Say what you will about your opinion on marriage expenditures, but what everyone can agree on is that they’d like their wedding (and really, anything to do about their marriage after) to at least match the cost of what they desire it to be. You may be wondering how to make sure that the start of your happy married life doesn’t break the bank— well, we’ve compiled a list of financial tips you’ll surely be able to use!
1) Grow funds for emergencies. You never know when you’re going to run into some unexpected issues. Having an emergency fund can mean the difference between dodging hard times or falling into it.
2) Save beyond the wedding. Don’t just save for your dream wedding— what’s going to happen after that? Long-term preparations go a long way.
3) Consider joint family purchases. What kind of house do you want to live in? Do you need a car? Both of you will be operating as one when it comes to family purchases, and some planning and foresight will be needed to organize this.
4) Plan how to address your debt. You, and/or your partner might have personal obligations you need to pay off, and honesty goes a long way to avoid financial troubles. Not to mention shared expenses— before taking on more debts, make sure to hash out plans to pay existing ones off.
5) Set a budget for yourselves. Even if you aren’t strapped for cash, the skill of money management is still a good one to have. Plus, you’ll pay off expenses more easily this way.
6) Start early. Even before you get married, you should be practicing how to manage joint budgets and expenses. Don’t make the mistake of getting overwhelmed by the complexity of juggling shared household expenses!
7) Engage in family planning. Think very long-term when you’re planning for marriage, as it is a lifetime responsibility. Things like how many children you want to have can impact expenses.
8) Decide whether you want to purchase a home. Buying— not renting— homes can be a challenging affair, as well as a long-term investment. Ensure you have a good credit score, save up, and get pre-qualified for loans if you need them to pay.
9) Choose between joint or separate funds. Whether you decide to combine your savings into one bank account or separate them, your method will affect how you save and spend funds.
10) Learn about your various insurance options. Like the first tip, insurance is part of your protection from the harm caused by unexpected issues such as illnesses, accidents, and the like. They are quite literally lifesaving!
These may seem like a whole lot of work, but then again, so is marriage and your relationship. You have your whole lives to spend together, so why not spend those years without worry? With good financial planning and aid from great insurance partners like AIA Philippines, you can ensure your married life starts right. Start planning your future with us by filling out the form below!
