Wedding Financial Tips
everyone can use some financial tips every once in a while. We asked a top finance expert and below are a few tips for new couples. If you'd like more information you can visit the following sites and make an appointment to meet with an expert.
www.tdameritrade.com money.cnn.com www.forbes.com www.kiplinger.com
also visit the link below to save on designer dresses
http://www.preownedweddingdresses.com/dresses/salon/le-couture-bridal
Put Everything on the Table
Before tying the knot, reveal
what savings you have and what you owe. This will help you set a budget
for your wedding and plan for life as newlyweds. Legally, someone
doesn't marry into debt, so you will not be held accountable for
whatever outstanding amounts your spouse already owes. But if such an
obligation exists, it may make you think twice about throwing your
fantasy wedding.
Pay off Your Wedding ASAP
Do everything you can to not incur any debt for your wedding. I know a lot of couples do. If you must borrow, don't exceed what you can
reasonably expect to pay off in three to six months' time; people drag
it out for years, and it gets in the way of how you build your life
together. Small goals, like taking vacations, or big ones, like having
kids and buying a house, often get pushed aside.
Creatively Cut Big-Day Costs
Examine
your guest list and decide how many people you really need to invite.
If the answer is "everyone," you can alter the day of the week -- a
weekday wedding will always be cheaper than a Saturday one -- or do a
cocktail reception with hearty hors d'oeuvres and dessert instead of a
three-course dinner. Also, consider a pre-owned dress. There are may ways that offer secondhand options.
http://www.preownedweddingdresses.com/dresses/salon/le-couture-bridal
The link above has many designer brand dresses at great discounts
Don't Reject a Pre-nup
If one of you has significant assets, a
prenuptial agreement should absolutely be open for discussion. Young
people who are just starting out can probably go without one. But if a
person has been married before, has started a business, has kids, or is
expecting a large inheritance, he/she should sign a contract.
Three-quarters of attorneys surveyed in 2010 by the American Academy of
Matrimonial Lawyers said they had seen a significant increase in pre-nups
in recent years. It's just what we do now.
Open Three Accounts
Once
married, keep separate funds for you, for your spouse, and for "the
house," or your joint expenses. The house fund gets taken care of first,
and what's left over goes into the individual accounts for you to spend
however you like.
Be Honest About Your Credit
In survey
after survey, people list money as the top reason they fight -- and
they confess they hide financial information about themselves from their
spouse. Why? Because they're embarrassed. It's not always easy to admit
you haven't yet opened a 401(k) or that you got into credit-card
trouble while in college. Just remember that this is the person you love
and are about to marry. You should be able to talk about anything.
Make Plans In Advance
Financial conversations don't have to
be a chore. In fact, it can be romantic when you dream about the future:
Where will we live? How many kids do we want? When can we afford to
take a vacation to Italy? Figuring that stuff out now gives you goals to
work toward -- together.
Pay High-Interest Debts First
Look
at the interest on any debt: If it 's high, pay more than the monthly
minimums with any extra money you have. Otherwise, split the difference:
Put half of that surplus to savings and the other half toward debt. But
if it's the interest on your savings that is high -- for example, if
your employer matches 401(k) contributions with 50 cents on the dollar
and the interest on your debt is low -- you can shift more toward
savings. Ideally, if both of you can sock away 10 percent of your
paychecks each month, you're off to a great start.
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