Along with planning your wedding day, don’t forget about planning for your marriage. Before getting married, it’s important to start thinking about what your financial lives will look like after you say “I do.” If there’s a ring in your future or already on your finger, here are some great resources to get you started as you plan your special day and the rest of your life together.
Planning a Wedding
Weddings can be expensive and it’s very easy to stray off budget. Here are a few tips to help you control wedding costs while still planning the wedding of your dreams. The Knot also has some great resources and checklists to help guide you as you plan.
Start by figuring out what is the most important thing to you on your wedding day. Is it to have fresh flowers? That perfectly beaded lace gown? A top-rated photographer? Pick one thing that you want to spend a little extra on and compromise on the rest.
It’s important to come up with a budget with your fiancé (and anyone helping with expenses) and stick with it. Having everyone on the same page of the costs involved will help make decisions a lot easier as you plan. It’s easy to add expenses here and there but those little expenses add up fast. Don’t get lost in the details but focus on how you want your guests to feel. Think simply and you will reduce a lot of cost and stress on yourself. Your wedding day will be perfect in every way, even without those pricey monogrammed napkins!
There are a lot of ways you can save money on your big day. Friday weddings have become a popular option, sometimes cutting costs in half or more! Dress shopping? Ask about buying a dress off the rack and you’d be surprised at how much the price tag goes down. Even something as simple as asking your Aunt Mary to cut the cake for you can save you a good chunk of change, as some caterers charge extra for that. Make sure you shop around for deals and don’t forget about thrifting! There are always some great finds at second hand stores or garage sales for amazing decor. Mason jars, wine glasses, picture frames…the options are endless.
Combining Your Finances
It’s important to evaluate your overall financial picture as a couple so you can be in a good place before you get married. Alleviate any disagreements or issues before being married by having an open conversation with your future spouse. Your lifetime commitment to each other and your shared finances will determine so much about your future including where you live, when you start a family, and your overall quality of life.
As you prepare to merge your lives and finances, here are some other questions to address together:
- What does your budget look like?
- Are you both saving enough for retirement?
- Do you have life insurance to care for your loved one in case the unexpected happens?
- How will your bills – including everything from utility payments to cellphone payments – change?
- Whose insurance company will you use?
- What financial institution will you use?
- Do you need to add your significant other as a beneficiary on your accounts?
Dupaco offers couples free Money Makeovers that will examine your total financial picture, help you tidy up your finances, and see if there’s a way you can save money in other areas of your life to help pay for your wedding expenses.