Marriage is love and money: Expert shares 5 steps for newlyweds to avoid chaos later

 

For newly married couples, love may be the foundation—but money is the scaffolding that supports the entire relationship. Behind the Instagram-worthy proposals and honeymoon getaways lies the real challenge: building a shared financial life. Finfluencer Siddhant Garg says, “The first step after marriage should be structuring how money is discussed, spent, saved, and grown.”

Garg shares five practical financial steps that couples should take immediately:

1. Track your money together

Sit down and map out monthly income and expenses—rent, groceries, EMIs, SIPs, and personal spends. For example, on a combined income of Rs 80,000, allocate Rs 15,000 for rent, Rs 5,000 for groceries, Rs 5,000 in SIPs, and Rs 2,000 for each partner’s personal use. Use budgeting apps like Walnut or Moneyfy for transparency and accountability.

2. Build an emergency fund

Ideally, save 6 months' worth of expenses. If monthly costs come to Rs 30,000, set aside Rs 1.8 lakh in a savings account or a liquid mutual fund like HDFC Liquid Fund. This buffer can be life-saving in a job loss or health emergency.

3. Get health insurance for both

Even if your employer offers a health plan, it’s smart to buy personal cover. A Rs 15 lakh policy for a 28-year-old couple from Niva Bupa or Star Health costs Rs15,000–Rs 20,000 annually. One hospital visit without cover could derail your finances.

4. Start SIPs for long-term goals

Whether it’s a house, dream vacation, or future children, start investing early. A monthly SIP of Rs 5,000 in an equity mutual fund like ICICI Bluechip or Nippon India Small Cap can grow to Rs 11–12 lakh in a decade at 12% annual returns.

5. Update nominations and legal documents

After marriage, update nominees for bank accounts, mutual funds, insurance, and FDs. It takes just minutes on platforms like HDFC NetBanking or ICICI iMobile, but skipping this can cause complications during emergencies.

Garg also warns against 10 common mistakes that 80% of Indian couples make—from ignoring tax-saving schemes to letting just one partner handle all the money. These seemingly small oversights—like not aligning financial goals or skipping term insurance—can lead to major stress later.

In short, financial clarity is just as important as emotional compatibility. Marriage isn’t just about love—it's a joint project in building long-term security. The earlier couples align on money, the smoother the road ahead.