Newly Weds in the Philippines: 5 Financial Tips to Build Wealth

Getting married is a great feeling. You have found your partner in life and you’re ready to embark on the next chapter of your lives together. But with this new responsibility comes some other important financial responsibilities as well.

You will need to establish a budget for the household and create a plan for how to make sure that it’s financially stable, not just now but also in the future when both spouses are retired. Here are five effective financial tips that newlyweds should know about.

Make specific financial goals

It takes more than one meeting to determine your shared financial objectives. It is preferable to check in with each other frequently to discuss your accomplishments and ensure that you are still on track.

Talking about the aspects of your existing plan that aren’t functioning during these conversations is also a great idea. When you try to put a financial plan into practice in your daily life, it’s conceivable that it feels far too limiting, even though it may have seemed fine on paper. You can address the issue and make any necessary changes sooner rather than letting this irritation grow and maybe cause issues later.

Consider these discussions as a chance to learn more about one another as people. Your ideal lives can evolve in your mind as time goes on. It is more probable that you and your partner can reach the financial objectives that you are striving for and that they are still something you both desire if you and your partner regularly discuss what you genuinely want out of life.

Update and protect crucial paperwork and records

The beginning of a new chapter and one of the major milestones in anyone’s life is getting married. But getting married and exchanging vows is more complicated than that. Before a couple is regarded as officially married, they must complete a lot of documentation.

In addition, a huge number of additional documents will need to be revised or amended to reflect your new marital status. If you are not ready in advance, all this marriage paperwork can be very confusing and take a lot of time.

Aside from making sure your legal statuses are altered to married, take care of vital paperwork like your marriage certificate and government forms like SSS, PhilHealth, Pag-Ibig, and BIR. Review and update account or plan details to include spouse as beneficiary for your life insurance policy or grant them the opportunity to redeem assets from your mutual fund account if one or both spouses had investment and insurance products before marriage.

Be ready for the uncertainties of life

Today, having an emergency fund and being financially secure should be top priorities. Couples may feel more secure if they save money for unforeseen emergencies like natural catastrophes, pandemics, job losses, or health issues. After your wedding, creating an emergency fund may seem like the least romantic thing to do, but it may safeguard your relationship and keep you together even in the event of a calamity.

Invest as Early as You Can

Setting financial objectives is wise for you and your spouse as a newlywed couple. These objectives will act as a guide for how much money you should earn, save, and invest.

A 25-year retirement, is it? Or is it having enough money so that your future children can attend college? Whatever it is, you and your partner should have similar investment objectives. The sooner you take action, the better. Knowing what you want to do moves you one step closer to achieving it.

In addition to wanting their own space and a secure environment for their family, newlyweds view owning a home as their main investment goal due to the growth of real estate prices. Many people also think that owning a home is preferable to renting since it gives them more financial control.

For wedding couples, purchasing a home is a big step, but getting a loan can ease the financial burden of such an investment. Depending on your demands, the majority of housing loans cover the price of the residential unit as well as any improvements or building. In order to select the best product for your needs and budget, compare plans.

Aside from investing in your own home and establishing a well-planned financial objective, consider investing in mutual funds in the Philippines. At Cocolife Asset Management, the 1,000 pesos you received as a portion of the pocket money from your wedding godparents can already open an account and little by little you can build a portfolio that lasts for a lifetime.

Consult with financial specialists for advice

While it may be tempting to use a financial strategy that applies to everyone, every financial circumstance is unique. The equivalent of going on a crash diet financially is trying to stick to a financial strategy that doesn’t genuinely fit with your goal for your life.

Making a sustainable plan that provides you the freedom to deprioritize things that don’t matter as much in favor of things that do is a better option. Finding the ideal balance between your conflicting financial goals is key to setting realistic goals.

Make Every Day Better for Your Marriage, Secure Your Future with Mutual Fund Investment in the Philippines!

Above all, keep in mind that your financial objectives are flexible. Goals and priorities might evolve through time. You frequently won’t know for sure whether you’ll enjoy anything until after you’ve really experienced it, just like ordering a new dish off a menu. And even with the best-laid intentions, life can still be somewhat unpredictable.

Be ready to adjust your financial objectives as you go along, getting rid of the ones that don’t fit with your life objectives and creating room for the new ones that appear.

Send us a message today to learn how you can get started with investing in mutual funds in the Philippines as a newly wed!