Have you said 'I can' before you say 'I do'? - Wedding Album

Have you said ‘I can’ before you say ‘I do’?

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Getting married is a very special and exciting event, one you may have planned for and dreamt about for a long time. Expectations can run high and, as the bride and groom, you and your partner will want everything to be absolutely perfect.

While we hate to rain on anyone’s wedding parade, it’s important to not get so carried away that you forget to stay within your financial means or forget to make responsible preparations for your financial future together. Before taking the big step, here’s what you should consider.

Know your options

First things first: you need to know the type of marriage as well as the type of matrimonial property regimes you can enter into. Read more on the different types and their financial implications here.

Have a pre-wedding money convo

It’s crucial to know your partner’s credit profile, especially if you plan on getting married in community of property. Knowing each other’s credit history will also give you some insight into each other’s financial behaviour. Be honest from the outset about debts and current financial responsibilities, such as child maintenance or assistance for parents or siblings.

Andrew Coffman/Unsplash – couple hands

Think about a joint account

If you and your partner are comfortable sharing everything, a joint bank account is a convenient way to manage your day-to-day spending and saving. If one of you is less financially responsible, make the decision that the person who is one good at handling finances will take care of the household budget instead.

Plan, plan, plan

Your wedding is only the beginning of your married life, so commit to saving and creating wealth from the start. Set up a meeting with a financial advisor to help you draw up a plan suited for your lifetime goals and needs, and ensure you meet with them yearly to stay on track.

Budget – every month

Sit down together on a monthly basis to check on your financial behaviour and spending. Not only is this good practice but will alert you to any potential shortfalls that you can tackle as soon as they come up.

Information supplied by John Manyike, Head of Financial Education at Old Mutual.

Photography pinterest.com/weddingalbumsa, Drew Coffman/Unsplash