More actual accounting than true marriage advice, but According to the Association of Wedding Professionals the average wedding costs $26,000. That means that you need to make sure during your wedding planning that you take the time to check out wedding professionals like our Indiana Bride Magazine Vendors that give you the best bang for your buck! It also means that you need to keep this post-wedding financial marriage advice in mind; “The ease with which wedding bills add up, and get paid with credit, can often trigger a spending cycle that causes financial and emotional stress down the road”. Financial marriage advice 101 states the first two years of marriage are the most common years to rack up credit card debt because the spending cycle continues well after the wedding money is gone.
What do the marriage advice experts say regarding why newlyweds journey down this financially treacherous road? The answer is actually very simple: HABIT. The instant gratification of buying something new creates a sense of happiness. As human beings, we tend to continue those things that create a sense of happiness and if you repeat something enough, it could become a habit. But how do you bust out of the wedding spending cycle before it hurts your marriage? Simple again-Break the habit. Try out some of these financial marriage advice approaches:
- Give yourself an allowance each week. Take this money out in cash and when it’s gone, it’s gone, no more spending.
- Do not use credit cards; they make it way too easy to overspend. This is HARD financial marriage advice to live with- but remember that Habit issue!
- Distinguish between “wants” and “needs” and decide if the “wants” are really worth the price you’ll be paying (the financial costs and the emotional costs).
- Give yourself a 24-hour period or longer before purchasing a “want”. This will help you determine whether it was just an impulse buy or if you really want the item.
- Set long-term goals. If you are saving up for a honeymoon to Maui, you will be less likely to blow extra money on coffees or lunches out.
- Shop with a list and stick to it (marriage advice 101 says make sure both partners know how to use coupons)!
- Even better than shopping with a list is to write your list and then give it to someone else to purchase for you. If you aren’t in the store, you can’t make impulse purchases.
- Have you noticed that shopping carts keep getting bigger and bigger? That’s because stores want you to fill your cart with more items! Next time you go shopping, skip the cart. If you don’t have anywhere to put extra items, you will be less likely to purchase them.
- Write down every cent you spend, every day, for a week, and then add it up. Surprise! Did you realize you’ve been spending $50 extra a week on fancy coffee?
- Finally, create a budget and stick to it! Marriage advice experts say that a stick to it budget is one that the spouses have mutually set.
It can be lots of fun to plan your wedding, but realistic financial marriage advice says to remember to come back down to your financial reality after the honeymoon to ensure a financially stress free marriage. Need help creating a joint budget? Stay tuned for next month’s Indiana Investment Watch article and we’ll give some more great financial marriage advice with a budget walk through you BOTH can live with!
