How do you prepare your finances for marriage
Do you know anyone that proposed on Valentine’s Day? According to one survey, it's second only to Christmas Eve as the best time to pop the question1. Perhaps you've even taken the next big step yourself and are currently planning a wedding.
Making the commitment to get married could mean you have got a lot of organisation ahead of you, especially when it comes to your finances. It might be a good time to consider some tips for managing money ahead of a wedding, so you can focus on organising your respective hen’s and buck’s parties.
Think about the timing
Most people love a wedding, but have you considered how much it will cost? Booking a fantastic venue or church during peak times could end up hitting you quite hard in the wallet. How important is the timing for you? If there's no specific date you just have to have, then perhaps booking for an off-peak period could save you a lot of venue hire costs.
Decide on your accounts
Will you pool your finances as a married couple, or keep them separated for now? This can be an important conversation to have, especially if you want to purchase a house further down the road.
If you prefer to keep accounts separated, consider setting up a joint savings account whereby both of you can contribute funds specifically for the wedding. Whatever your plan is, communicate it clearly and early in the process.
Leave no stone unturned
Did you know that the average Australian wedding costs $36,200? Consider planning out all of the costs far in advance and budget to cover them. People can make all sorts of sacrifices to get their dream wedding, from moving back in with their parents to selling cars to putting off a planned baby or property purchase. Weddings can be paid for in a number of ways too; dipping into your savings, contributions from mum and dad or even credit cards or personal loans. You might consider having a financial contingency plan in place just in case things don’t go to plan.
Getting married can be one of the most exciting things you'll ever do, which is why you don't want anything to go wrong on the big day. Get in touch with the team at IMB if you want to consider your options to organise your money before marriage.
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