Arizona Tribune - OneMain Financial: How to Manage Finances When Getting Married

Create a Wedding Budget

Before setting a date, a couple should decide exactly what they want on their wedding day and establish a budget so they don't overspend. The cost of a wedding can add up pretty quickly when they include expenses like:

• Hall rental (for reception)

• Catering

• Wedding cake

• DJ/Master of Ceremonies

• Photographer or Videographer

• Invitations and Favors

The wedding budget is the total cost divided by the number of months until the wedding date. For instance, a couple that wants a $20,000 wedding in 24 months would need to save roughly $840 per month. They could also create a special savings account for the wedding expenses, borrow money from friends and family, or even apply for wedding loans to cover the cost.

Have an honest conversation about money before the wedding

It's important to discuss finances before the actual wedding day because life truly starts after the honeymoon. Having the first conversation about finances helps lay the foundation for the future.

Couples should openly discuss their financial habits, including

• Spending patterns

• Saving practices

• Any existing debts

• Future financial goals (combined and separate)

Addressing any financial stress or expectations before the wedding helps couples build trust and have a shared understanding of how to handle financial decisions moving forward.

Seek professional financial advice

Meeting with a financial planner to help align on long-term financial goals can be a good idea. A professional can provide personalized advice on managing investments, building retirement plans, and preparing for major milestones like buying a home.

Additionally, seeking expert guidance on tax strategies, particularly when deciding whether to file jointly or separately, can help optimize the tax situation as a married couple.

The Bottom Line

Talking about finances isn't usually something people get excited about, but having these conversations early can help lighten the load of any financial stress before the big day. Couples should establish a budget for the wedding day to ensure spending doesn't go overboard. It's also best to talk about present and future financial goals now to get on the same page and better support each other through every financial milestone moving forward.

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About OneMain Financial

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OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.

CONTACT:

Sonakshi Murze
Manager
[email protected]

SOURCE: OneMain Financial

View the original press release on ACCESS Newswire

A.O.Scott--AT