Marriage not only introduces several lifestyle and attitudinal changes, but there are also significant changes to your finances. Before you assent to any marriage proposal, you must assess the mindset of your prospective partner regarding finances. It is important to check if the money styles of partners meet to ensure that marital bliss is not marred by fear of financial insecurity.
A reader wrote to Business Today flagging his concerns about his expenses after marriage.
He says he is a 30-year-old male considering marriage, I have come across potential partners who aspire to be homemakers and pursue their interests. While I respect their choices, I am concerned about the financial implications of supporting a family in a Tier 1 city on a single income.
Below is a comparison of estimated expenses before and after marriage, assuming a monthly income of Rs 2 lakhs and parents living independently:
| Category | Before Marriage | After Marriage |
| Salary | Rs 200,000 | Same |
| Spouse | - | Rs 30,000 |
| Parents | Rs 20,000.00 | Rs 20,000.00 |
| Rent | Rs 10,000.00 | Rs 25,000.00 |
| Food | Rs 4000 | Rs 6000 |
| Travel | Rs 3000 | Rs 6000 |
| Utilities | Rs 1800 | Rs 3000 |
| Vacation | Rs 8,333 | Rs 20,833 |
| Clothes/Apparel | Rs 1600 | Rs 5000 |
| Miscellaneous | Rs 5000 | Rs 8000 |
| Maid Services | NA | Rs 4000 |
| General Purchases | Rs 2000 | Rs 5000 |
| Vehicle Maintenance | NA for now | Rs 5000 |
| Total Expenses: | Rs 60,733 | Rs 146,333.33 |
| Savings | Rs 120,000 | Rs 40,000 |
I hope this breakdown helps in assessing the financial implications of getting married and maintaining a middle-class lifestyle in a Tier 1 city. I am interested in exploring the financial implications of transitioning from a single-income to a dual-income household. The preliminary estimates I have conducted are giving rise to some apprehension.
Business Today spoke to three financial experts on managing expenses in this particular situation. Here are the responses:
Proper planning, proper savings
CA Ruchika Bhagat, MD, Neeraj Bhagat & Co.
1. Home Ownership Vs Renting
Down payment Strategy: Instead of paying rent, save a portion of your savings (say around INR 20 – 25 lakhs) for a house and use it in the form of a down payment to buy a property instead. If a 20% down payment is made towards a property worth one crore then a long-term rental could be helped through this property making it an asset.
EMI Calculation: A home loan of around Rs 80 lakhs to be paid in 20 years at 8.5% interest has around a sixty-nine thousand rupee per month repayment that EMIs are going to be which solves the rent issue. Confirm that this is a comfortable fit for you in terms of your budget.
Benefits: Annual tax relief up to INR 2 lakhs/year is available for deductions under section 80C (mortgage amount) and 24 (interest amount).
Saves time by providing long-term equity and protects from inflation.
2. Investment Planning
Maximize the returns on remaining savings that have been set aside to fit with the newly undergone changes in expenses:
Gold Bonds
Why: Gold Sovereign Bonds (SGBs) have an annual interest of around 2.5% plus the prospect of growth that bonds provide, so it makes sense to buy bonds to own SGBs.
How: Focus on buying around 5-10% of your savings investments as a safeguard against inflation and helping to make wealth in the long run. The additional advantage is that the amount received on Maturity is fully exempt from tax.
Monthly Income Schemes (MIS)
Explanation: Investing in Post Office MIS or Corporate Debt Mutual Funds are good avenues for focus such as these provide initiatives for investments in areas that are steady in their returns.
Post Office MIS: Invest jointly up to Rs 9 lakhs and earn interest of ≈ 7%.
Savings in different goals
Raj Khosla, Founder and MD, MyMoneyMantra.com
● You can proportionately divide the post-marriage savings into different kitties as you please, one could be a retirement fund, one emergency fund, a fund dedicated for higher education of children, a fund for buying a house and a fund for buying a bigger car. ● You can always pick and choose between what to start immediately after marriage. On the flipside, you can choose to start a fund which can bear the expenses of a foreign vacation. ● Expenses are personal and a category on which you spend might be different for others. With an addition of a partner on the same income, you will have to plan and make a fixed budget for your expenses. ● An emergency fund can be handy while dealing with unanticipated expenses, it could be due to medical emergencies that are not secured under a health insurance, or the likelihood of job losses, abrupt increases in house rent due to relocation to a costlier city, home repairs, etc. ● As you’ll be the sole bread earner in your family of four, you’ve to keep a thorough check on overspending that can materially compromise your personal finances. ● You should keep a tab on leakages such as some OTT subscriptions no longer needed, habit of impulse buying, purchasing costlier gadgets/products which are used once or twice in a year, etc. ● You should avoid high-cost debt such as carrying forward credit card bills by obliging the minimum dues every month. The unpaid bills of multiple credit cards can soar so much so that you will end up taking a personal loan to consolidate debt.
Investment in MFs, SIPs, insurance
Shruti Aggarwal, Co-Founder, Stashfin Marriage can lead to a significant financial impact, especially for single-income households in Tier 1 cities, where the cost of living is already high. As illustrated in the case, monthly expenses can more than double, reducing savings drastically from Rs 1.2 lakh to Rs 40,000 owing to different factors. This financial strain can limit flexibility, hinder wealth accumulation, and delay long-term goals like buying a home or planning for retirement. To mitigate this impact, individuals must adopt a proactive and strategic approach to financial planning. Upskilling in an era where AI and automation are reshaping industries can lead to higher earning potential, offsetting rising costs. While courses and degrees might be expensive, they represent an investment in future growth.
Additionally, leveraging financial instruments like mutual funds, SIPs, and insurance can help grow wealth and protect against uncertainties.
Building an emergency fund covering 6-12 months of expenses is essential for stability, while matching salary growth with inflation ensures that income keeps pace with expenses. Responsible borrowing with low-interest loans can provide short-term liquidity while maintaining a focus on sustainable financial health.”