Financial Advice for Newly Engaged Couples

If you’re one of the millions of couples who became engaged over the holiday season, you’re probably one of the millions of couples about to embark upon the excitement of wedding planning. Planning your wedding is time consuming and it’s overwhelming. However, before you allow yourself to become overwhelmed with the planning aspect of your wedding, be prepared to talk finances. It’s one of the most important things you can do prior to getting married.

Know Your Debts

Now that you’re engaged you must know which debts you have and your spouse has. Going into your wedding without this knowledge is dangerous. Of course, you don’t marry your love for his financial status, but you do need to know how it’s going to affect your future lifestyle and abilities. If he’s terrible with money, you’ll have to address this prior to your wedding.

Plan an Affordable Wedding

Don’t go overboard. It’s one day. What you should spend your money on is the thousands of days that follow your wedding and honeymoon. It’s fine to spend money making your wedding and honeymoon all that you want, but don’t spend more than you can afford. You don’t want to spend your life savings on a wedding and not have any way of buying a house so you can start a family.

Discuss Your Finances

Now that you know where you each stand financially, discuss how you will handle your finances as a married couple. Married couples should always talk about money; how much you have, how much you owe and how much you want to save and so forth. Make sure you’re on the right page. Create a budget and stick to it. Whatever you do, start your marriage on a good note by being open about your finances and your money habits.

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