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Guest Post: Tips and tricks to fortify your finances when getting married

January 21, 2015

finance

Financial budgeting can really have a good impact on your life and also your marriage. If you’re getting married, it’s advisable that you along with your spouse discuss your budget and contribute to it together. Sometimes due to lack of budgeting may put you in debts and you may have to take help of debt consolidation programs. In this uncertain economy of the country, financial budgeting forms a very important part of everybody’s life.

How budgeting can strengthen your financial stability as well as marriage

Planning your wedding is the most important and exciting thing that can ever happen in your life. Read on to know how you can strengthen your financial stability before marriage and avoid any debt options in the future:

Don’t keep your finances secret

Since you’re getting married, you must not keep any secrets from each other including your finances. You as well as your spouse must know how much each of you earns and what are your savings. Since you’ll be sharing everything with each other, it’ll be better if you know each other’s financial background. You must also tell you spouse how much you owe, if you have any debts and also should inform him/her about any other money related issues.

Budgeting and fortifying your finances

Getting married to the person you love has many advantages such as you can discuss your financial problems with the person as well as make plans regarding budgeting your finances. This will further prevent you from going to any debt consolidation companies for help. You must create a budget and change it every week so that you can easily manage any sudden expenses. There are many budgeting software available on the Internet which can help you understand how to do it. You can also create docs and excel sheets for noting down your savings and expenses and work accordingly.

If you have debts, pay them off

When you get married, you’ll have more expenses than when you were single. Your spouse will also contribute to the expenses but if your money goes in paying off your debts, it’ll be quite long before you enjoy your married life. Take help of debt management plan and also other debt reduction options to get rid of debts quick. Inform about this to your partner also so that he/she may help you overcome debts.

Plan your marriage according to budget

You can have a themed wedding based on a healthy budget. You can have most of the hand-made objects in your marriage and for the caterers you can appoint someone you know so that you can save spending much on food. For the venue, you can have a simple canopied wedding in the country side with great view which will be inexpensive. Plan your wedding beforehand and both of you must contribute to it to save money for your honeymoon.

There are some lovely ways you can really save while planning and budgeting your marriage. These tips will surely keep you away from any kind of debts and you can lead a stress free life after your marriage.

Contributed By: Jason Holmes

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About Paul Knowski

Andrew is Money Lion's Media Innovations Director. While he's working from Money Lion's second London office.

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  • http://moneysavingzone.co.uk james

    I know it's something that many couples don't want to hear but if your family want to help as well then it might be wise to accept. Your big day will still cost a fair amount, even with the great tips that Jason has supplied so it's probably worth swallowing your pride (just a little ;) ) and keep everyone happy.