Getting Your Finances in Order (for Engaged Couples)
How many of you ladies have talked money with your fiance? Since most of our clients are budget brides, this topic is especially relevant and important!
We certainly believe that any marriage grounded firmly in Christ will make it through any trial, but talking about your finances well before the actual wedding day can help set you up for some practical success. There are a few things you need to come to an agreement on:
The budget for the wedding.
Of course. You need to be clear from the start about how much you’re willing and able to spend on the wedding! It’s way too easy to spend a few hundred dollars unexpectedly here and there, and that really adds up. Start with a strong budget plan from the beginning to stay on track! If you want to make sure you have everything covered money-wise for your big day, you can schedule a budget consultation with us for only $40. Chances are that we can save you hundreds of dollars just from that conversation! Plus, you’d get a spreadsheet with your budget on it to mark off as you go and see where you’re at! Just email us at firstname.lastname@example.org to set up a time.
The budget for right after the wedding.
After spending thousands of dollars on your big day, you don’t want to go to the grocery store the first week back from your honeymoon and realize you’re super short on cash. Part of saving for the wedding should be accounting for the first month of expenses you’ll have together as well as any income you might lose from taking off of work for your wedding and honeymoon. We help you plan for this too in our budget consultations!
What’s important to you and what you expect (that you would want/need to spend money on).
Maybe one of you really values entertainment and expects that you’ll go to the movies twice a month, but the other sees that cost as $50 down the drain. Or maybe one of you really enjoys cooking, but the other is fine with plain food and doesn’t want to spend a ton of money on groceries all the time. Talk honestly and openly with each other about what your expectations are, and work out some compromises!
How you’re going to spend money and stay connected in this area.
Are you a person who enjoys shopping for fun? I certainly am, but my husband certainly is NOT. Are you a person who grabs Starbucks when it sounds good? My husband is, but I’m not! Talk with each other about how you’ll handle these kinds of situations! Do you want to check in before you make that $5 purchase? Do you want to go over your spending at night, or let each other know what you expect to buy at the beginning of the day? Figure this out, and thank us later when you aren’t arguing about money frequently.
These things are incredibly important! We also HIGHLY recommend getting a financial adviser. Their services are free because they make commission from your investments, and it doesn’t matter how much money you have at all if you find the right adviser!
My adviser took us under his wing when we were 19 and 21 respectively, and he met with us about every other week to teach us about investing and finances before we actually decided what we would save and invest. He’s taking the little money that we have and putting it to its best possible use—we’re investing in ways that we didn’t even know about! He even helped us with our budget. Advisers are truly amazing. They’ll help you figure out what’s truly best for your money in your circumstances!
If you don’t know a financial adviser yet, then ask an adult you know that’s smart with their money to see if they have one. Just don’t assume that you know what to do!
If you have any personal finance tips for newlyweds and engaged couples, share them in the comments!