As you start a new chapter in your life, you may be wondering what to do with all the wonderful wedding gift money you have received. While it may be tempting to splurge on a lavish vacation or fancy gadgets, it’s important to make responsible choices and invest in your future together. In this article, Events by Lexi discusses responsible ways to spend your wedding gift money, so you can put those funds towards your relationship and your future.
Preparation Counts: Setting up an Emergency Fund
Life is unpredictable, and you never know when an unexpected expense might hit you. Therefore, as Morgan Stanley points out, it’s essential to set up an emergency fund. An emergency fund will help you prepare for anything life throws at you, reducing financial stress. The Motley Fools suggests starting by opening a high-yield savings account, so your money can grow with time. Make sure to save at least three to six months’ worth of living expenses.
Planning an Amazing Honeymoon
Your honeymoon is a once-in-a-lifetime experience, and it’s crucial to spend it in a way that strengthens your relationship. Therefore, consider using your wedding gift money to help finance your honeymoon. You don’t have to go over the top, but do whatever it takes to make it unforgettable, like an adventure to Disneyland in Anaheim. As you plan your trip, be sure to consult online resources that detail how to head to Disney without going broke.
Paying off Your Debts
Debts like credit cards, student loans, and car loans can weigh you down and hamper your financial growth. Therefore, use some of your wedding gift money to pay off your debts and become debt-free. Being debt-free will help you have better control of your finances, reduce stress, and give you a sense of financial freedom.
Making New Memories Together
It’s true that experiences provide a higher level of happiness than material possessions. So plan smartly to invest in experiences that
you’ll never forget. In addition to somewhere like Disney, take a trip to a place that has always been on your bucket list or do something adventurous like bungee jumping or skydiving. These experiences will strengthen your bond, create memories, and help you live an exciting life together.
Saving Up for a Home
One of the most significant financial investments for anyone is a home. Therefore, consider putting your wedding gift money towards saving up for a down payment on a home. Check out local real estate listings to get an idea of prices, and find out how much you need to save. You can also speak to a financial advisor to help you make a solid plan towards your home purchase.
Starting a Retirement Fund
Investing in a retirement plan is a solid financial strategy to build wealth over time. Therefore, consider investing some of your wedding gift money in a retirement plan, such as an IRA or a 401(k). Speak with a financial advisor to discuss your options and the best way to get started.
Pay for Tuition to Go Back to School
Furthering your education is a great way to spend your money. If you’ve been contemplating returning to school to pursue a bachelor’s degree as a means to enhance your career prospects or increase your income, the present moment might be ideal for taking that step. Enrolling in college-level courses need not be arduous or expensive, particularly if you opt for online classes as you seek to earn a business bachelor degree.
Completing coursework and assessments online provides the flexibility to seamlessly integrate your education into your existing lifestyle and work commitments. Attaining that sought-after degree not only enhances your credibility but also instills a profound sense of achievement, especially as you learn the latest concepts in areas like leadership, accounting, and business administration.
Becoming an Entrepreneur
If you’re an ambitious entrepreneur looking to launch your own company, now may be the perfect time to turn your dream into reality. Starting a business is an excellent way to create wealth and gain a sense of pride and accomplishment. If you’ve received wedding gift funds to put towards your goal, consider forming an LLC to protect your assets and gain tax benefits. To ensure a smooth and successful setup process, seeking guidance from a business attorney or working with a formation service is highly recommended.
A happy and financially secure future together starts with responsible wedding gift spending. By preparing for emergencies, paying off debts, saving up for a home, going back to school, and starting a business, couples can build a strong foundation for their life together. Remember, the journey to happily ever after begins with making wise financial decisions that will benefit both partners in the long run.
This article was written by guest blogger, Jennifer Scott of Spiritfinder.org.
Events by Lexi provides coordination and management services for on-the-go couples who are planning their one-of-a-kind dream wedding. Reach out to Lexi today by calling 410-978-2048!
Cover image by Darcy Troutman Photography.
