My best friend’s wedding is around the corner and with every passing day, his budgeting goes excessive! As the big day draws closer, he gets increasingly confused – he’s neither boggled by the fact that the secret of a happy marriage remains a secret, nor is he perturbed that he is serving a life sentence with just two words ‘I do’! He’s most concerned about the wedding budget which is going berserk. Wedding expenses can add up quickly and you find yourself going overboard without realising it – hence it’s important to be conscientious.
Planning your wedding starts with considering who’s going to contribute financially. Are your parents paying for part of the wedding? Couples, increasingly and rightfully, are funding their own weddings rather than depending on their families. Get the details down to avoid over spending. A marriage founded on shambolic finance is as unstable as any business enterprise, and for young couples, every penny truly counts. Considering that the baugs are booked few years in advance, it’s prudent to begin your financial planning likewise. Start monthly savings into a liquid instrument which will come handy for the big day, it could be a monthly recurring deposit or even a monthly SIP (Systematic Investment Plan) into conservative instruments like liquid funds.
Once the wedding budget is planned, partners need to have an honest conversation about each other’s personal finances since married couples have their financial futures are tied to each other. Understanding each other’s financial upbringing and mind-set is of prime importance. Learn about your partner’s current financial situation. Have a clear understanding of how much the other person earns, their total assets, are they in debt, et al. The faster you pay off debt, the sooner you can start saving for a financially stable future, and you also avoid interest fees. Take a pure term/life cover online to protect the liabilities is a good idea.
It’s alright to maintain separate bank accounts, especially when couples marry late as it’s difficult to now share control of your finances. Buying a house is one of the most expensive purchases most couples will make in their lives, as buying a first home is often the first step towards forming a new life based on the sense of security your own roof