Putting Finances to the Test

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When it comes to getting engaged, your wedding and your future, money can be a tricky subject. But it is a topic that you and your fiancé need to discuss as weddings can be a pricey bill. You both need to sit down and talk about each other’s finances. Financial stress has made and broken relationships all because there was no established mutual agreement to begin with.

Setting a budget can let you both know exactly what you have to spend. Make a list with your fiancé of everything he/she wants and then you make a list of everything you want. Afterwards, you can compare your lists and decide what is more important and where you can make financial cuts. You can do this when you’re planning your wedding, honeymoon, and future.

Talking about any past debts before entering marriage is important. You do not want to enter a marriage with any negativity. Paying off any outstanding debts should come before your wedding for the reason that you do not want to put yourselves in more debt.

Below you will find some tips and suggestions for financial planning your futures:

  • Be committed to your budget and have a savings plan
  • Set up a RRSPs fund or tax free savings account
  • Look at expenses in your life that you do not need
  • Use resources that you already have when planning your wedding
  • Try not to use your credit cards
  • Get your money to work for you

Visit Gail Vaz-Oxlade’s website for more helpful tips. (The jars really work!)

Do not be afraid to explore alternative financial opportunities. Whether it is investing in the real estate market or purchasing stocks when the market is low.