Newly engaged couples often live a life of pure bliss and happiness. They tend to live in their own little bubbles, thereby shielding themselves from the harsh realities of the world. While reveling in the moment is something you don’t want to miss, it’s easy to go beyond your means and overlook your financial capacity.
Money matters can be uncomfortable and challenging to talk about, even when you know your partner very well. However, talking about financial topics and concerns will allow you to see how to better plan for your future together.
To avoid spending beyond your capacity while still achieving your dream wedding, below are some financial tips newly engaged couples should take note of.
Sort Your Financial Priorities
1, 5, or 10 years from now, where do you see yourselves as a couple? To help sort out your financial goals and priorities, it’s best to sit down with your partner and see where you both want to go.
Whether it’s buying a house, moving towards another city or country, having children, or simply setting up a retirement fund, talking about where you want to go and what you want to achieve in the future requires sitting down and tackling financial matters head-on. By talking it down with your partner, you get to know yourselves and each other better.
Downsize Your Guest List
When you’re over the moon about your recent engagement, chances are you’ll be inviting almost everyone you know to your future wedding. When this happens, your small, intimate gathering will turn into a raucous and downright annoying party.
To refrain from having these unwanted situations, make sure to invite only your closest friends and family. Not only will this taper down the food and venue expenses, but this will also allow you to bond with your guests on a more personal level.
Avoid Destination Weddings
Destination weddings are the stuff of dreams. But what many people don’t know is that these out-of-town or out-of-the-country trips require you and your partner to shell out more than what you can handle. With the car rides, fuel, airline tickets, and accommodations that you’ll be most likely spending on, these can certainly put a huge dent in your bank accounts.
If going beyond states, or even countries are out of the question, you may want to find places or areas in your own neighborhood that feels right and fits within the budget. This way, you can save your money and spend it on a much-needed honeymoon or provide for other necessary expenses.
Stay Within Budget
Shopping for a wedding dress, picking suppliers, and finding a wedding ring does not necessarily mean breaking the bank. To avoid incurring debt, keep things simple and be sensible with your spending. Yes, your wedding day will be one of the most important days of your life, but it is still just one day. Stay within your budget, compromise, and most importantly, keep on communicating.
Regardless of who’s covering the cost of your nuptials, constantly discussing finances will allow you to start on the right track. By having The Knot app and getting your finances in order before saying ‘I do,’ you are setting up your future married life for success.
When you and your future spouse are thinking about your future, it will be crucial to discuss your finances together and remember to refrain from blowing all your money on a wedding or honeymoon. For more financial advice as a couple, check out our financial tips for newlyweds.