by guest writer Jason Smith
Marriage is not just about the union of two souls. It is also about your mutual growth. A wedding is a lifetime commitment where the two of you commence on a new life journey. And this journey will not always be about a bed full of roses. There will be several obstacles, hindrances, and conflicts which both of you need to face and overcome together. One such important aspect of marriage is finance.
Yes, money talks are indeed necessary before you say “I do.” Therefore, it is significant that you discuss your finances with your would-be partner before your wedding. Of course, it is not a thrilling experience. But your financial decisions will indeed impact your wedding festivities as well as your future. Remember that the choices you make will have financial, legal as well as emotional implications. So, speaking your heart out is better to make certain things crystal clear.
Let’s take a look at the pre and post-wedding financial considerations that the two of you must discuss straightaway:
Pre-Wedding Financial Planning with a Partner:
· Discuss the basics of your wedding plan: Generally, the bride’s family pays for the wedding ceremonies. However, with modernization, new couples nowadays prefer to pay themselves jointly for the wedding. If you two are doing the same, then fix a budget and simply stick to it. And be realistic with your expectations.
· Enlist everything that both of you consider to be must-haves: Jot down everything that you and your partner consider to be non-negotiable. This will help you to formulate the wedding budget with efficiency and conviction. You will be able to prioritize your must-haves and then move on to other options later on.
· Select for an out-of-season date: We all know how expensive things can get during the peak seasons. If the two of you are actually willing to plan your finances smartly, we would suggest you select an out-of-season wedding date. This significantly brings down your expenses.
· Bring down the guest list: Would you prefer getting married among 300 guests whom you don’t know so well? Or would you like to get hitched with a few close people around and enjoy your special day to the fullest? It is advisable to cut the guest list short if you wish to save on your precious bucks for your future.
· Opt for pocket-friendly personalized wedding shower favors: You need not splurge on expensive party favors for your guests. Cut down on your expenditure by selecting budget-friendly, meaningful, and pretty-looking favors. One can try online stores such as Best Price Favors for such budget-friendly favors. Be creative and add a personal touch to the gifts, and your guests will be more than happy.
Post-Wedding Financial Planning with a Partner:
· Combine your assets and liabilities: Merge your finances, all the assets that the two of you have. Also, be clear about the liabilities so that you together can work towards your financial goals.
· Spend your cash gifts wisely: Make wise and smart choices while spending your cash gifts. Consider whether to use that money to clear your wedding debts or save them for some long-term financial goals. You can also use them to pay for the down payment of your new home or a new car or maybe to buy any insurance coverage.
· Immediately update your life and health insurance policies: Now that you two are married, updating your life and health insurance policies should be your priority. You are required to update the beneficiaries on your insurance policies, retirement accounts, etc.
· Prioritize necessities over luxury expenditure: A roof over the head, clothes to cover yourself up, and food to fill your stomach are the basic necessities of human life. So, first, start working towards your necessities. Make sure your consolidated earnings cover your basic expenses. Also, focus on the creation of an emergency fund in case things get haywire unexpectedly. Also, invest in insurance add-ons to improve the coverage and reap greater benefits.
Financial matters can indeed put a strain on your married life, and in order to avoid those uncalled-for conflicts and arguments, it is better to prepare from the very beginning. So, as soon as the two of you decide to get hitched, take time out, sit down and talk about finances. Be straightforward and honest with each other. Use these tips and suggestions, and we are sure your wedding festivities and married life will turn out to be pure bliss. Wishing you a lifetime of blissful togetherness ahead!