Hello there. I will be married on 8th February 2014 and there’s many aspect need to do. One thing that will effect our finance is wedding. It will cost us and we need to be realistic on wedding expenses.
Like in other aspects of life, budget is important thing when wedding. List the things that are necessary for the wedding. Discuss with your spouse to be on how much money you both can afford to spend. Get tips and advice from those who have been through it all on how to spend wisely for this important occasion.
Do not try to live up to the expectations of other people by going to the extent of borrowing from family members or friends or even worst, from bank or loan shark to pay for wedding expenses. In fact, you should have been saving for your wedding as part of your overall financial plan. There have been many cases of couples encountering problems due to the large debt incurred during their wedding. Very often financial problems lead to other difficulties.
As money is a sensitive topic, many couples not talk openly about it with one another. Ot os extremely important that you and your spouse see eye to eye on money matters :
1. Your financial plan has to move from being individual to a shared one involving your spouse.
2. Decide on how to handle routine bills, paying for the family and children, household budgeting as well as savings and investment.
3. To pay for common expenses, save money on a monthly basis in a joint account. Remember to review the list of the common expenses often at lest once a month, to see if these expenses are increasing due to inflation or your lifestyle as couple.
| Tips to save money on wedding ceremony |
4. If both of you decide to use credit cards to pay for some of the common expenses, it is important that the person who is going to use credit card have access to the money from the join account, so that there are no complication later in paying the credit card debt.
5. Just as in your individual financial plan, you need to set aside an emergency fund as a couple to take care of those unexpected expenses that can happen to you, your spouse and family. Decide on an amount as common savings.
6. Talk about each other’s investment style including your respective risk appetite and preferences. It is wise to have a common investment portfolio to meet future financial goals, such as retiring together and living a comfortable life.
7. You may need to increase your insurance coverage life insurance, critical illness insurance, medical insurance and personal accident insurance.
Source :- Money Sense – Getting Smart With Your Money by AKPK
How about that? Hopefully this will guide you and me to face with financial issues on wedding.