Weddings take a lot of planning. But not everyone plans past the wedding day, and there are a lot of financial aspects to consider once you are married that might not occur to you amidst the hype of the big day.
So here are 7 things to consider after your wedding:
- 1. Pay off your post-wedding credit card debt
If you put a lot of your wedding expenses on your credit card, make it your priority to pay this off, preferably before the interest free period is over. Create a financial plan or even a budget in order to ensure that once you’ve said “I DO,” you won’t have to sacrifice other things just so that you can pay off your debt.
- 2. Honeymoon later
Although the honeymoon traditionally starts straight after your wedding, consider having your honeymoon later. More and more couples are taking this option due to the expenses of weddings, that are nowadays often not paid or financially supported by the parents any more and leave no money left for the honeymoon of your dreams. This could also give you the opportunity to save for a better honeymoon, as well as saving up a bit of extra leave from work to make it a longer holiday. If you do have your honeymoon straight away make sure to book any flights in your maiden name, as airlines simply won’t let you on the plane if the name on your plane ticket doesn’t match the name on your passport.
- 3. Inform institutions of name change
If you have decided to change your last name, it’s important to let all of your financial institutions and utilities companies know that your name has changed. Make sure all your official documents like passport and driver’s license are renewed to include your new name. Sometimes there can be a fee, so be prepared.
- 4. Have the “money talk” with your spouse
Now that you’re married it’s important to be completely transparent with each other about your financial position and spending habits. You can decide to take out a joint bank account or you can keep your finances completely separate, whatever you do keep your channels of communication open. Try not to argue over money, but if you do, try to find compromises that work for both of you. Now is a good time to set some saving goals, so you can work together collaboratively in order to achieve a common target. Working together to achieve your goals is easier and is great for your relationship.
- 5. Write your wills
Once you are married, you will probably need to update or create a new will. Also, if one of you work in a high-risk environment or is totally dependent on the other, you might consider taking out life insurance so that if something happens, you will have the peace of mind that your partner will be taken care of.
- 6. Review your insurance policies
A couples health insurance policy is usually better value for money than 2 single insurances. The easiest way to find the right option for you and your partner is using an online health policy comparison tool. Pay special attention to reproductive services and pregnancy and possible waiting periods. Once you have a baby, make sure your child is added to the policy.
- 7. Buying a property
If you are planning to buy a property together, get independent financial advice. Best to talk to your accountant, rather than a mortgage broker, as they are usually more interested in getting their commission than making sure their advice is best for you. Always keep in mind that you can bargain with a bank – banks compete against each other just like any other service provider.