Stage 2: Newly married

At this stage being married, your responsibilities will increase. You may have to take a loan (home/auto). You desires will be more like - progressing in your career, caring for your parents and spouse, enhancing lifestyle etc. At this stage you might not have an adequate life insurance or health insurance for your family.

Insurance

Check your life insurance requirement. Have a life insurance with a simple term plan, not an endowment, money back or ULIP product. The premium may seem to be low but the cover you will get for this premium would be very high.

Contingency Fund

After getting insurance, you need to assess your contingency reserve and try to use it only in case of a financial emergency.

Asset Allocation

Consult a financial expert. Know you cash inflows, outflows, analyze your goals, prioritize them, calculate your risk appetite and tolerance and create a optimal financial plan for yourself.