How to plan savings after marriage

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Congratulations! We wish you guys a happy and successful married life. Success in marriage is not only defined by our emotional compatibility; our financial compatibility is equally important. It is the right thing to know each other's savings and expenditure habits, so together you can build a strong and secure financial life ahead.
Steps on How to Define Your Finances:
Understand where you are standing individually
If both of you are working individuals, the first thing you should discuss is your monthly take home salary, EMIs (if any), and current savings. Post data collection, you can calculate expenses and allot funds for savings accordingly. Try and save up to 25% to 30% of your cumulative income.
Open an account jointly
It would be a good idea to open a secondary joint savings account. You can open a zero balance savings account from the comfort of your home. A digital savings account offers multiple benefits and is ideal for depositing your funds. Kotak811 digital savings account is one of the most loved zero balance account in the market.
Advantages of Zero Balance Savings Account:
Discuss Future Goals
It is possible that the two of you might have different plans for your futures. So, it is important to discuss your goals. Who knows, your goals may align or better, you guys may come across some new plans to enjoy together.
Common Goals You Should Discuss:
House - Plan your purchase, try to save 20-30% of the cost, and for the rest you can apply for a loan.
Mediclaim - A family medical policy is essential, invest in a plan which includes every member and can be extended in the future. Look for the diseases and benefits your medical plan covers.
Emergency - It is essential to keep aside money in your emergency funds on a monthly basis. Try and keep at least 3 to 6 months’ salary in your emergency fund.
Retirement - A healthy retirement fund is essential and an early start will give you better advantage.
Children - Is probably the most important topic of discussion for a couple. Define your priorities and once you are ready, start saving for their upbringing and education.
Other goals - Your other goals may include vacations, cars; plan them before hand and keep the expense within your budget.
Additional Read: Banking on Love - Here's Why a Joint Account for Couples Is a Prudent Choice
Investment Options - You should plan your investments together and contribute accordingly.
Emergency funds - You should look for something safe and with easy liquidity. An FD account is a good idea. You can also put the money in a separate savings account.
Short term goals - Look for liquid funds or Debt funds for goals that are about to come in 2 to 3 years.
Long term goals - For long term goals, PPF is a good option. It is safe and is the perfect choice for a long term / retirement plan.
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