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Financial planning for a young couple

January 29, 2009
Text: Anil Rego

Abhishek Gupta, 29, business development manager at a financial firm in Bengaluru, walked into my office along with his wife Nikita, 26, a media analyst, to discuss their financial position especially since they were considering purchase of a flat. He briefed me about their cash flow as shown in the adjacent table.

There is no doubt that planning is a key to successful achievement of one's financial goals. A working couple -- like Abhishek and Nikita -- has an advantage that makes 1 + 1 more than 2. This is because they share a lot of common expenses (like rent, groceries, etc).

However, if you are a double-income-no-kid couple like Abhishek and Nikita, it should not make you complacent into spending away your savings. On the contrary, a working couple needs to look at means of keeping luxury spends under control, especially in the current challenging times and more so if you have made a decision to purchase a house of your own at this critical juncture.

Now that you all know this couple's income and expenses are almost equal let's see how we can help Abhishek and Nikita. While planning for a couple, it is always prudent to look at their combined financial position.

A CFA-PGDBA, Anil Rego is the founder & CEO of Right Horizons, an end-to-end investment advisory and wealth management firm.

Photograph & illustrations: Rediff Archives

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