get negatively impacted. Hence you need to be smarter and spread your spends over numerous credit cards and not just one.
  • 7. You need to create credit history if you do not have one: For first-timers, there is an absence of credit history. Lenders might hesitate to give them a loan, owing to their zero credit score. So what you can do is open up a fixed deposit and take a credit card against it. And once you have one in your hand, then you can work towards it and improve the credit score.

We recommend you to check the credit score before applying for any loan to ensure that there are no issues in the credit history. Even if there are any, make sure you get them rectified by the agencies before applying for the loan. Our aim for writing this out was to make you understand the importance of a good credit history, and we hope that you take smarter steps towards financial goals.

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Unsecured Versus Secured Loans

Which-One-is-Better-Unsecured-or-Secured-Business-Loan-BizcashAustralia-Unsecured-Small-Business-664x438

One of the most common questions that we ask ourselves is “What kind of loan do I opt for?”
We take baby steps towards Loans. Loans are like those tricky questions in our exams, where we have to meditate hard to make the right choice.
Deciding upon which loans to take depends upon numerous parameters such as whether you want to take up a house or cater to your your child’s education or go on a vacation.

Taking loans is a financial commitment, and by agreeing for it, you are basically agreeing to pay a fixed part of your salary till your loan is repaid.
Loans can be majorly categorised into unsecured and secured loans. Sit back and read on further to know about these loans.

Secured Loans:- These loans are guarded by an asset or a collateral Through secured loans, you can get a huge sum of money. Putting your house or your car is a good enough security against the loan taken. Secured loans offer lower rates of interests, higher borrowing limits and longer repayment terms as compared to unsecured loans. The lender has the right to take you asset incase you become delinquent. Also if the selling price does not cover the debt, then the lender can pursue you to settle the difference in amount.

Some examples of Secured Loans are
1. Mortgage wherein your house is taken as security against your loan
2. Auto Loan: Here your vehicle is taken as security against your loan

The perks of Secured loans:-
Cost:- Secured loans are less expensive as compared to Unsecured loans.
Easy Accessibility – Secured loans can be obtained even if your credit score is bad. The lender can seize property incase of failure in repayment.
Tax deduction on interest:– The interest paid on the loans such as mortgage is tax deductible.

The downfalls:-
Losing your assets – You can lose a valuable asset, however the lender loses zero.

Unsecured Loans:- Here you do not have to give the right to your assets to the lender. Lenders are more prone to risks here.
When you apply for an unsecured loan, the loan gets sanctioned by the user on the basis of repayment capability. The borrower is judged on certain parameters such as credit history, capital, collateral , borrower’s current financial situation as well as prevalent economic factors) . His/her character is also taken into consideration to convert decisions to actions.

Some examples of Unsecured Loans are
1.Credit Cards
2.Personal Loans

The perks :-
Secured Assets – You do not lose assets, because the loan does not require a collateral backing them

The downfalls :-
Harder to get – Unsecured loans might be harder to get from the lender. You need to have a good credit rating, and if you do not have one, you might be considered risk worthy.
High Interest Rates – The interest rates may be higher.
Receiving the loan of Lesser value – Also you might not get the desired amount depending upon your credit scores. Hope we have helped you to get a better understanding of loans that exist.

Be smart and take smarter decisions!
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Money Management Apps

Money Management apps

Who doesn’t want a peaceful night’s sleep? But we do not always get what we want. We know for a fact that money matters, but money matters hound us in our sleep.

We have to essay the role of a smart money manager. Balanced budget is a must. But it is not as easy as it sounds. With our minds and finances in multiple places, it becomes formidable task to keep a track of money.

Going through uncountable paperwork and doing mathematics on the receipts is a cumbersome task. This leads to a haywire budget management, and we dread the day of budgeting.

The ultimate resolve to this is going digital. Technology has embedded deeply in our professional and personal life. And it is Technology that helps us solve most of the obstacles in our lives.

The tech masters have devised several apps that aid in budgetary planning, and taking smart financial decisions

