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Taking a Look at the Financial Ins and Outs of Planning of a Wedding

Life Stages Blog Post Three

Getting everything in order for what may be the most significant day of your life is, as you can imagine, easier said than done. Once you’ve tied your relationship down, your mind is flooded with a number of overwhelming thoughts once you start to think about your wedding: Who are we inviting? Where are we getting married? What’s the best date to set? What “style” of wedding are we aiming for — small and casual or massive and formal? Before you even begin to think about how much everything is going to cost, you’re probably already stressing out about planning.

Take a second to congratulate yourself as well as your spouse-to-be. You’ve declared your love for each other and that’s truly something worth celebrating and publicly acknowledging!

We Can Help You Work Through the Numbers of Your Big Day

Fortunately, your Rock Springs Bank here at Commerce Bank of Wyoming is here to help you navigate the financial aspects of planning a wedding and following up with a honeymoon trip. We’re continuing our multi-part blog series about financial planning throughout various milestones of life, and today’s post concerns marriage. While marriage isn’t for everyone and it’s not necessary to have a full-blown ceremony and reception, many people do get married, and our Community Bank genuinely hopes that you’ll find the following information to be helpful.

So, sit back with your significant other and learn more about the financial implications of marriage. If you have any questions at any point, don’t hesitate to get in touch with our friendly team of Bankers.

Keep This In Mind Prior to the Wedding

Legally-speaking, things are going to change for you and your partner post-marriage. While the rights and responsibilities obtained via marriage are defined and overseen by the state of Wyoming (or whatever state you’re living in at the time), it is possible to modify some of these legal matters. Through a premarital or prenuptial agreement, you and your spouse can keep property separate if that is your intention.

Make sure that you’re both on the same page when it comes to these types of questions:

  • Do we want our assets to be kept separate or collectively managed? What about a hybrid option?
  • What financial advantages are there to signing a prenuptial agreement?
  • How do we create a legally binding prenuptial contract? Is a lawyer required?

Law and finance are very intertwined when it comes to something as significant and long-lasting as marriage. Naturally, we can answer these questions and more, helping provide a much-needed peace of mind.

Start Saving Now (Or Even Earlier)

To the proposer: we can only trust that you’ve begun to save up some wedding funds in anticipation of popping the big question. As for the proposee, understand that you might live a little more frugally than you’re used to with respect to paying for the wedding. Yes, it’s true that some parents pay for a significant chunk of the overall wedding or at least the reception, and some parents would rather see a young couple’s savings go toward buying a house. However, it’s never a bad idea to start saving for your wedding when you’ve been engaged or even prior to engagement.

Take Your Budget Seriously

If you’re like half of couples that get married, then you’re probably going to exceed your wedding budget by a considerable amount. As you begin saving and spreading the word of your engagement (which doesn’t take very long thanks to the help of social media), our Community Bank encourages you and your family to make your wedding budget an open discussion.

This information can be relatively private in the sense that you’re not openly sharing it online, but developing a concrete budget and actually adhering to it is easier when you have multiple parties to hold you accountable. Our financial advisors strongly recommend paying for wedding-related expenses and bills in cash rather than lines of credit, loans, or dipping into a retirement savings account.

Marriage Rights and Benefits

There’s a lot to be excited about when it comes to getting married, and tax breaks are no exception. Tax breaks are typically obtained when you and your spouse file jointly.

The benefits of tax breaks via marriage include inheritance rights and estate planning benefits, government benefits such as Social Security for your spouse, employment benefits like receiving health insurance via your spouse’s employer, and consumer benefits such as receiving family rates on insurance policies.

After you’ve been officially married (or even waiting in anticipation of getting married), you’ll probably want to review your insurance policies, bank accounts, lines of credit, and other major financial aspects of your life with a professional. Commerce Bank of Wyoming may not be able to help out in the insurance part of matters, but otherwise, we can help you manage your money as a couple without any issues.

Make It Clear That You Intend On Taking a Honeymoon With Your Spouse

No one wants to outright beg for money from their wedding guests, but making a honeymoon registry and informing guests about the nature of your trip will help them tailor gifts around it. Websites like Honeyfund.com provide a free resource to create a honeymoon registry and alleviate the stresses of wondering who’s going to buy what.

Visit Commerce Bank of Wyoming for Answers to Your Questions

Wedding planning is stressful during this monumental time of your life, but our experienced team of Bankers can help you manage your money in a responsible and successful manner. Reach out to us today to get started!

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