Money and marriage

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Start out married life on the right financial foot with top tips and advice from Standard Life experts.

Along with buying your first property, paying for a wedding can be one of the most expensive things you're likely to do in life. As a result, many newlyweds risk starting out in debt putting a dampener on just-wed marital bliss. Pension and savings specialists Standard Life has come up with some handy hints to get you on the right track from the get-go.

Make a budget and stick to it
It's vital that you don't underestimate what your wedding will eventually cost. So why not use one of the many online budgeting tools to help you plan your wedding, then set a limit and stick to it, working out where you can cut back from the outset? It's the only way to keep your wedding finances on the straight and narrow.

Even if one of you has a better financial brain than the other, it shouldn't let the other half off the hook. You'll have a much better chance of creating a successful budget for not just your wedding, but your married life, if you're able to discuss and plan it together.

If you decide that there's no other way and you really do need extra money, then it makes sense to put a structured repayment plan in place rather running up an unauthorised overdraft or credit card debt. And be realistic about meeting the repayments once you're married, particularly if you're moving home and could have other new commitments to pay for too.

Tackle debt before tying the knot
To avoid money worries becoming an issue once you're married, as with all financial concerns, good communication is vital, so it makes sense to discuss any debts together and decide how you're going to tackle things.

List the debts, create a plan for clearing them as quickly as possible and incorporate it into your budget.

Why not maximise your savings before the wedding?
Many couples choose to have a long engagement which gives them time to save for their big day and to start off on the right foot. Setting up a specific savings account and contributing to it monthly is a good way to stay on track.

Back from the honeymoon
Once you've built up good habits for your wedding, try to keep them going once you're married, topping up your savings and investments if you can.

If you've taken out a loan for your wedding and/or have several debts to clear, then check which ones are costing you the most, look at how you can manage them and aim to clear the most expensive ones first.

It's a good idea to build up an emergency saving buffer of at least three to six months of income in case of any emergencies – for example, to cover regular outgoings if one of you is out of work for a while.

Planning a lifetime together
The earlier you start saving and planning your finances for your future, the greater the opportunity for your investments to grow. As your investments grow, the money they earn you can become compounded, with growth on top of growth. That's why, if you aren't already investing into a pension, it's a good time to consider starting. Investments can go up as well as down and you may get back more than you put in. It's also important to consider things like life insurance and to write a will to help ensure you and all your loved ones are still looked after if one of you is no longer around.

Financial benefits of marriage
There are a few areas of finance that can become joint once you're married. When applying for a joint mortgage or loan as a married couple, the debt and credit history of your partner will have an impact which is important to bear in mind.
Once married, if one of you earns more than the other, then you may also be able to make the most of tax benefits through the Marriage Tax Allowance.

Posted: Friday, 3 November 2017

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