Wazzup Pilipinas!
When we get married, the traditional "what's yours is yours, what's mine is mine" mentality doesn't always apply anymore. We are introduced to something called "conjugal property”—which, in essence, means property owned by both you and your spouse.
It’s good to talk about each others finances as early as you can in your married life. Ideally, the two of you have started having discussions about your finances even before you got married. If you just got married or have been married for quite some time, it helps if you and your spouse have your financial goals aligned.
Here are six smart investments you and your spouse should consider in order to build a secure future for your family:
1. Get Rid of Debt
Debt carries over even when you get married. If one or both of you have standing loan balances or credit card debt, the two of you would begin working together to eliminate those debts. There are many ways to get rid of debt, and a well-planned and executed budgeting plan can help you minimize debt and get rid of it entirely. You just have to make paying off your debts a priority ideally before you have kids.
2. Start a Joint Account
A joint account, like a joint credit card or a joint savings account, is something that can be useful for a married couple. Joint accounts can help serve as emergency funds for when you get into a tight spot. It's also easier to put money into a joint account for paying bills such as rent, electricity, water, and even groceries. Of course, effort from both spouses should be made to keep this joint account healthy and active.
3. Buy a House
Buying a house is probably one of your mid- or long-term investment goals as a couple. A roof over your heads is one of the many basic needs of man. Buying a house together as a couple not only solidifies your marriage, but also cements your financial responsibilities as a couple. Buying a house also means you would be securing a place to stay for your future children. Plus, if you already have a house, having another one, or a condominium unit, can be a source of extra income by renting it out.
4. Buy a Car
Traveling can be rough in the Philippines, especially in the metro. However, those who would rather opt to avoid the nightmare that is public transport would buy a car. If you're planning on having children, then a car would be a good investment for your family to move around. By law, all car purchases must come with car insurance, so don't forget to choose the best one that suits all your needs. If you need help with your car insurance, use a car insurance comparison tool online to help you find the best car insurance that will suit your needs and fit your budget.
5. Get Insured
Medical bills are one of the biggest expenses a couple could encounter in their married life. Illness, doctor's appointments, surgery, and even pregnancy can take out a huge amount from your salary and savings. To ease these large medical expenses, get insurance for yourself and your spouse. With health insurance, you are assured that you won't have to pay thousands, or even hundred thousands of pesos to pay for doctor or hospital bills. As a couple you should find a medical insurance that covers maternity expenses that include pre- and postnatal coverage.
6. Save for Retirement
It’s not uncommon for us Filipinos to provide financial support to our parents after we graduate. This is because most workers don’t invest enough for retirement. You don’t want to burden your children or grandchildren for support when you retire. Investing in yourself, and your spouse's future should be on your long-term investment list.
More than your expected government pension, it would be a good idea to start your own retirement fund for the two of you as a couple. By the time you reach retirement age, you’ll have enough to go on an extended vacation or two. Think of it as a second, third, or even fourth honeymoon!
There are many ways you can start a retirement fund: mutual funds, time-deposit savings, and even stock investment are just some things you can invest in for your future. Don’t forget to read up and learn the ins and outs of stock or bond investments first before putting all your money in!
Of course, these aren’t all of your options for a financially sound married life! Don’t be afraid to look for other options on your own, but also talk to your spouse before spending or investing your money in places! Working together as a couple is a key ingredient to having a financially sound marriage. Here’s to prosperous years ahead in your married life!
AUTHOR BIO:
Kyle Kam is an online marketing specialist for Moneymax, the Philippines’ leading financial comparison website. Whenever he’s not working, he’s busy at home watching MMA videos the whole day. You may follow him on Twitter @undisputedkyle
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
Newly weds may use this as their basis in having their own investments. They may use this as their own goal and may also add some that will definitely help them in their entire marriage life. Great job for this!
ReplyDeletegreat info, the couple should buy their own place it is what they are suppose to do, to move out from their own houses and have for their own and make new experiences and memories. cheapest house and lot for sale cebu city Check out and see the next house for you.
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