There are a lot of things to take care of before getting married. Picking a venue, finding a dress, hiring a caterer, choosing between a band or DJ, interviewing flower girls, etc. However, before you ride off into the sunset together, you should also be making these important money moves.
5 Money Moves to Make Before Getting Married
- Have a Money Talk – If you haven’t already discussed your finances, and your ideas of what the future looks like, now is the time. It’s important that you and your partner are on the same page. Otherwise, your big day may not have a happy ending. Financial struggles are the most common cause for divorce.
- Check Your Credit Scores – Now it’s time to check your credit scores. After reviewing your scores, make a plan to improve them. If they are less than desirable, do what you can to fix it. You can set up auto-payments to avoid missing them, repay debts, report any errors, get a secured credit card, or any other technique you find helpful.
- Start a Joint Savings Account – Since you’re going to be living together, it’s only fair that you save money together. This savings account can be used to save for the wedding, future trips, and emergencies.
- Start Paying Debts – Weddings are expensive. To offset some of the debt you’ll likely be taking on, start making more payments on your debts. On top of the month-to-month payments you’re making, start throwing every little chunk of change you come across at your debt. Whether it’s $3 you found in the couch, or $200 from selling your old couch when your soon-to-be spouse moves their nicer one in, put it towards your debts.
- Plan Your Wedding – When you’re planning your perfect day, remember that money isn’t what makes it special. You can host a perfect day without spending $500,000 on flowers like Donald Trump did. If you forgo more extravagant expenses on your wedding day, that leaves more money for the honeymoon, and every day after that.
Marriage should be about love, not money, but starting out with a sturdy financial foundation can help immensely.