Anyone who has been to a wedding or knows someone who has gotten married or has ever watched a wedding-related reality show is well aware of the potential to run up a large bill for all of the wedding expenditures. Try to be financially savvy by approaching your special day with the goal of creating a beautiful experience that will not put you and your partner into debt long after the wedding reception and honeymoon are over.
Look at Your Ring as an Investment
Wedding and engagement rings are not only beautiful, they are an asset to be listed on your financial ledger. While you never intend to sell them, they hold more than sentimental value. As an example, if you consider a 1-carat diamond price, that amount is not pocket change, but it is worthwhile because it is a special token that you will both wear daily for the rest of your lives to symbolize your lasting love for one another.
Your ring is an investment, and you should treat it that way. Finding the perfect ring that suits you and your future spouse’s personalities is part of the fun. Once you have selected the ideal 1-carat diamond ring, contact your insurance company to add an insurance rider to properly cover the rings in case of theft or loss.
Get Your Finances in Order
Whether you and your fiancé have decided to combine finances, keep them separate, or some sort of hybrid arrangement has been agreed upon, it is essential for your individual and combined happiness to keep the lines of communication open regarding money.
If you have not yet discussed this often fraught and stressful topic, you must do so before the wedding date. And please, do not wait until the last minute as you will be too busy with the wedding details themselves. You do not want to be surprised to learn about your new spouse’s excessive credit card bill that they only pay the minimum on.
Understanding how each of you approaches money is a necessary conversation to have. Bring all of your financial debt and goals to the proverbial table. Talk about how you plan to pay the bills, dinners out, groceries, and utilities. Ensure you are on the same page when it comes to buying gifts, saving for holidays, and even purchasing new vehicles.
Be respectful throughout your conversations to facilitate a productive team approach instead of a combative one, especially if you are surprised about how your partner approaches money. If you are unable to work through your money-related issues and differences, it may be time to seek professional help.
Watch this video for advice on how couples can talk about money effectively.
Finding the rings of your dreams is part of your wedding financial plan. Understand the investment you are making and cherish what you choose to purchase. You will have a family heirloom that can be passed down through the generations. Talk with your partner about money before, during, and after the wedding to ensure you are on the same page financially. Your relationship will be better off for it.