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Are you financially ready to say “I do”

Dan scb masthead before i do india

Are you financially ready to say “I do”

5 don’ts before you say “I do”

Before you tie the knot, you and your sweetheart need to whisper these three little words: “let’s talk money”. Your wedding day is only the beginning of a journey full of love – and the occasional speed bump. Saving for a wedding and having a financial map for your future together is the icing on the (wedding) cake.

Don’t lie about your debt

Like love, when it comes to money, honesty is the best policy. Your partner’s inability to budget or expensive shoe habit may be endearing when you first meet. But they could become major irritations very quickly – especially if it seriously impacts your finances.
Research has shown that couples who start married life in debt have a less happy marriage than those who don’t¹. If you are in debt, now is the time to come clean. Discuss your obligations and decide together how to get your finances back on track.

Don’t bust your wedding budget

The last thing you want to do is end up in debt before you even start out. Rather than view The Big Day as the main event, consider it as one of many monumental life events which include buying your first home, having children, taking holidays, financing education, caring for parents and saving for retirement.

Don’t buy more homes than you need

74% : number of millennials globally who rent because wages are not keeping up with property prices²

Making your first home your forever home is tempting, but be realistic about what you can afford so you can still afford to have a social life. When calculating how large a mortgage you can afford, don’t forget the cost of renovation and new furnishings. Go in for the open-concept kitchen while the walk-in wardrobe can wait

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Don’t go it alone

Opening a joint bank account is a big decision for newlyweds, and financial experts agree that it is a good idea to pool your money in a savings account, which simplifies bill payments and regular contributions to savings and investments and can earn you a higher interest rate³. A joint account gives both partners access to all of the family’s financial resources, which can make a huge difference in life or death situations.
But a word of warning – it’s not advised if one of you has a bad credit history – which is why you need to have that honest conversation.

Don’t wait to invest

Start a financial plan for yourselves and your family early. The earlier you start, the greater the sum of money you will have for your future needs. The disciplined approach of a systematic investment plan allows you to invest a fixed amount every month into mutual funds of your choice.

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Reference:

¹ https://joe.org/joe/2005june/rb7.php

² https://www.cbre.com/about/live-work-play-2016

³ https://www.moneyadviceservice.org.uk/en/articles/should-we-manage-money-jointly-or-separately

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