After The Wedding Watch Your Spending

Brides-to-be and anxious grooms sweat over the details of their weddings in an effort to remain on budget. At stake is cost of what is likely to be the single most expensive event a couple will plan together. Once the wedding is over, some couples forget their cautious spending. That can cause serious problems later.

Couples need to understand each other’s spending styles and priorities well before the wedding day. If one person likes to spend lavishly on home decor, furniture, clothing, cars, gadgets or entertaining, and the other person likes to be financially conservative, the different spending styles could cause severe financial problems down the road.

Having complementary spending styles may not work so well, either. If both members of the couple enjoy spending for the “finer things in life” financial trouble could appear even faster. To avoid this, couples should plan a few sessions with a financial counselor as part of their wedding planning.

Prior to the wedding, engaged pairs should have a serious discussion about finances, including a disclosure of all income, debts and obligations. Further, the couple should work out an estimated budget, and come to an agreement on how bills will be paid, when they will be paid and who is responsible for paying them. If one member’s debt load is likely to impair a joint credit report, the couple may decide that it is better to keep their obligations separated wherever possible.

In addition to disclosure, budgeting and logistics, the couple should agree upon their spending priorities. Supporting those priorities may mean selling vehicles, cutting up credit cards, or opening new savings and investment accounts.

Money problems, including heavy debts assumed after the marriage, are often at the root of marital unhappiness, and are frequently cited in divorce proceedings as the cause of a breakup. Further, the loss of a job, accident and ill-health can compound money problems, making it exceedingly difficult for one or both partners to remain in the marriage.

Keywords: Wedding Planning, Weddingblog, Wedding

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