As you get older, two of the most important days of your life will be the day that you get married and the day that you purchase your first home as a couple. For some couples, these two milestones overlap one another as they find themselves trying to juggle the wedding planning process and tying up loose ends for the big move all at once. While neither one of these life events is particularly cheap on their own, they can be even more challenging to manage together. So how do you do it?
Make yourself a financial road map. You’ll want to plan out your overall spending, savings and investments, of course, but you’ll also want to have a buffer in case you have to deal with any issues along the way. Plan to add a little bit of a cushion to both your wedding and housing fund and you won’t feel like your entire world is caving if something goes rouge.
Remember that the only loans you should carry into your marriage are those that apply to your home – not the wedding. Instead of maxing out credit cards with high interest rates to pay the caterers, pay for the wedding in cash as much as possible. Then when it comes to your home, take out a low-interest loan that can be paid back slowly over time.
While your wedding day is a monumental occasion, remember that it is just one day and it is the marriage and the home that you build with one another that will matter most once the “I dos” are exchanged. Set a firm spending cap on the wedding and create a realistic budget. This will keep you from dipping into funds that were originally designated for your home.
Lastly, make sure that you and your fiancé are open and honest about your financial values, goals, expectations, etc. from the very beginning. If the two of you are going to build a successful life together, than it is extremely important that you know you are on the same page throughout all of this. Being able to discuss your finances with your partner allows you both to understand which aspects of both the wedding and the home buying process are most important to you.
Just because planning a wedding and purchasing a home at the same time isn’t exactly the easiest choice for every couple doesn’t mean that it’s impossible. Hopefully these tips will help get you ready to make the next step, and we invite you to share any of your own tips with those couples going through the same experience in the comments section below. We’d love to hear from you!