Let’s talk money. Yes, this is the more serious side of getting married; it’s also a very, very important detail that you and your husband-to-be need to sit down on and discuss fully. To help you both easily see the financial horizon ahead, we made a simple financial timeline that you can follow. Planning ahead, knowing what to expect, and taking active steps for the expenses for your wedding and life after will be a great way to get your married life off to a good start. So, here goes! Let’s get down to business now.
[Photo by Fabian Blank on Unsplash]
One Year Before Your Wedding: Set Budget and Consolidate Financials
[Photo by Melissa Walker Horn on Unsplash]
- Set your wedding budget. We can’t stress enough how important this first step is. It’s going to be the basis for many–if not all–of your wedding-related decisions. When making your budget, ensure that it’s a realistic one so you don’t end up going overboard or scrimping on some of the important details.
- Talk about who pays for what for your wedding. From the beginning, be clear with who pays for what. This way there will be no problems when the bills come and it’s time to settle them.
- Understand each others individual financial situation and decide on how you’d like to handle both of your earnings and expenses. You’re both coming from a life where your only concern is your own financial needs and habits. Now, you must understand each other’s status and talk about how to move forward.
- Consolidate and arrange all your bank accounts, investments, loans, and other assets. This is the time to decide on whether you will have a joint bank account or keep separate individual ones. This is also the time to decide on what to do with all your other financial obligations and owned assets. Openness and transparency is key so you and your future husband are on the same page on your soon-to-be conjugal possessions.
