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When you are getting married or having children, financial planning is essential to ensure financial stability in the family. Important events such as marriage or childbirth are major changes in life and will have a profound impact on personal and family finances. To prepare well for these changes, it is important to budget and prepare for necessary expenses.
Family financial planning is the first step to ensuring a stable financial life. Before getting married, you and your partner need to discuss and understand each other’s financial situation, from debts, income, to monthly expenses. This helps both of you make reasonable decisions about managing your common finances. If necessary, you can seek advice from financial experts to build a reasonable financial plan for your family.
In Vietnam, after getting married, you will not file a joint tax return with your spouse as in some other countries. Each individual must file their own personal income tax return. However, spouses can claim family or dependent deductions for family members, including spouses and children. This policy helps reduce the tax burden on the family, especially when there are young children. Therefore, consult a tax expert for more details and to optimize these deductions.
Having a baby is an important milestone in family life, not only bringing joy but also a big financial change. Welcoming a new member requires a specific financial plan, especially for the costs incurred during pregnancy and childbirth:
Hospital and childbirth costs: The cost of giving birth at a hospital can range from a few million to tens of millions of VND, depending on the hospital and the method of delivery. In addition, you need to prepare for other expenses such as private rooms, additional medical services, and tips for doctors and nurses.
Prenatal check-ups and health care: During pregnancy, you will need to attend regular prenatal check-ups, tests, and ultrasounds to monitor the health of mother and baby. Each check-up can cost from several hundred thousand to several million VND, depending on the examination location and accompanying services.
Vaccination costs: After birth, the baby will need to be fully vaccinated according to the schedule of the Ministry of Health. Vaccination costs can range from several million VND for each injection.
Newborn care and feeding costs: In addition to medical costs, you need to prepare financially for the costs of raising the baby such as diapers, milk, clothes, necessary items for newborns, and other childcare costs.
Family finances can be managed through a joint or separate bank account, depending on the agreement of the members. Opening a joint account makes it easier for you to share expenses and manage money. However, if you want to maintain a separate account, you can also specify the amount of money contributed to the joint account each month to pay for common expenses such as rent, electricity, water, etc.
Using credit cards is an important part of building and maintaining personal credit history. Each family member uses a separate credit card to maintain personal credit history. This is very important in case you need to borrow money to buy a house, car, or other large loans in the future.
If you or your spouse has debt, paying it off in a reasonable and quick manner will help reduce the financial burden on your family. You and your spouse need to have a clear plan to pay off debt as soon as possible, especially high-interest credit debts. When you pay off debt on time, you will save on interest costs and create a more solid financial foundation for your family.
Retirement is an important issue that needs to be prepared for early. Whether in Vietnam or any other country, saving for retirement is essential to ensure a comfortable life in the years to come. You should plan to save for your retirement fund from a young age, ensuring that each family member contributes an amount to this fund.
Preparing your family financially is an important step to help you and your partner build a financially stable life and reduce stress when facing major life changes. Create a financial plan, manage debt, and invest in health insurance to protect your family’s future. Careful preparation now will help you achieve stability and peace of mind in life.
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