At home here in the UK and away in places all around the world, marriage is a huge institution that spans countless religions, bringing people together to celebrate their love for one another. It’s also a truism to say that in the vast majority of cases, the marriage of two people facilitates greater financial stability of those individuals – two pillars are stronger than one.
Some commentators would even go as far to say (perhaps jokingly, perhaps not,) that married people are better for the economy than single people. Whether or not this sort of claim has any truth is yet to be proved or disproved. However, if you’re married, or you and your partner are just about to tie the knot, one of the things you should be thinking about is how you’re going to create a financially stable future for yourselves.
Now, there’s no one method that you can implement that will give you perfect results, but you might find that by following some (or all) of the below advice, that you are able to carve out a strong financial position for you and your partner. Here are just a few of the things you could be working towards.
Not Married Yet? Reduce Your Wedding Day Spending
First-things-first. If you’re not yet married and you’re still in the planning stages, really look over the figure you’ve allocated as your total budget for the big day. Can you really afford it? Even if you can, could some of that money be better spent on a more practical purchase (such as one of the investments we mention later on in this article)?
Although your wedding day might seem like the most important thing in the world to you whilst you’re planning it (and it will certainly be a day you remember for the years to come!), with the average cost of a wedding over £18,000, and some publications even suggesting higher averages, you can’t deny that some of that money could be better spent elsewhere.
Analyze Your Credit Scores and See Whether They Can Be Improved
One of the benefits of getting married is that when it comes to large financial purchases, you can always choose to pay for them together over a period of months using credit.
Of course, to do this, there’s one large prerequisite: that you and your partner both have good enough credit scores to allow you to pass whatever credit check the credit providers put you up against.
To enable you to be confident enough that your credit score will be up to the challenge, you should check your credit report using a site like Experian. Looking closely at your report will allow you to see what aspects of your credit history are working for and against you, and this can enable you to change some of the negative factors in your favor. This is essential, as Different Money suggests, because a poor credit score could prevent you from attaining credit cards, a mortgage or other essential loans.
Start Saving for Your First Investment
Finally, personal finance is a long game, and this means that if you really want to secure your and your partner’s financial future, you should be thinking about your first investment. Whether that’s brick and mortar, or some basic dabbling in the stocks and shares market, investing your money is a smart way of securing your financial future as a couple.
If you are planning on investing, remember that all markets are difficult to predict and chaotic. This means that you should always consult with your partner and ensure you’re confident in the outcome before you invest.
Ultimately, creating a secure financial future for you and your partner will be challenging. However, it’s not an impossible task, and if you’re willing to follow some of the above advice and stick to it, you’ll see you and your partner’s finance start to shine.