4 Types of Money For Married Life

Believe it or not, love is inevitably related to finance. Because if we look at the things in life that we have to make decisions with our lovers. It is often inevitable about spending. Financial Planning: Even during Covid-19, money was even more important to ensure the stability of the couple's life. When we told about it here Many people would like to ask, right? So how should we start planning? Today we will introduce 4 types of finance that are important for everyone's partner's life.

1. Savings are essential in living together.

Saving is the first thing we need to share. Therefore When you get money, don't spend it all. We have to keep the reserve money as a midfielder. Because we never know What will happen in the future? For example Family emergency expenses. Do you remember? During the heavy Covid-19 outbreak, the government ordered us to be detained at home. Many people have lost their jobs without income for months.

So we thought If we have this reserve in a bank account We can still take it as an expense in the house together. Whether it is the house rent or mortgage payment, water, electricity and general home expenses, eh! And what else? You need to help us think a little more. Because this money will give us less anxiety and still have time to think What are we going to do to make more income? This sum of money we may agree with our partner to collect together.

By assuming that If we lose my job, how many months will I be able to find a new job? If there is an opportunity to be unemployed in a long time, you have to keep a large reserve This depends on each person's occupation as well. If you are a civil servant with a low chance of being unemployed, reserve 1-3 months of allowance, in case of working at a more risky private company, reserve 3-6 months of money and in case of independent work (freelance) at Have a high risk of work and reserve money for 6-12 months.

2. Insurance is what protects against risks in life.

Let's get to know part 2 of the money that is money that can be a guarantee for our lover as everyone knows that There are many risks in life. It can also happen at any time as well, whether it is an illness, an accident. Which if we meet any risk, it would surely make us lose money Therefore, insurance comes in to help reduce this risk.

The advantage of getting insurance is We pay a smaller premium in exchange for a larger hedge. Often the cost is very high. Which may be up to a ten thousand dollar We were able to insure by paying only a thousand dollar per year. Where the insurance company will pay for the medical expenses according to the amount specified in the policy itself.

We want everyone to look for safety here. With a wide range of insurance to protect against the unexpected At least getting sick has medical expenses. Plus income compensation, and if we have to leave first, there is also a sum of insurance for the people behind them to move on as well. Consider creating a guarantee that works for us. In order to live a comfortable life in all areas, do not have to worry about when the risk is to us.

We do not want the people we love to have trouble, right? At least we are prepare money and assets to give to your loved ones. It is something that we can get started today.

4 Types of Money For Married Life

3.Investment is what creates a common position in the future.

We believe that everyone wants to improve their status and well-being and their loved ones every day, whether they get better, have a beautiful home together, have the money that creates more educational opportunities for their children. It will take a long time, and what has to be built together is the money that will be spent during retirement, the money we and our partners have to work together to create the future. That is, saving money to build a position and invest to grow.

This money we have to prepare. We have some advice that we try to set goals for our spouse in the future that we want to marry. How much money is needed for each goal? What time is that goal? A short period of less than a year, or a period of 1 - 5 years, or a period of 5 years or more, and we have drawn a map route for collecting and investing money to achieve that goal as well as we want. Ex. The retirement money is shared together by one million dollar by collecting 3,000 dollar per month for 30 years and we go to find suitable investment tools such as mutual funds that generate 2-3% average return per year. Allowing us to reach that goal.

4. Inheritance money is something that works together to create for the next generation.

As time passes, everyone will get older and older. However, we thinks that on the day when we still have our loved ones on this planet. Whether it is a grandchildren and many people that we have good wishes for each other. And we do not want the people we love to have trouble, right? At least we are prepare money and assets to give to your loved ones. It is something that we can get started today.

Inheritance is not only the wealthy plan, but the ordinary person can plan it. Let's talk to your couple. What can we provide for our children, such as money, houses, and possessions, at least on days when we are away? We can rest assured that our children will be able to take advantage of what we have given us in the future.