Posts Tagged ‘money help’

postheadericon Budgeting for Engaged Couples

What a fun time to be planning a wedding as an engaged couple. One thing that you should not forget to do is establish a budget as an engaged couple. This budget could encompass many things because while most brides are probably focused primarily on the wedding, I want to encourage you to also focus on the marriage.

You could establish a wedding day budget – what you plan to spend for
caterers, flowers, wedding gown, etc. The groom’s cost will more than likely be minimal. However, once you return from the honeymoon and began living together if you had not gotten a place together prior to your marriage, now you are beginning your life together as husband and wife.

What should be included in the budget:
Income
Expenses
Groceries
Utilities
Insurance costs – auto, life, health
Credit Card bills
Student Loans

Those are only a few items that should be on the budget. You should sit down and each person complete a budget worksheet of what their bills are separately and then do a budget where you have combined all of your expenses.

As you are planning to move forward with the wedding, do not blame each other for past expenses that you incurred when the other person was not a part of your life. Budgeting says that you do not have to keep up with the Joneses or your best girlfriend that had a wedding that costs x amount of dollars.

As an engaged couple, now is not the time to be silent when it comes to finances, budgeting and your future. Be honest with yourself and establish a plan. It can make the difference between financial stress and financial happiness.

If you need additional guidance or resources, look under www.moneytalkmatters.com/products.

postheadericon Discussing Money Before Marriage

Brides and grooms there is no reason to fear discussing money before marriage if your soon to be spouse is your best friend, the person you can talk to about everything and the one you are marrying for love and not money. Regardless of what financial mistakes that were made prior to your saying “I Do”, you should put the cards on the table.

There are a variety of benefits to discussing money before marriage such as:

(1) Trust – If you can openly and honestly discuss your finances before you get marriage this can increase the level of trust within your marriage. This could say to your future spouse that you trust them and love them enough to share even the not so pretty picture so they are not broadsided later by an ugly truth.

(2) Teamwork – This presents to your future spouse teamwork versus division because of money. Discussing money before marriage allows both sides to see what each other did right and what mistakes might have been made. Furthermore, the two of you can come together and discuss a way to resolve financial issues together. This in itself can reveal how you will handle financial challenges once you are married.

(3) Financial Goals – Talking about money early gives you an opportunity to establish mutual financial goals. This gives you a glimpse into what you have to look forward to once you are married and how you can think about the short and long-term consequences of decisions made. You will see whether each one will fight to have their own way or be willing to compromise and work for the benefit of the relationship.

(4) Can keep you from being a statistic – Discussing money before marriage instead of keeping financial secrets from your groom to be, could keep your marriage from becoming a divorce statistic due to the lack of financial discussions.

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