We often have faced a lot of societal pressure to get married on time, but deciding when it is the right time to get married is a little tricky. If you are deciding to get married, you should look at your financial side as well as the emotional element. If you and your partner both are working, then you can merge your finances set up a household budget and save for short- and long-term. Things like buying a car, home, repaying debts can become significantly simpler. However, if only one person is working, then you should make sure that you will be able to sustain your present and future needs only on a single income. Today the cost of living, education, etc. is going up it is therefore imperative that you take into consideration the inflation factor before taking the final decision.
Age should not be the sole factor on which you suddenly decide that you want to get married. Today, the average age of marriage is going up, both in men and in women. In India, the average age for men to get married is 26 and for women is 23. This age increases if we only look at urban areas. Both men and women are delaying marriage as they want to be financially stable before they take their vows. Women no longer want to depend on men for their needs and men to seek the company of working women so that they can share their financial burden with their partners.
Financial Benefits of getting married:
Easier to buy a home: Since you have two incomes to support your household, you can now easily take a home loan. One income can go in paying the EMI, whereas other income can take care of household expenses. Couples can also take a joint home loan if they want to increase their eligibility.
More Saving: Since we all plan to start a family one day, we all look to start saving so that our future needs are taken care of. Two incomes can make it easier to repay the debts and take care of all expenses. Savings, both short-term and long-term, become simpler as managing finances becomes simpler.
Reasons for delaying marriage for financial reasons:
Different ideas of saving: Husband and wife can have different ideas of saving, and they can conflict at some point in time. Some people prefer saving others prefer spending this can create frustration among partner who is saving.
Pressure on household income: If only one partner is working or if suddenly one partner leaves the job, due to household or health issues, this will create too much pressure on one person for household expenses and other expenses.
Money goals might be delayed: Marriage brings with it unforeseen expenses. Your household expenses can increase, and your budget can also go haywire, this can hugely affect your money goals. Already acquired savings and fixed deposits might also be broken to take care of sudden expenses.
Child planning can increase expenses: A child brings in a lot of joy, but it also brings huge expenses. Future education, healthcare, etc. can put a huge dent on your pocket. The matters can turn worse if you are planning to go in for fertility treatment to beget a child. All this can put a huge strain on your purse.
So should you get married?
Deciding whether it is the best time is to get betrothed is tricky. You have to delicately look into individual as well as a joint financial picture. If you are unable to understand whether it is the right time to get married, then you should have an honest conversation about your finances with your partner and loved ones. If you think that you cannot afford to get married now, then you can choose to wait for some time while till your finances have improved.
Marriage is an extremely personal decision, and there is no right or wrong time to get married. If you, as well as your significant other, are unable to find common ground financially, then you can talk to a financial advisor like http://pointsbycard.com/. We will help you get a third-party perspective so that you can easily decide whether you want to get married sooner, or later.