What Changes Should You Make in Your Investments After Getting Married?

Marriage is a life-changing milestone, and along with the emotional aspects, it brings significant financial adjustments. One of the key areas that require attention is your investment strategy. Whether you’re newly married or planning your finances as a couple, aligning your investments with your new life goals is crucial for building a bright financial future together.

Here’s a guide to the changes you might need to make in your investments after getting married, so you can set the foundation for a prosperous journey ahead.

1. Reassess Your Financial Goals

Marriage often means combining individual goals and setting new ones together. This includes planning for shared milestones like buying a house, starting a family, or even traveling the world.

Steps to Take:

• Discuss your short-term, medium-term, and long-term financial aspirations as a couple.
• Prioritize goals like creating an emergency fund, saving for children’s education, or building a retirement corpus.

Why It Matters:

Shared goals help streamline your investments and ensure both partners are working toward the same objectives.

2. Adjust Your Risk Tolerance

Marriage often leads to changes in risk appetite, as your financial responsibilities may increase. While one partner may prefer aggressive investments, the other might favor stability.

Steps to Take:

• Combine your individual risk profiles to arrive at a balanced strategy.
• Consider investing in hybrid schemes, which offer a mix of equity and debt, to cater to varying risk appetites.

Why It Matters:

Balancing risk ensures that your investments are stable yet capable of growth, meeting the expectations of both partners.

3. Revisit Your Budget

Marriage impacts your monthly budget, as you’ll now account for shared expenses like rent, utilities, groceries, and entertainment.

Steps to Take:

• Re-evaluate how much you can allocate toward investments after covering your joint expenses.
• Use budgeting tools or apps to track income, expenses, and surplus funds.

Why It Matters:

A clear budget ensures you’re not compromising on either your lifestyle or your investment contributions.

4. Start Joint Investments

Consider starting joint investment accounts or pooling funds to achieve common financial goals.

Investment Options:

• Equity Mutual Fund Schemes: For long-term wealth creation.
• Debt Mutual Fund Schemes: For stability and short-term goals.
• Hybrid Mutual Fund Schemes: A balanced approach to growth with lower risk.

Why It Matters:

Joint investments allow you to grow your wealth collaboratively while fostering financial transparency.

5. Build or Expand Your Emergency Fund

If you already have an emergency fund, it might need to grow to cover the expenses of two people instead of one.

Steps to Take:

Save at least 3–6 months’ worth of joint living expenses in liquid mutual funds

Factor in additional responsibilities like dependents or joint loans.

Why It Matters:

An expanded emergency fund ensures financial stability for both partners during unexpected events.

6. Re-evaluate Your Insurance Coverage

Marriage often calls for an overhaul of insurance plans to include your spouse or increase coverage amounts.

Steps to Take:

• Life Insurance: Opt for a term plan that provides sufficient coverage for your spouse in case of unforeseen events.
• Health Insurance: Upgrade to a family floater plan for cost-effective and comprehensive health coverage.

Why It Matters:

Adequate insurance protects your financial goals from being derailed by unexpected medical or life events.

7. Align Tax-Saving Investments

With marriage, your tax planning may need to evolve to ensure maximum savings for the household.

Steps to Take:

Explore tax-saving mutual funds like Equity-Linked Savings Schemes (ELSS) under Section 80C in case of old tax regime.

Evaluate the tax implications of joint investments and optimize deductions.

Why It Matters:

Efficient tax planning frees up more funds for investments and shared goals.

8. Plan for Long-Term Goals Like Retirement

Marriage often requires recalibrating your retirement plans to account for dual incomes and shared expenses.

Steps to Take:

• Increase your contributions to retirement-focused investments like equity mutual funds schemes
• Consider opening a joint retirement account or individual accounts with aligned strategies.

Why It Matters:

Starting or enhancing your retirement planning early ensures a comfortable future for both partners.

9. Discuss Existing Investments

Both partners may have pre-marriage investments that need alignment with the new financial plan.

Steps to Take:

• Consolidate overlapping investments to simplify your portfolio.
• Retain individual investments that align with shared goals, while restructuring those that don’t.

Why It Matters:

A unified approach prevents duplication and ensures all investments are working toward common objectives.

10. Seek Professional Advice

Navigating financial changes post-marriage can be complex. Seeking help from a financial advisor can provide clarity and ensure your investment strategy is well-structured.

What to Expect:

• A comprehensive review of your combined finances.
• Customized investment and savings plans based on your goals and risk profiles.

Why It Matters:

Professional guidance ensures your investment decisions are informed and optimized for long-term success.

Conclusion

Marriage is a partnership that extends to financial planning as well. By reassessing your goals, balancing risk, and making strategic adjustments to your investments, you can build a solid financial foundation for your future together. Whether it’s aligning your portfolios, starting joint investments, or enhancing your emergency fund, these changes ensure that you and your spouse are on the same financial page.

Mutual funds, with their flexibility and goal-oriented options, can play a pivotal role in this journey. Start planning today for your financial future as a couple.