11 Finance Tips for Newly Married Husbands

7. Have an emergency fund

Even though you are young, tragedy can hit you any time. You must always have some ready cash as your emergency fund. In case you, your family, or your loved ones are ever faced with a crisis situation, you will be able to help them instantly, without it affecting your budget.

8. Get insured

This may be a sour topic but it is of great importance and is the most practical thing to do. Having a term life insurance is your way of insuring that your loved ones or your spouse does not face a financial crisis in case something happens to you. When you imagine your future together, it is important to make sure that you equip your loved ones to be financial secure even when you are not around.

9. Take calculated risks

Being young, you might be tempted to take big risks and have an aggressive investment portfolio. However, it is not very advisable to bet it all on something as volatile as the stock market. It is important that you take inputs from a financial planner to ensure that you have a diversified portfolio. If you are a day trader, make sure you have a strict dollar cap on your investment.

10. Stay out of debt

No one wants to be under any kind of debt, yet you end up with a debt. In order to make sure that you ditch the debt as early as possible, reduce the total number of cards you both have and pay off your credit-card debt. Start with the ones having the highest interest rate. Do not indulge in luxurious spending unless you know that you can pay in cash.

11. Have a separate/joint account

Whether to have separate accounts or a joint account or both, is an important decision that you need to make. You could probably have a joint account to manage the shared household expenses and separate accounts for your individual spending. This will completely depend on how comfortable and efficient you are when it comes to managing your individual money.