Read below for a few tips to controlling your finances when getting married without letting your emotions get the best of you.There are several things you can do in order to protect your assets and financial stability for you and your loved ones while controlling your finances when getting married.
Wedding Bells: Here are three main financial aspects to keep in mind for controlling your finances when getting married.
Talk About It: The first step for controlling your finances when getting married is to talk about your financial history with your partner and there are several reasons to do this. Most importantly though, you need to know each other’s financial history and current situation in order to create a financial plan and a new life together. If one or both of you have bad credit, you don’t necessarily need to look at it as a problem that needs a solution, rather an opportunity to communicate and create a productive financial plan to start new as a couple…for better or worse, right? This can not only build your financial intimacy but the honesty and communication can strengthen your relationship as a whole. If one of you does have bad credit then you could hold off on combining all of your accounts in order to keep the credit that you hold as a couple at the highest rate possible while you work on their credit. Consider meeting with a financial adviser, even if you don’t have a large savings…or any, a financial adviser can help you construct a doable plan to get you going in the right direction and teach you the basics of finance, like how much you need to always have in savings, when to invest, how to plan for bad times, etc.
Don’t Start Your Life Together in Debt! A wedding that shoots you as a couple into debt is a terrible way to start your life together. Think long term, while you may not have many bills and responsibilities together now, that can change a lot faster than you think. Marriage brings not only the wedding itself but usually the goal of buying your first home, buying vehicles, having children, and all of the bills in between.
So learn how to keep your emotions from controlling your finances when getting married! The strain of an extravagant wedding debt can put a big strain on the relationship, as any type of financial issues can. Look for ways to save hundreds of thousands of dollars when planning your wedding. Plan your wedding on a beach, a historical site, or a beautiful park. Consider renting the tux and bridal gown and definitely do your research, check wedding blogs for amazing tips that can save you money but allow you to still present your wedding and reception in a high class fashion…it’s possible! Consider getting a wedding planner who specializes in budget weddings. Check out Melissa Leong’s article on where to save during wedding planning.
3. Maintain Some Financial Identity: How to Keep Your Emotions from Controlling Your Finances When Getting Married! Don’t be in a rush to become one…financially. For the sake of your credit, you should continue to hold your own bank account with a checking and savings and one credit card that is in your name only. Do this even if it is in addition to your joint account with your partner. As a couple it benefits both of you to have good credit and maintaining something in your name will boost your credit score.
Another aspect for controlling your finances when getting married and a way to connect during this romantic time is to set specific financial goals for the both of you as a married couple. Doing things together is what creates a really strong bond. First step…controlling your finances while getting married!