Your wedding will be one of the biggest days of your life. It requires a lot of planning, and more often than not, you will find yourself caught up in everything. However, it is worth remembering that when you plan your wedding, you are expected to plan for the married life. After all, your life as a couple will begins once the wedding reception is over.
So before you go full-on with the wedding preparations or while you have some free time in the midst of the busyness, you may want to start planning your post-wedding life. It can also be exciting, especially if you and your spouse-to-be are on the same page. Below are some of the things you may want to keep in mind:
Where are you going to live?
This is one question that needs an answer long before the wedding day. Are you going to rent, or are you going to pay a down payment for a home that is ready for occupancy? Will you stay in your parents’ home for a little while? Will you be moving to another state? This concern will heavily depend on your combined financial capabilities. So, before you answer, it would be safe to gauge your assets and find out where these will take you.
What do you want to achieve?
Now that you are married, it only makes sense that you and your spouse will have a common goal. Whether it is getting a new home or having two or more kids, the plan should have details. Don’t forget other goals that will help strengthen your relationship. This includes traveling, gaining financial independence, and health-related aspirations. While you’re at it, it’s sensible to ask your partner’s personal goals, so you will know how you can help them. Express yours, too, so they know how they can help you.
On saving and investing
Whether your goal is to have an asphalted driveway or starting a business, you know too well that this will require money. As such, you and your spouse need to come up with a saving strategy (experts also advise that you have your own savings account). Growing your money through passive income should also be part of the plan; this is where investing comes in. When it comes to investments, you need to start with what you already know and confident with. It also pays that you work with a reliable financial advisor.
Setting up contingency plans
The future is unpredictable, so you and your spouse need to plan for the rainy days. Income protection measures should be part of your list. You can create a contingency savings fund (emergency fund) to cover for months where no income is coming in. Getting health and life insurance should also be in the mix.
Talk to each other
Planning your married life can be quite challenging in some parts, but remember that it always takes two to tango. This means that you and your spouse need to be transparent with each other. Always be on the same page to avoid conflict and speed up the process of achieving your goals.