It is not every day; you are going to be married and not everybody who gets married lives happily. Financial Planning is the factors that determine a happily married life? What are the traits you have to look for in your significant other to lead a happy life? What are indicators and tell-tale signs of a right choice?
Well as I said, there are a lot of other factors, which determine a happy married life out of which the financial decision taken during the marriage life plays a very pivotal role. You can judge a partner by looking at the way he handles finances. Miser and Spendthrift are decided based on his spending habits. You gain or lose respect among your family members based on your spending habits. So what are the things you have to look for when you both sit down to plan your marriage finances?
Here are five things to note when you plan your marriage finances:
1. Thoughtful decision-making:
After choosing our partner carefully, it is always important to take the correct decisions at the right time. This will help in planning the marriage without any hiatus. There are a lot of options available in the market and the marriage can happen throughout the year. Nevertheless, choose the exact time for the marriage is most important. When you try to coincide your date of marriage to any off-peak holiday season then you are going to save a lot of money by paying less for various things. Flowers, hotels and other things are going to be very cheap when you choose an off-peak season. Marriage expenses are a major chunk in your marriage financial planning.
2. Making the right choices:
The wedding happens once in a lifetime for most of us. Making the right choices for your wedding is very important. Right dress, theme, makeup, chauffer, destination, a place will make the wedding memorable and everlasting. What are the things you have to keep in mind when you choose things?
For example, you can hire the wedding gown instead of stitching or buying one. This will save a lot of money since you will be wearing the gown only on the wedding day and not at any other time. The theme chosen for the wedding should also be chosen carefully, which looks aesthetically appealing yet cost-effective.
3. Future Stability:
In Marriage financial planning, you should also consider planning your finances at least for two months after marriage. Since you spend most of your savings on marriage, most people are likely to suffer without adequate finances to buy even the basic amenities immediately after marriage. When you plan for the first 03 months of marriage along with you marriage financial planning, it helps you in keeping your best foot forward after the marriage.
Minimum amount needed after marriage = (monthly bills+ rentals+ loans+ amount spent on basic amenities) x 3 or 4.
This will help you to ascertain the amount needed to start your married life on a happy note.
4. Don’t make the same mistake twice:
It is alright to make mistakes while planning your finances, it is best not to make the same mistake twice because the mistake will be very costly when you make it the second time. It is always best to note down the financial errors you made and should ensure that you do not find yourself in similar circumstance again.
Before you spend, you should ask yourself, “Is this worth it?”
You can spend only when the answer to the question is “yes”. Pause and think twice if you are unsure on the answer to the above question.
5. Penny Saved:
Whenever we are taught about financial planning, all the experts use a term called “Risk management.” It is always best to do a risk assessment during marriage financial planning. In the risk assessment, you should identify the things, which can go wrong, and the place where money can be saved using alternatives.
A penny saved is a penny gained. The moment you identify alternatives for the conventional items, it is always better to use the alternatives to save some money. For example, you can choose a DJ instead of a live music band. This will help in savings which can be used for future.
Planning marriage finances is not an easy but daunting task. There are usually a lot of people involved in the planning process. You can easily be misguided when the emotions run high during the decision making process. It is always important to be rational and practical while making financial decisions. A good start to your married life is important like marriage. A well-planned marriage and married life are always important for a successful married life. Remember it always happens once and it better to make it the best.