Youth don’t master art of saving
Many young couples intend to make the initial years of conjugal life as much fun as possible
While taking that final plunge and saying ‘I do’ in front of your near and dear ones, most young couples spend a huge amount of time and money planning for D-day and the honeymoon thereafter. Right from apparel for various functions, accessories, the wedding trousseau and special gifts to fixing up exotic locations — these youngsters look for the best, irrespective of prices.
In fact, why just the wedding! Does one actually cease to spend in the initial years post the wedding? As life presents itself as a joyride over this phase couples get used to the idea of spending every moment in each other’s company. So, there are frequent eating outs, movies, shopping sprees, holidays, anniversary and birthday celebrations. The point is: are young couples interested in saving for the future?
“I have been married for a year. My husband and I love eating out, shopping, partying and watching movies. As a result we have things lined up every weekend and sometimes even on weekdays,” says Ishita Dua, an IT employee. Ishita married her boyfriend after six years of courtship. They intend to make the initial years of conjugal life as much fun as possible.
“I think it is too early to think about savings and investment as of now. After all, who knows what turn life takes. I live for the moment,” adds Ankit Dua, a banker and Ishita’s husband. This is not a one-off case. There are many couples, who ascribe to such lifestyles. At the same time they have so many needs to fulfill like buying house, car, setting aside money for the future child and so on.
As a young couple, finances and learning how to budget your income can be tough and even confusing. However, the art of saving money is no rocket science.
“I think we take a balanced approach. On one side we feel that whatever we earn should be spent for our comfort and leisure. Simultaneously we are also conscious enough to understand the needs of the uncertain and unpredictable future, so we try to invest as well as save a portion of our earnings,” says Abhinav Suri, a chartered accountant. Abhinav Suri is married to Shiphony Pavithran Suri, a media professional. The couple who has been married a little over a year spend as well as make investments to save for rainy days.
“We see an encouraging trend in more young couples investing in mutual funds. Obviously they are investing in order to create long term wealth and taxation benefits. Also most of them invest in systematic investment plans to achieve their long term goals like retirement, children, marriage,” says Himanshu Vyapak, Deputy CEO, Reliance Capital Asset Management.
As the old saying goes, make hay while the sun shines.
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