For many couples, the cost of planning and organising their big day can spiral out of control. Many couples have budgeted and watched their outgoings extremely strictly – only to find that they’ve gone over and they still have many things to cross off their list. We often don’t realise (until we start planning) the amount of expenses there are in a wedding; we forget about all the flowers, the meals, the DJ, the suits, the dresses, the hotels, the balloons, the favours, the rings, the photographer… The list goes on and on. If you’re feeling the strain after your wedding day, the best thing you can start to do is to get back into the mind-set of saving – not spending.
First, you need to make a note of the total costs of your wedding, and who you owe what. Perhaps you took out a loan, perhaps you borrowed money from parents to help cover the costs? Or maybe you’re just finding yourself a little financially tight after spending so much. Whichever option applies to you, the best thing to do is prioritise the list.
Think about who needs to be paid back first? Does your overdraft have a charge on it? If so – clearing that first is wise as everyday you’re in it, you’re essentially wasting money. The same applies to loans, look at your statement and work out when it needs to be paid off as the more interest they charge you, the money you are throwing away.
The next step after paying off loans and debts is to think about saving up for the future. You may be expecting a child (or be planning a child), you may want to purchase your first house or you might need to save for a late honeymoon (if you couldn’t afford it the first time round). To start doing this, you need to look through your monthly incomings and look at how much you can reasonably start to save. If you earn different amounts, then instead of setting a fixed figure, work out each partner’s contributions by wage percentage instead.
Keep in mind, that although it might be a struggle to start saving again and to get back into that mind-set, you’re doing it together and you’re now a married couple. Being married means promising a future of happiness together, and to keep the relationship healthy and happy – keeping money worries at bay will be a great step towards achieving and maintaining that. If possible, set up a joint savings account that you can both monitor online or via your smart phones. Being able to see your savings rise, will put your mind at ease and will help you both become more and more excited for the future and the possibilities it could bring.