609 total views, 4 views today
Managing finances during your wedding is no easy job. Even those with a thick skin and financial knowledge tend to fail at their own pset principles during their wedding planning. That is precisely because this is an emotionally charged event and to make matters worse, it involves more than two people- the bride and her family plus the groom and his family. Leave alone their influential friends.
When it comes to organizing weddings and introductions, money matters are among the causes of conflicts, stress, and overwhelms. Money, is the most important variable, a key point that you must consider before taking up any decisions-whether decor, venue, or gown; anything that will require cash input should be thought through.
Discuss financial priorities.
One of the most important things in a relationship is that you and your partner have similar values and beliefs. Talking about money is quite stressing but it’s better you discuss your financial priorities with your partner sooner than later. It might not involve spilling how much you earn but there’s no evil in it either. Talk about your savings and investments, how much of your income you are willing to spend on luxuries versus necessities.
What are your financial goals?
Lucking a financial goal will have one overspend or be extravagant because you have no goal, and therefore, no discipline. Talk to your partner about your future goals and how important they’re to you. This will help you reduce on the tension if you make sure your goals don’t contradict, whether you’d rather rent or own your home! And even if your goals are different, you need to aggregate them and find common ground. Then together come up with a list of priorities indicating what goal should come first and what should follow thereafter.
Decide on how much to spend on a wedding.
Weddings can be stressful at the best of times because you have to plan for so many people and manage so many moving parts. Before you start planning a wedding, talk about how important the event is to you, set the maximum budget for it. Talk about the cost of your wedding ahead of time to reduce bad feelings brought on by differing expectations of how much a wedding should cost.
Consider a prenuptial agreement.
A prenuptial agreement is a document that defines how to split your assets if your marriage eventually fails. This seems like you’re preparing for a marriage to fail but in reality, marriages end- it’s not for everyone but it doesn’t mean you shouldn’t consider it. The more assets you own coming into the marriage, the more a prenuptial agreement may make sense for you.
Open a joint bank account.
If you’re about to get married, that means you’re about to combine your finances with your partner. Getting a joint bank account makes sense, it’s much easier to share joint expenses such as housing and groceries. Having a joint does not mean that you will require your partner’s permission to spend some money every time you want to buy your mother a gift or take your boys [or girls] out. Instead, you can put the salary into the joint account and leave the allowances to yourself. This gives each person the freedom to spend some of their money on their own terms. It also makes it easy to buy gifts without your partner finding out what gift it is ahead of time.
Set up an emergency fund and pay off debt.
Weathering financial storms together is key. It shows how much you’re both committed to each other, it doesn’t matter who is facing it, you stand with one another. Set aside some money each month to build up some savings, try to have between three and six months worth of expenses in an emerging account. It will help you fight bad situations such as unemployment! Helps avoid financial stress in the future.
Budget and track your expenses
Budgeting is important to make sure you know how much money you make and where all of your money goes. A budget helps you not to overspend without noticing it, leaving you with nothing left over at the end of the month. During wedding planning, some people tend to use up all their money for their wedding leaving them in financial troubles [that could end their marriage] after their wedding. To avoid this, make a budget of all your wedding expenses and put some money aside to start off your family after the wedding. After all, real life starts after your wedding.