Why Your Wedding Planning Needs to Include Talking About Money
Planning a wedding and preparing for marriage includes all sorts of decisions and details. Between the list of venue options, food choices and floral arrangements, where does financial conversations fall? Marriage is a partnership, and it is important to talk about money and planning for the future well before your wedding day. Have you discussed your wedding budget? What about your checking and savings plan following matrimony?
There will be a lot of things to talk about.
Tying the Knot: Leading Up to the Big Day
When making plans for the wedding celebration, first start by thinking about what’s most important to each of you. Then you can prioritize and allot your available funds accordingly.
Here are some wedding day questions to get the ball rolling:
- Who will be paying? Depending on your circumstances, multiple parties could be included in bill paying. It is important to identify (and agree) on this before the invoices start rolling in.
- What is your TOTAL budget? In addition to the wedding day, be sure to factor in other celebrations like rehearsal dinner, bachelor/bachelorette parties and honeymoon.
- How much will the wedding cost? Seek quotes or estimates for your expenses so you can start to better understand the total scope of your spending. If you have a wedding planner, they can be a tremendous help in keeping your budgeting top of mind. Stay organized when outlining your budget, factoring in things like:
- Venue rental fees and staffing requirements
- Food and beverage costs, multiplied by number of guests
- Photography/videography
- Gifts for attendants and special guests
- Stationary, decorations and floral arrangements
- Entertainment
- Wedding rings, dress/tuxedo or other special clothing
After Your Vows: Building a Partnership
Experts and research studies agree: Talking about money is important for a strong relationship. But these conversations are often difficult, filled with emotion, or ignored completely. As you begin your life as a married couple, how you want to handle finances should be discussed. There’s likely to be new expenses while you also want to create a plan to save money for your future together.
Listed below are some questions to help get this (ongoing) conversation started:
- What changes to our accounts do we want to make? Now that you are starting your future together, does this also mean that your individual bank accounts will change to joint accounts? Or will you maintain separate checking and savings accounts? What beneficiaries will you name for your accounts?
- Do we agree on our household budget? This would include knowing what money you make and what you owe. How will you cover your regular bills like rent, utilities and food, and who is responsible? When it comes to debts, what do either of you currently have (like student loans or car loans) and are you going to share the balance?
- What large purchases are on the horizon? When considering what major investments are in your future—things like a new home—do you also know your credit score? This will be a factor when you seek a loan or mortgage, and there are actions you can take now to help improve your credit score down the road. See if your bank can help you understand your credit score, like how we offer our personal banking customers credit score monitoring.
Related: Did Your Credit Score Drop? These Common Mistakes Might Be Why…
- What are our savings goals? It is never too early to begin saving for your short-term and long-term needs. Get a plan and practice saving behaviors, even if it is a small amount. Check out our Savings Hacks To Grow Your Nest Egg to get you started. Build up a separate, emergency savings so you are prepared for unexpected expenses like a new furnace or major car repair.
Taking on a new financial journey might seem overwhelming, and on top of the normal stress that comes with planning a wedding! Don’t worry—with digital banking now available there’s ways to set automatic rules and account alerts that can help you navigate this together with ease. Contact us if you would like to speak to a personal banker to learn more about how Fidelity Bank can help.
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