As the wedding season is on, many couples are tying the knot, and tying their finances. These days, couples prefer to spend on the wedding themselves, rather than relying on their families entirely. A large portion of their savings goes into booking an exotic venue, arranging an extensive menu, buying expensive clothes, and hiring photographers. But, getting cash as a wedding gift is a good idea as couples try to start their new life amid a sluggish economy.
If you happen to be that enviable couple with zillions of envelopes containing a lot of dough, we tell you smart ways to utilise it. No matter how tempted you feel to go on a shopping spree and spend that unimaginable amount, we recommend you follow the ideas below.
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You must have spent a bomb for that magical event of tying the knot with the one you love. All that magic surely must have costed a lot. It is time to come back to the real world and look into the bills of all the vendors lying in your drawer. Waste no time, and pay off the entire debt you accumulated. Even if you managed to evade debt from the wedding festivities, consider paying your previous ones- any loan, credit card payments, etc. Confused which one to pay first? Prioritise on the basis of interest rates. The one with higher rates needs to be paid-off first. Or, if you have no debt at all, simply add the cash back to your savings account, and at least restore it to the pre-wedding level, if not more.
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You would need a better space for both of you. If you had been dreaming of buying your own house, use the money for the down payment. If you think the gift money is not sufficient enough, you can consider taking a bigger rented house, and use the money for the security deposit. But, even if your house is sorted, you can always upgrade and improve your current nest by getting new furniture, curtains, etc.
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It is extremely important to invest for the future. And, the best bit of receiving cash as wedding gifts is that you can actually use it to make more money. Invest in fixed deposits, or stock market, depending on your knowledge and the kind of risks you wish to take. You can also consider a financial planner for best possible investment options. This will also be the perfect time to plan your long-term goals together, which can be anything from a vacation to an exotic location, or planning your child's future, so invest accordingly. Other smart investment options include retirement savings, and insurance options for yourself and your partner. Pushing investment goals for later would make it difficult to attain, so better do it now.
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Marriage is not just about living together and having kids, it comes with a huge set of responsibilities and some unexpected expenses. There will be family additions, and you might need a lot of new things. Or, you might face some unwanted, unexpected emergencies, which you had not planned for. You would not want to do away with your retirement savings or let go of some other investments during such emergencies. Thus, instead of straining your bank account, the smart way is to prepare for it beforehand. Start a rainy day fund, and put all your cash gifts in that. For better peace of mind, open a separate account for this to ensure that emergencies are less stressful than anticipated. Also, this might help you meet some short-term goals.
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Oh come on, we were not trying to scare you with serious financial advice. After that madness of making your relatives and everyone around happy during the wedding, we know that you totally deserve some alone time, that too at some exotic location. Treat yourself and your partner to something exceptional and memorable. You can spend on that fabulous honeymoon and not even feel guilty about it. Yes, you can splurge all the money if you want!
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Shoddy finances or impulsive spending may lead to instability or make the relationship sour. Wedding cash gifts are for both of you, so you together need to allocate it depending upon your priorities. However, our advice would be to think wise, secure your future, and simply enjoy the present. There are years of living together yet to come, better finances would just be an added advantage. And marriage is as much governed by finances as it is by emotions.
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