These days, couples are getting more cash than gifts from their registry and when it comes to the wedding presents, there are two types of newly married couples in the world. There are those that grab the loot and enjoy spending it on leisurely activities such as shopping sprees or a five-star holiday, and there are those that carefully plan out every last euro and lay the foundation for a strong financial future together as man and wife. Here are just some of the ways to use your wedding money for the better without sacrificing the right to have fun.
Your ‘just in case’ cash fund
No one likes to think of calamities occurring such as the car breaking down or an unexpected bathroom leak, but the reality is that life gets in the way and everyone has those bad days. Hardly an exciting way to delve into your wedding cash, but setting a bit aside in a separate account for emergencies such as the above will give you piece of mind and relief from using your credit card.
Bills, bills, bills
You and your wedded partner have just experienced the happiest day of your lives but also, one of the most expensive. Money worries trigger arguments and beginning your life as man and wife in some serious debt is sure to burst your glossy post-wedding bubble. Paying off the entire wedding all at once is the best case scenario but not always feasible so if this is an issue, ensure past-due accounts are the first to be settled.
Invest in your home
Making minor or major home improvements using your wedding cash can not only create a harmonious living space, but these improvements can create future equity. Selling your home may be a thought saved for many years still to come, but it’s never too early to set such savvy plans into action.
Future
Maybe a slightly more morbid thought, but saving for your retirement is one to keep at the forefront of your mind. It may not seem like one of the most fun and spontaneous ways to splash the cash but sparing a thought to your pension fund means you can rest assured you’ll have a stress-free, comfortable retirement. Not to mention savings for future children.
Have fun
It doesn’t all have to be bills, pensions and home improvements, you know. Treat the money as a balancing act: reserve as much as is required to use sensible and then spend the rest on whatever you wish. Life is full of very serious and important decisions to make so allow yourself some fun and frivolous spending.
- Michelle Storey
Image credits: Suitcase: Deer Pearl Flowers | Thank you: Mustard Seed Organic Photography | Honeymoon fund: Etsy