by Moneymax, on category "Personal Finance"
June 13, 2014
Entering marriage will bring drastic changes in one’s financial life. It’s not just about the wedding but the days, months and years after. How will you be able to survive after the lavish wedding ceremonies? Aside from wedding preparations, other expenses that need taking care of are educational plans for your future children, health insurance, and retirement.
Read More: 7 Signs You’re Not Ready to Get Married Yet
Here are some money-saving tips before you say ‘I do’:
There will be a major financial change in your life from the day you marry your better half. You and your fiancé should talk about and be open about your financial plans together because from now on, you will deal with a lot of financial decisions that will need consensus.
Take your time on acquiring more assets while you’re still single because you have few obligations now. This will help you as you go ahead with your life as a family man (or woman). Manage your income and assets wisely, set goals and specific action plans. Planning is an important step in improving your financial security and stability as you enter another stage in your life.
Make sure to improve your skills, education and experience as these will be your personal assets no one can take. These assets can help you attain financial stability as you venture into marriage and family life. Look at yourself as an asset by investing in yourself as it will pay off in the future. Increase your value over time through hard work and self-improvement.
Your job and career are the most important factors in your financial state as these will directly impact the stability of your cash flow. Having a regular income is a must, whether you are employed or maintaining a business.
It is also crucial to determine how much income do you need to provide for your family since having a concrete number will help you determine what kind of income streams you need to sustain your spouse’s and your own lifestyle.
If you want to plunge into marriage, you should be able to zero out your debts to start anew. It’s a smart financial move to make before increasing your family size. If you’re not going to do this, you will have a harder time to repaying all of your liabilities as more and more expenses come in. A clean financial slate is the first step of the way to a brighter future for your family.
Family planning must include financial planning.
Do not get into marriage without assessing if you and your partner are financially ready to move at this next stage in your lives since you will not just be accountable for yourself but for your spouse and future children as well.
What are other ways you think can help a couple be financially ready for family life? Comment below!