Planning a wedding can be an incredibly daunting financial undertaking. Not just in terms of planning and budgeting for the big day, but for your financial future as a couple.
We sat down with financial advisor Kristen Lalieu on the benefits of meeting with a financial advisor as a couple, before you start your life journey together, and how this can help you.
How can a financial planner assist engaged couples planning for a wedding?
A good financial planner will be able to guide you on the critical discussion you should be having with your partner before you get married. Money arguments are a leading cause of divorce. That is why having a financial plan and taking time to engage in meaningful money talks on a regular basis can be a make or break decision for couples.
When should brides and grooms start to approach a financial planner?
A bride and groom should approach a financial planner as one of the first steps along with choosing a wedding venue and setting a date. Involve your financial planner when deciding which marriage regime is best for you.
How can a financial planner add value for planning and saving for a wedding and honeymoon?
A financial planner can help you to decide how much you can afford to spend.
How can a financial planner help you with your life together?
Choose a financial advisor that will help you to design and structure your financial affairs in a clear and strategic way. They should create a plan that is about you, your dreams and your priorities.
What is your biggest advice to people getting married and starting a future together?
My top five tips would be:
- Communicate, many couples find it hard to talk about money, but this can and often does lead to problems down the road.
- Be honest about what you own and how much debt you have.
- Educate yourselves, the more financially educated you are, the more empowered you are to make wise decisions.
- Tackle financial problems as a team, take the time to review your family spending and plan ahead for any unexpected bills or expenses that may require some adjustments. To the brides out there, continue to be involved in all the financial decisions. Trust your ability to learn about financial matters and improve your financial literacy.
- It may seem far away but start planning for your retirement immediately.