When it comes to wedding planning, money plays a huge role. How much can you afford to spend on your big day? What are your priorities when it comes to wedding expenses? This also extends to how you and your partner feel about money in general—are you on the same page when it comes to your finances?
If you want a smooth and low-stress wedding planning process, it’s important to have open and honest financial discussions with your partner long before the big day arrives. Here are some key money topics to discuss before you start planning your wedding.
1. How much do you want to spend on your wedding? – This is probably the most important question to ask in the wedding planning process. Do you have a specific budget in mind? Are you willing to splurge on certain aspects of the wedding, or are you hoping to keep costs down as much as possible? Having a clear idea of your overall budget from the start will make it much easier to plan a wedding within your means.
2. Who will pay for the wedding? – Will you and your partner be footing the bill, or will parents or other family members be pitching in? If so, how much are they willing to contribute? Knowing who is paying for what can help you better understand your overall budget and make more informed decisions about where to allocate your funds.
3. How many people will likely attend the wedding? – This may seem like a strange question to ask at first, but the number of attendees will have a big impact on your budget. The more people you invite, the more expensive your wedding is likely to be. If you’re hoping to keep costs down, it’s important to have a realistic idea of how many people you’ll be able to invite.
4. What are your priorities when it comes to wedding expenses? – Every couple has different priorities when it comes to allocating their budget. For some, the most important thing is an amazing venue, while others may prioritize great food or an expansive guest list. Knowing your priorities can help you make smart choices about where to spend your money during the wedding planning process.
5. Will you combine your finances after you’re married? – This is an important question to discuss before the big day, even if your wedding is months off. If you do decide to combine your finances after you’re married, it’s important to talk about things like how you’ll handle bills and savings, as well as any debts that either of you may have.
6. What are your thoughts on financial security? – Financial security is another important topic to cover before getting married. Amidst all the spending for a wedding, you’ll want to consider your financial future together. Especially if you’re planning on starting a family, you’ll want to think about things like an emergency fund, childcare, health insurance, life insurance, and your overall financial security. Have a solid plan in place can help you feel confident about your future as a family.
7. Do you have any debt? – This is an important topic to cover before you get married, as it can have a big impact on your financial future. If either of you has significant debt, it’s important to talk about how you’ll handle it going forward. Will you pay it off together, or will each of you be responsible for your own debt?
8. What are your long-term financial goals? – You’ll want to get on the same page about big financial goals before getting married. Do you want to buy a house? Save for retirement? Have children? Knowing what your goals are will help you make smart decisions about your finances now and in the future.