Marriage is one of the best things that could happen to you if you play your cards right — and by that I mean, make all the right decisions before you get into it. From choosing a suitable / compatible partner, to being both mentally and financially prepared for the new journey you’re about to take on. The people who fail to put all of the aforementioned in place (particularly the financial part of the preparations) are often the ones who are hard- hit when financial challenges begin to crop up after the wedding formalities.
Preparing for marriage doesn’t end at finding the right partner or shopping for wedding clothes; it also involves the right financial plans and projections, so you don’t have to start your married life struggling to find your feet. If applied, the following 3 financial moves can help you and your partner enjoy a financially stable life after your wedding…
1. CANCEL OUT ALL OUTSTANDING DEBTS
Going into a marital union with a large chunk of debt hanging around your neck can pose serious financial difficulty for you and your family after your wedding — by creating limitations on your spending power. This may seem like it’s no big deal, but you have to bear in mind that marriage is a whole different ball game from the single life because then, you have to take care of one more person, at least. How do you intend to cater to your family’s needs, and settle your outstanding debts from the little income you earn monthly? It definitely wouldn’t be an easy feat for anyone to accomplish, and your family may suffer for it. So before you get married, try as much as you can to take care of every debt you owe, and that way, when you get married, your entire income would be channeled towards your family’s needs and building a better future for yourself and them.
2. RETHINK YOUR WEDDING COSTS
I know you want to have a ‘talk of the town’ wedding, with all the popular magazines featuring it in their issues, but you must remember that there’s more to marriage than a single day of celebration and merriment. The wedding will come and go, but your marriage will last beyond just one day. How you go about making your wedding plans can have a devastating effect on your marriage. You do not want to spend far more than you can afford, or most of the money in your accounts just because you want to impress people. Let the costs associated with your big day be something you can afford without having to borrow afterwards. Even if you have too much money, do not spend ridiculously on your wedding. Make plans and estimates with an eye on the future. None of the people you’re trying to impress is going to be there to offer you financial support when challenges begin to arise.
3. DISCUSS YOUR FINANCIAL GOALS
The reason most unions suffer is because couples fail to sit down, and make proper financial projections for themselves. Before you get married, you and your partner should sit together, and with a pen and a pad, make a list of financial goals for your marriage. Where do you see yourselves in the next couple of years? What do you hope to achieve? Write them down, and tailor your budget to follow those goals. This way, you know how to spend your income each month, and how much to save for your goals. In the absence of a concrete plan like this, you wouldn’t be able to manage your income and needs smoothly.
Like I said, marriage is a wonderful thing to experience, just make sure you’re prepared well enough before dabbling into it. Good luck, guys.