On what is arguably one of the most special days in your life, your wedding day will no doubt be a wonderful day filled with lasting memories for years to come.
So for many, most of the attention goes into wedding planning, forgetting about what comes next: the amalgamation of life with another person.
While it may seem boring, uncomfortable and somewhat overwhelming, before making it official, consider the following.
5 things every couple should consider before walking down the aisle:
Start the conversation: what are our joint goals?
Up until this point, it’s easy to strive towards achieving individual goals. But once committing to sharing your life with someone, get on the same page financially. Consider your joint financial goals and savings commitments. More often than not, working toward a shared goal will strengthen your relationship.
Consider your wedding budget
If you do have goals and dreams together that you want to achieve after the big day, setting a budget won’t be the most fun part of your wedding journey, but it is the most crucial.
Whether you’re saving for a house or planning for a family, it’s wise to not get too carried away. Ensure your wedding ‘necessities’ are just as important as the joint goals you want to achieve once you settle into married life.
The rise of mortgage stress
Financial stress is often the main culprit for relationship stress, and sometimes the reason for marriage breakdowns. Don’t set yourself up for financial stress by necessarily making your first home your forever home. Many Gen X’s and Gen Z’s, have an expectation that their first home together (be it rented or purchased) should be their dream home.
Instead, opt for the rustic joy of something more affordable to allow you to enjoy these early years of marriage without too much financial stress or burden. This will enable you to save the old fashioned way for your dream home further down the track.
Who’s got your back?
Whilst insurance isn’t the most exciting topic, you can’t underestimate the importance of peace of mind. It’s important to protect each other in a financial sense – even more so if you are thinking of having children.
The reality for most, is our income is the means by which we afford the things we desire. Good quality, affordable cover is available and can be funded via your super, rather than from cashflow. Don’t rely on the default cover you have because almost invariably it is not enough to properly have your spouse’s back.
Above all else… Enjoy
Without disregarding point 2, most of us plan on getting married once. Enjoy the process, and if you go a little over budget, you have many years to make it up. Most people speak of it as being one of the best days of their lives so above everything else, enjoy and savour every moment.
Planning your wedding and need some financial guidance?