Preparing to get engaged? Congratulations!
After an engagement comes exciting preparations for the ceremony, picking the wedding party, tasting cake, and more.
But, another major part of preparing to get married is considering the financial aspects of the union. This includes the wedding cost and the expenses that come with the union between you and another person.
Before you pop the big question or walk down that aisle, here are a few money moves you need to make to ensure a smooth transition into married life!
Not sure how to get started with your personal financial plan? Be sure to sign up for PVS Financial Coaching & Services’ Financial Literacy 101 Workshop! Contact us to learn more!
Determine Your Current Financial Situation
Before you go out and purchase that fancy, ornate ring or start making plans for the extravagant wedding you have in mind, be sure to consider where you currently stand financially. The last thing you want to do is focus so much on one day that you aren’t prepared for life afterward! Sit down and map a detailed list of your income and expenses, so you’ll know exactly what you are working with. You can then use this information to figure out how much you can afford to pay for an engagement ring and expenses that will go towards the big day.
Determine Your Future Spouse’s Financial Situation
Now that you have a grasp on your financial situation, make sure that you also know your future spouse’s financial health. You never want to be blindsided by anything, especially if the situation is preventable. So have a conversation with your bride or groom-to-be and discuss finances and plans for the future. Are you both in a financial state that can afford to be married? Do you guys need to wait a bit longer to settle unresolved debts or unhealthy financial practices? You will be able to map out the best financial plan for both of you based on honest answers to these questions.
Pay Down Debt
Speaking of unresolved debts, make sure that you are paying down any debts you may have to enter your marriage without additional stressors. Work to pay down or off your student loan debt, car loans, mortgage payments, child support, alimony, or any additional debt you may have. You don’t have to have it all together, but the less debt you have going into the marriage, the easier it will be.
Create or Maintain Your Emergency Fund
If you don’t already, make sure to start an emergency fund. You never know what unexpected expenses may come your way before, during, or after the wedding. To ensure these events don’t blindside you, make sure to have a fund set aside so it won’t impact your living expenses or wedding fund. You can even create an emergency account with your future spouse for larger saving potential.
Have Regular Financial Discussions
Your financial present and future do not stop at one conversation before getting married. Make sure to have regular, consistent conversations with your fiance and eventual spouse to check in on one another and make sure you are both still on the same page. As time goes on, life brings about different changes that will impact both of you and your finances (a new baby, the loss or gain of employment, major health changes, and so on), so you don’t want to put off those important conversations.
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Final Thoughts
It’s no secret that marriage is a HUGE step in a person’s life! There are so many exciting things that come into play into a marriage that it’s easy to overlook some of the most important aspects, including financial security. If you keep our five tips above in mind, you’ll be sure to start your marriage off on the right financial foot!
