Tips on the best ways to invest, save and spend your wedding gift money
Just tied the knot and returned from that romantic honeymoon on the beach? If you asked for money gifts, stacks of wedding cash await you at your door. 💍💰
What will you do with all your wedding cash? Follow this guide to decide on your next steps.
Talk to your partner. Because there are no set rules on what to do with wedding gift money, you and your partner need to make sure you both have the same ideas on where the cash is going. Will you put it towards the mortgage on your new dream house you just bought? Will you set it aside to save for the future, like retirement or college funds? A little bit of both? This decision is ultimately up to the both of you.
Regardless of your dreams, first thing’s first….
Pay off debt. Chances are your dream wedding didn’t come cheap. (You probably already know that the average wedding costs 40Gs.) It’s wise to pay off any debt from the big day with some of the money you received as a gift. Also, put some money toward paying off other debt you and your partner may have.
Save some. Keep a little money in your back pocket for later. If used wisely, your wedding cash can help you and your partner out with future expenses.
Create an emergency cash reserve. Trust us; stash some extra cash in case of an emergency.
Save up for something important to you and your partner. If you’ve been dreaming of a hot new sports car or a once-in-a-lifetime trip to Greece, now’s the time to save up!
Put some money aside for retirement. This may seem super far away, but putting some of your wedding gift money into a retirement savings account will be well worth it.
Spend some. Psst … it’s okay to splurge a little! You just got married, after all—don’t be afraid to spend some of your wedding gift money to celebrate your happily ever after. Just don’t go overboard and remember to stay within your budget.
You have lots of options to consider how you’ll spend your wedding dough. It’s most important to choose the best option for you and your new life partner.
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