We will list down some of the coolest money management apps that fix the financial fixes.
  • MTRAKR – This app helps in managing wealth and keeping a track on what we earn and what we spend. And as the name suggests, the tracking system here helps us to get rid of extensive paperwork. You don’t have to fret over having more than one bank account. This helps in managing multiple bank accounts. It is built beautifully, and has segregated categories of food, utilities etc. People with no finance background or zero bank knowledge can also tap this app with ease. It is fully automated and does not ask for any sort of bank passwords.
  • My Tax India – Calculating and saving tax, taking into account investments and other deductions is a complex task. Here is where My tax India becomes your saviour. It systematically calculates the amount of tax that you need to pay, and you can try out various settings to figure out the optimum level of investment that we need to make. It is user-friendly, and you do not need to be a maestro in finance to use it. So, at the time of tax filing you know what to expect, and you act accordingly. Otherwise you are left baffled with very less time to think through.
  • Wally – Wally is another expense tracker in the digital arena, it keeps a check on your expenses and keeps the spends stacked in categories. One very interesting feature is that it uses your location and categorises the venue, leaving you with very little work. All you need to do is fill in the expenses. Another feature is it’s ability to scan the receipts, relieving you of the stress to type in financial details . You get notified every time you reach a savings goal. Money Management is a much easier task now. We can direct our expenses accordingly.
  • Mint – So Mint basically integrates all your card and bank accounts while keeping an eye on your earnings, spends and savings. This gives in an in-depth analysis of your finances. This is one of the coolest Money Managers in the digital space.
  • Officetime – This is an intriguing application. It is for office goers for whom time is money. It helps you in analysing how productive your time is, and how you can use it more efficiently. This also helps you keep a track on your spends, and generates invoices for expense reimbursements.
  • Homebudget– As the name suggests this application apart from having a beautiful look and feel, creates a beautiful balance in the finances for your family members. It helps you to split bills with your spouse or family members by coordinating efficiently . It also helps working professionals to keep a tab on their multiple income sources.
  • Splitswise – You like going out, partying, or having dinner with your friends? Then this is the app apt for you. This is extremely useful in splitting the expenses. Splitswise, divides the cost systematically if there is a group with joint expenses and it gets tough to split expenses. This is a user-friendly app, and is very popular amongst youth.
  • Digilocker – This app is extremely handy to align and stack your financial documents Starting from your PAN card, Income Tax returns to other Bank documents, Digilocker manages all the confidential documents in an ordered fashion In short DigiLocker acts as the superhero in disguise.
So what are you waiting for? Tap the app that suits your needs.
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How to handle finances right after marriage?

marriage-finance-changes

Youngsters before marriage find themselves perplexed when finances are being spoken of.

There is an absence of savings or a very much required emergency fund. Since their money management habits are haywire,it becomes essential that they get improved and systematic after marriage.

If the financial loopholes are not taken care of , then these become one of the biggest obstacles for both the individuals.

We would want to talk about some simple yet essential measures that can help you out during this phase of your life, Hence,we have jotted down some significant points of financial management after marriage. Have a look. Some ways to handle finances after marriage:-

  • 1. Plan for the uncertainties: – Even if you are stable in your careers and have a good salary, you both need to have a structured financial element in mind. Emergency won’t knock the door and come. Couples today are not really equipped to combat these emergencies, and are under constant stress. Unexpected illnesses, accidents, layoffs can cause a great deal of pain, and hence it is advisable to save a share of your salary over a period of time. This certainty helps to deal with the uncertainty in a much better way.
  • 2. Smart Spending and Smarter Investing : When you are married, you both need to be accountable for what you spend and invest. Spending is inevitable, as it is the simplest answer to both necessities and wants. You cannot blame the other person for the spending. The bottomline is both of you spend, but on different things, and hence there is a need to set a budget.It is required that both of you get on the same page, and focus clearly on the lines of investment. Be it Investing for next year or for retirement , investment planning is the need of the hour. There are many ways of investment for long and short run both. Seeking professional advise also helps.
  • 3. Set achievable financial goals: Having a foresight helps. Deviate from your monotonous life for once, and give considerable thoughts to life after 5 , 10 or 20 years. Anybody can earn money. But judicious usage of money is an art to learn. You just don’t want to walk on a path, there has to be set destinations. You should chart out your career dreams, lifelong goals, financial expectations together and set time to achieve and fulfil them. Summarising the important and less important ones and then prioritising them is the right course of action.
  • 4. Combining or Not combining accounts: So while planning finances, the question of having a joint account or a separate one arises.

    Both the options are working models. Let’s talk about them in detail.

    a)Separate accounts: – When you keep money totally separate, everything(rent, mortgages, necessities etc) has to be split . Also you need to evaluate what you spend, be careful of not spending too extravagantly, as the entire monetary responsibility shifts its weight towards your partner. Also, you need to plan to spend from each account to gain the tax benefits on Home loans, EMI, Investment Proof etc.

    b)Joint Account – In this case, you would put money in a single basket, and use it to pay off and spend. However this requires financial coordination and a mutual agreement on expenditures. You need to get to the common grounds of spending, because if there is a lot of deviation in spending patterns, then there is a lot of room for monetary imbalance and arguments.
  • 5. Checking Financial history – It is important for you to discuss financial history with your spouse and vice versa. Being aware of the financial history, such as the use and number of credit cards, credit scores, way of spending paints a clearer financial picture. So in case one of you has a poor credit score, then having a joint account becomes is not a smooth decision to make. So decision making is highly influenced by financial arrangement of both individuals.

    Managing Debts and Saving: It is good to combine accounts when the debts are cleared off in single or both accounts.

    Saving after the wedding is definitely a good idea, but saving before is essential too. We suggest you to open up a savings account before marriage for setting money goals beforehand and having a vision of future expenses. Both the individuals should invest a portion of their combined income after marriage, and let the account grow. I hope we have helped you in making better decisions. Happy Wedding !
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