Newly Married? Note Important Things That Must Enter Family Planning

Illustration of output (Ist)

JAKARTA Many new couples spend time planning a reception, honeymoon, and buying the first house. However, one important aspect often escapes attention, namely financial literacy.

In fact, most family dreams ranging from housing, vehicles, to business capital, generally require large capital, which if there are limitations, young couples will need access to financing from financial institutions.

Based on the Smart Pocket Book Managing Finance released by the Financial Services Authority (OJK), the priority scale of needs and desires in a partner can be distinguished, among others;

1. Setting the main needs of the family through a mutual agreement It is necessary to ensure they have the same views on the basic needs of the family, ranging from living expenses, emergency funds, to long-term plans. This agreement should be reviewed regularly in order to always comply with changing conditions and priorities.

2. Planning for financing for Aspirational big dreams such as wedding receptions, honeymoons, buying first assets, or starting a business needs to be mapped realisticly. For asset purchases, understand the needs of down payment, loan ceilings, and the ability to pay in installments.

If you want to start a business, calculate capital needs, potential funding, and the most likely initial strategy to be implemented.

3. Choosing the right financing facilities After the clear goal, couples need to determine the most appropriate financing facilities, both consumptive and productive credit. Understanding interest rates, tenors, additional costs, and long-term payability are the keys so that financing runs healthy and financial goals are still achieved.

Even so, all of this planning will not be optimal if the basic understanding of credit literacy is still low. In the context of this long-term planning, one of the issues that most often escape the attention of young couples is credit literacy.

Credit Literacy In The Family Is Still Low There are still many young couples who do not understand the role of credit scores and how to build them early, even though most of the family's dream achievements depend on access to financing. This lack of understanding often causes less measurable financial decisions, such as non-optimal debt management, thus hampering the achievement of long-term plans.

Supporting the education conveyed in the Smart Pocket Book Managing Finance by the OJK, the Score of Ku summarizes 5 simple steps but has a big impact on young couples to build stronger financial foundations:

1. Start building an individual credit score from an early age, not only when you need a loan, but from an early age. After getting married, financial institutions usually assess the financial reputation of both parties if they want to apply for a loan for funding needs.

2. Use a financial account on behalf of each and keep open communication with your partner so that there is no misunderstanding regarding financial conditions.

3. Prosecutional joint obligations, and avoid piling up loans on just one party to maintain the family's financial health.

4. Fulfill every timely payment obligation, no matter how small the nominal, in order to maintain a positive credit track record.

5. Monitor credit scores regularly through Skorku to ensure transparency, prevent risks, and maintain long-term financial calm.

A mature family plan is not only about how many children they want to have, but also how each couple builds mutual financial trust. In today's time, the lending agency not only assesses our own credit score to assess our risk profile, but the couple's credit score is also assessed if we are married. Understanding and maintaining credit scores is an important part of building family financial stability and reputation as early as possible because credit scores are formed from one of the historys of financial management, namely debt management that is poured into credit reports. By understanding self-credit reports and partners, we will know the character of debt management. Even, if possible, Before Yes, I Do', SkorKu used to be because we can be open to each other's lifestyle in managing our own debt with our prospective partner. Whether individuals like consumptive debt, are consistent and responsible for their respective finances. With this openness when establishing a relationship, credit reports can be one of the points of assessing the character of a partner," said Nora Ateria, Head of Consumer Business CBI.