So you’ve recently tied the knot or are getting ready to take your vows. That’s great, but these words are just the start of your relationship. Once you say I do, you have to start making grown-up decisions together. One of the first of these is to decide what to do with money from your wedding.
Spending money is something we all have to do, but when you get an unexpected balance in your bank account, it pays to be practical. You might, for example, make repairs around your home. If you have been living together for a while, there are probably plenty of little things that you’ve let go, such as squeaky floorboards or a half-broken mailbox. In fact, even small home improvements will increase your property value. A few ideas are to replace a leaky toilet, paint the interior, and have your HVAC serviced.
Money making money
Now’s a great time to put your money to work for you. You can do this in a few different ways. The first and most obvious is to open an investment account. Even if you already have a 401(k) through work, you can still have an IRA or begin saving for your children’s college. Either way, you will earn interest that builds over time.
You might also consider going back to school or earning a certification. The Project Management Professional certification exam is a good example that costs between $405 and $555. Other professional designations cost less. You could also take a class on accounting, marketing, or something specific to your industry.
On a somber note
The options are endless, but remember, even a small windfall can grow into something hugely valuable if you let it. One example, which might not be the most comfortable conversation to have, is to buy appropriate insurance.
Now that you are financially bound to another person, if one of you dies unexpectedly, your widowed newlywed might also wind up bankrupt. Funeral insurance can cover the sort of things it sounds like, such as the headstone, casket, and burial service. What’s more, some policies allow you to pay for things like debt your partner leaves behind.
Life insurance is another valuable investment in your relationship that doesn’t have to cost as much as your engagement ring. Grab the computer, and dig into researching the different types of policies. The younger you are, the more coverage you will likely get for your money.
This is way more fun
If you already have life insurance, congratulations. You are that much further ahead than many newly married couples. What about things you’re dreaming about? For instance, maybe now’s a good time to tell your story. Self-Publishing Schools says publishing your own book can cost as little as $1,000. This is a particularly good idea if you have a unique love story, such as if you are from different religions or kindled a romance in the workplace. With the right marketing, you could turn this into a nice residual income.
Invest in a little downtime
Spending time together is an integral part of being married, so it helps to find common ground so you’ll enjoy every minute as a couple — particularly when you want to take a break from the day-to-day stresses of life. So, look for entertainment options that allow you to bond while doing something you both enjoy. For example, if you and your partner love nothing more than snuggling on the couch with a bowl of popcorn while you binge-watch movies and/or television shows, then you may want to invest in a good TV and a streaming stick that provides you with 4K video and all of the channels/services you want. If you’d prefer to spend some time outdoors, you could invest in some quality hiking gear and start hitting the trails together!
If you did not book a honeymoon because of financial concerns, there is no shame in using this cash for a getaway. As Romantics Travel explains, your honeymoon sets the tone for your future life and is an excellent way to alleviate stress after the wedding planning process.
Another thought: If you already have children from prior marriages or relationships, you can use your wedding funds to pay for a trip for the entire crew. This will be a great way to promote positivity in the early stages of blending families.
There’s not a wrong way to spend your wedding gift money. After all, it is just that, a gift, and should be used in a way that makes you and your new spouse happy. But, you may find that your money serves the greater good when it’s put to practical use. That said, there’s also nothing wrong with enjoying a bit of extra cash flow on your honeymoon!
Creator and Head Writer at Financiallywell.info
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