Financial Tips for Students Planning to Get Married

Financial Tips for Students Planning to Get Married
  • Opening Intro -

    Getting married is a major step in your life, and you can expect to enjoy some financial benefits that come with combining households.

    However, you also have some challenges to face as students who are just starting out on your own.

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Choosing to focus on strengthening your financial standing as a couple helps you start out your marriage with the best prospects for a bright future.

Discuss How You Will Handle Finances

Before you get married, it is best to make some decisions such as whether or not you want to combine your bank accounts. You will also want to decide who will be responsible for paying the bills each month and checking on your savings. It is also important to set some time aside where you can both sit down together to discuss your budget.

Choose Quality Rings

There’s no way around the fact that you will need to spend some money on your wedding. However, it is important to know where to focus your spending.

Too often, young couples spend too much money on parts of their wedding that do not last such as the music or the food.

Instead, direct your spending toward the things that you will need to keep for the rest of your life such as the engagement rings. Since rings tend to maintain their value, they are more of an investment for your future.

Look for Affordable Housing

Depending upon your current living situation, you may be eager to get out of the dorms and into your first home.

Choose a house that is just the size that you need with maybe one extra room for guests. You can always upgrade later if you expand your family, but keeping your rent or mortgage payments low helps you to save more money.

Alternatively, for those students who don’t have the funds for a house down payment, look for married housing and apartments near you that accommodate couples.

Focus on Building Your Savings

Once your honeymoon is over, you need to start directing your attention to building up your savings account. This helps you to be sure that you have the money you need to handle emergencies. Set aside a specific amount of money from each of your incomes each month to go to savings.

Even small amounts add up over time. Right now, your savings will be focused largely on college, but don’t forget to save towards retirement as well.

other valuable tips:

Going to school and getting married are two major events in your life that can dramatically change your finances. Although you may be in the middle of planning your upcoming nuptials, you do need to set aside time to discuss your finances.

From making investments in your future to being careful with your budget, there are ways to continue to build your financial portfolio as you enjoy the benefits of combining your incomes.

Image Credit: students planning to get married by Pixabay

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Categories: Finance

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