If you’ve recently been married or about to tie the knot, you should be proud of the loving relationship you’ve been able to foster. Any happy couple will tell you there are so many great things about marriage. There are also financial considerations of which to be aware.
Some newlyweds opt to create shared accounts, while others decide it’s better to maintain separate finances. Regardless of your choice, it’s possible to get and stay out of debt by following a few tried-and-true methods. Here are some of the most popular:
Set a Budget and Stick to It
As you know, weddings can quickly become expensive. Even “basic” or intimate weddings still include:
Frugal couples know it’s wise to select only those features that are most desired/needed. Without a set budget, you risk facing a sobering financial situation once the festivities have ended.
Establish an Emergency Fund
Life is full of unexpected events. Often, when an incident occurs, it can have long-lasting and negative consequences on the financial security of any couple. That’s why finance experts recommend setting some funds aside each month for an unforeseen circumstances (sometimes called “rainy day money”).
This money can be used to navigate through times of uncertainty, including job loss, death in the family, health complications, or other situations threatening your financial safety. It’s also wise to remember long-term plans such as starting a family, retirement, and more.
Consolidate Existing Debt…
Marriage counselors contend that money woes are a major concern for most couples. It’s likely that both people will enter the union with their own debt. Even if you don’t merge accounts, paying off those expenses will naturally become a joint venture.
That’s why it’s wise to formulate a payoff plan for existing debt. Reach out to a qualified financial planner if necessary. Many couples also find it helpful to set personal and household budgets.
In addition, some couples have had luck establishing three accounts: one for each individual and also a joint account. Marriage counselors say not only can this help avoid confrontation, but it also makes it easier to save and control spending.
…and Avoid Future Expenses
To that end, it’s usually a good idea to begin a discussion about the state of your mutual finances, and come up with ideas to avoid racking up further debt. One great way to start is by taking stock of current sources of income that you may not have previously considered.
For instance, some couples put all or much of their wedding spending on credit cards. This only sets you up for grief and financial hardship. On the other hand, there are many innovative ways to help pay for wedding expenses, such as title loans.
When searching for sources of fast cash, many people hastily walk into their nearest pawn shop without putting much thought into maximizing potential income. However, working with the friendly and knowledgeable team members at Auto Pawn can result in big money.
When you bring your vehicle in good working condition with a clean title in your name, you can quickly get the funds you need for your wedding or another life event. As one of the premier Daytona Beach pawn shops, we also offer cash for gold and other innovative financial solutions.
Contact us today to learn more, or simply drop by one of our convenient Volusia County locations.