<p>• <b>Organize Documents:</b> Collect all your important financial documents and put them in a location that can be easily accessed by both partners.</p>
<p>• <b>Keep a track of expenditure:</b> Make a list of all the expenses. Once you are done, try to re-route some of the money to your savings accounts which, is an important stepping stone for a financially secure future.</p>
<p>• <b>Plan and Save:</b> In order to avoid extra expenses make sure you plan all possible future spends. Start a separate savings account to cover expenses such as clothes, Diwali/holidays and insurance.</p>
<p>• <b>Have an emergency fund ready:</b> Emergencies cannot be predicted and in order to be prepared for the inevitable you should have at least two to three months worth of living expenses in a savings or money market account.</p>
<p>• <b>Don’t get into the Debt cycle;</b> Avoid Credit Cards:If you must use a credit card, try to control your spending and try to first pay off your debts (eg: Car, Credit card, student loan etc.). Ensure that you pay off more than the monthly minimum and clear your debts earlier. The ideal scenario would be to clear debts and save a certain amount at the same time. By clearing your debts you can easily avoid additional costs such as the interest on the amount.</p>
<p>• <b>Set goals and targets:</b> Have a vision regarding what you want to do with your money. Do you want to pay off any particular debts or loans? Buy your own house? Save for a new car or higher education? Make a list of your goals and how you plan to go ahead and achieve them. Once you do that you can set a budget in place and turn your dreams into reality.</p>
<p>• <b>Review your insurance coverage:</b> Ensure that you review all your insurance policies yearly and make it a point to have adequate health, life, disability, homeowners, auto and personal liabilities covers for you and your partner. To learn more about insurance go to the National Association of Insurance commissioners</p>
<p>Source:http://www.kotaksecurities.com/home/index.html</p>