The wedding day is a much-awaited day for couples. But as they say, it’s not really about the wedding but the days, months and years thereafter. How will you be able to survive after the lavish wedding ceremonies? Entering marriage can bring about drastic changes in one’s personal financial life. From the wedding preparations to family planning and educational plans up to ensuring everyone’s health and preparing for your retirement – all of these involve money!
Here are some money-saving tips before you say ‘I do’:
Plan way ahead
The key is to think big and long-term. From the day you say you want to marry someone, aside from your feelings, always consider that there will be a major financial change in your life. You and your fiancé should religiously talk about and be open about your financial plans together because from now on, you will deal with a lot of things that involve your finances. Even rich local celebrities undergo financial troubles after marriage.
Take your time on acquiring more assets today as your income is solely yours. This will help you as you go ahead with your life as a family man (or woman). Manage your income and assets wisely, set goals and specific action plans then try your best to reach them. Planning is an important step in improving your financial security and stability as you enter another stage in your life.
Invest on yourself
Make sure to improve your skills, education and experience as these will be your unique, personal assets no one can ever take. No one will ever be like you on all aspects, anyway. These assets can help you attain financial stability as you venture into marriage and family life.. Look at yourself as an asset by investing in yourself as it will surely pay off in the future. Increase your value over time through hard work and self-improvement.
Maintain a home
Acquiring a home is one of the most important financial decisions you should make in securing a stable future. If you manage to buy a home early on before even plunging in to marriage, your life will be much easier and more comfortable. Can you imagine the savings you can get when you don’t have to pay for rent every month?
Nonetheless, at the very least, you’ve gotta start somewhere. If owning a home is not possible yet, rent at least for your family so that you can have a separate, more private place to live in.
Your job and career are the most important factors in your financial state as these will directly impact the stability of your cash flow. Having a regular income is a must, whether you are employed or maintaining a business. Your job or business defines your financial state. If you’re not earning what you should be earning, you can try to find other ways to have a stable and regular funds coming in.
Pay all your debt
If you want to plunge into marriage, you should be able to zero out your debts to be able to exactly start anew. It’s a smart financial move to make before increasing your family size. If you’re not going to do this, you will have a harder time to repaying all of your liabilities as more and more expenses come in. A clean financial slate is the first step of the way to a brighter future for your family.
Most couples are financially compatible to withstand the challenges of growing a family. Some are not. Nowadays, most of us forget the importance of family planning and financial planning, but it should be a common notion that if you think you can’t provide for a family yet, don’t rush into marriage.
What are other ways you think can help a couple be financially ready for family life? Comment below!