The question was asked, the answer was yes. You are getting married! While there is much to celebrate, there are also a variety of financial implications you need to consider. Planning for a wedding can be a stressful time, but it’s important to consider the cost of the wedding as well as create a smart financial plan once you begin your new life.
Saving for the wedding
Decide how much you want to spend on your wedding and start saving. Be reasonable in your estimate and also think about the other financial needs in your near future.
Understand your Current Financial Position
Begin by calculating or defining your:
- Combined net worth
- Bank accounts
- Investments
- Real estate
- Retirement Accounts
- Annual income
- Life insurance
Next, determine your combined debt, including:
- Student loans
- Car loans
- Credit cards
- Mortgages
- Add up monthly expenses
Determine your long- term and short-term financial goals
Have an open discussion about your short- and long-term financial goals and needs. Consider things like:
- Create a budget and decide who will be responsible for paying which bills
- Starting an emergency fund with three to six months of living expenses
- Discuss how to best use your incomes to meet your goals:
- Joint accounts
- Separate accounts
- Both
- Start or continue saving for retirement; increase your contributions if you can
Review and update documents
- Secure new or additional life insurance coverage
- Update or create your will
- Update beneficiary designations on life insurance and retirement accounts
- Meet with a financial advisor to begin a joint financial plan
- Update paperwork such as:
- Driver’s license
- Social Security card
- Passport
- Bank accounts
- Credit cards