Dreaming about ball gown dresses and cake flavours is part of what makes wedding planning so romantic. The other details are more practical. When financial planning meets wedding planning, it’s time to sit down with your fiance and think about the future. Consider these tips before ever spending a cent so you’ll both save money while maximizing your financial interests.
Wedding budgets depend on what you want for your ceremony and reception. Venues, caterers and photographers often come with the most costly bills, but you can also cut corners if you need to. The biggest challenge to making a great budget is ensuring that it’s sustainable.
You and your fiance might want to put every extra dollar towards your savings. It may work for a while, but you’ll eventually miss going out on dates or taking a vacation. Leave a little extra money left over every month for the fun things so you can enjoy every moment leading up to your wedding.
Many couples buy a home and move into it shortly after getting married. It’s an additional monthly or annual payment that could add hundreds or thousands of dollars to your budget.
Consider the new cost if you want to become newly married homeowners and put extra money in savings to make the transition easier. The insurance could save you from natural disasters like:
Most lenders also require it before you can receive a loan. You’ll have money set aside for any upfront payments if you work it into your financial planning.
Saving for your wedding may feel like you don’t have anything else to put away for retirement or emergencies. Part of your financial planning journey might involve meeting with a wealth manager. They’re financial experts who help clients earn passive income by buying stocks and investments based on current market trends. It could even make extra money to put towards your wedding.
Talking about a prenup may cause momentary tension, but it’s wise to cover all of your bases. You’ll protect your individual interests and assets by getting through the various details. Prenups are precautions, but they also serve as a strong foundation for your marriage. You’ll form goals while finalising the document and become stronger partners for it.
Life insurance should also enter your financial planning before your wedding. You should update any existing plan so your spouse receives adequate support if the unthinkable happens. It will also provide for your kids if you or your partner have kids from previous relationships.
You may need to wait on life insurance until after the ceremony. If you want to take your partner’s last name, you’ll have to go through the legal formalities before getting new insurance policies. It would also give you time to finalize any new major purchases that would affect your policy choices, like a house or car.
Many couples are surprised when financial planning meets wedding planning, but now you’re prepared for what’s ahead. Remember these tips when forming your budget and thinking about your future. Considering details like passive income and a prenup could change your future and get your marriage off to a better start.