When it comes to planning a wedding, it’s common to want to splurge a little to make the details of this occasion exactly how you always dreamed of. Although it’s warranted, it’s important to keep in mind that you will want to have enough money to support your new life together after the wedding and not feel too strapped or restricted. Starting to manage your finances early on in your wedding planning and in your life will help you set standards for a successful future of wealth, contentment, and appreciation for what lies ahead.
Have Open Conversations About Money
You might be asking yourself, when is it a good time to chat about money with your significant other? If you’re worried that you might have different spending habits than your partner, it’s extremely important to start this conversation sooner rather than later on. Planning a wedding can feel overwhelming at times but with the proper preparation and conversations, you can experience a stress-free planning process and get the wedding you’ve always imagined.
It’s also likely that you and your partner have different careers and salaries. Once you are married, you will have to learn how to keep communication lines open when it comes to money, income, and salary changes as these will have impacts on many areas of your life.
Plan Out Your Wedding Expenses
During the early stages of preparing for your big day, you will want to have direction when it comes to your needs and wants for this special occasion. Not only can this conversation include fun ideas such as which cake flavor or flowers you want, but discussing your financial situation and restrictions is crucial. If you have not already, sit down with your partner and make a list of your desires for your wedding and differentiate what is critical in your mind and where you can be flexible. Again, honesty is truly the best policy and when your end result matches your goal, you will be able to start your lives together in a great place rather than deal with the stress of being in debt. There are many ways to save money and trim your expenses without sacrificing style, experience, and overall vibe.
Live According To Your Budget
Something that will be critical to your success as a couple interested in acquiring wealth while living the life you imagine is to follow a budget that works for you. Every couple has their own priorities when it comes to managing money and sticking to a budget. With the information and accessible mobile tools available, there is little reason to completely lose track of your money, especially during your wedding planning process. Consider downloading an app on your phone to help you stick to your wedding budget. This can track expenses in order to gain a clear understanding of where you spend most of your money and where you can cut back to save for the big day. This doesn’t need to be a temporary practice, rather— learning to budget can help you live the way you want and help you feel confident that you have the financial backing to support it.
Discuss Handling Beneficiaries
Maintaining the proper insurance coverage is especially important when making the step to get married and possibly start a family down the road. Selecting an adequate life insurance policy should not be overlooked as it has the ability to provide financial security and protect your spouse in the event of an unforeseen death. There are various options when it comes to securing a life insurance policy for your spouse. In most cases, a separate term life policy will cover your needs and allow you to name each other as beneficiaries. Although you may feel inclined to hold off on securing a plan till after the wedding, eliminating any financial stress during a difficult time is worthwhile to plan ahead and feel peace of mind knowing your spouse will be taken care of under any circumstances.
Outline Your Assets
Your personal assets can encompass anything from retirement and investments to real estate and property. If you’re early on in your financial journey, you might not have many assets under your name, which is completely normal. It’s helpful to know what your partner's financial situation looks like other than how much money is in their bank account. Remember, you’re building this life together and the more you know about one another, the easier and more fun it will be to grow your assets together.
The bottom line is that planning a wedding and preparing for a long marriage ahead requires time, energy, compromise, and commitment. While you navigate this process with your partner, keep in mind that the more you plan ahead financially the less room there will be for future stress and concern surrounding how you will be able to enjoy the rest of your lives.