3 Mistakes To Avoid While Planning
June 25, 2021
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Money is a challenge for many couples as the topic is often emotionally charged and often, couples are never formally educated in the art or science of managing their finances. A complete understanding of one’s finances helps lay a more solid foundation for a relationship as couples get more comfortable communicating openly about the topic. In addition, being money savvy helps couples create a financial plan that balances a desire to live fully today while preparing for their family’s financial security in the future. And for those looking to start a family one day, FacetWealth recommends couples start planning today. They’ll be glad they did and the investment in planning will pay dividends for years to come.
Mistake #1: Spending too much
- The Mistake: We want our wedding day to be magical and something we always remember. Something that our guests love and talk about for years. But one of the biggest mistakes that engaged couples make is leaving their wedding day in debt or tapping into retirement savings to help pay for it.
- The solution: The first is to plan ahead to make sure you save enough money to pay cash for your wedding expenses. Take your time and do it right, and you will have a more enjoyable first year of marriage. Other solutions include having the wedding during the “off-season”. Prices can drop considerably. One final solution is to limit the attendee list to the wedding. This is difficult as we want everyone to celebrate with us, but the bill can add up quickly so think about throwing a party at your house after the wedding and doing a potluck-style event. Those close to you will appreciate it no matter what.
Mistake #2: Forgetting the wedding is about you
- The Mistake: Nobody wants family squabbles spoiling their special day, but remember that your wedding should feel like you. Even the most well-intentioned suggestion can make you feel obligated to alter the event in a way that doesn’t feel right.
- The solution: Remember this response and use it as often as necessary: “that is a great idea.” It validates the other person’s opinions but does not require you to act. And remember that the wedding lasts only a few hours, investing time, energy and/or money in photos and other creative ways to preserve the memories is sure to yield benefits you can enjoy throughout your lives together.
Mistake #3: Not planning ahead
- The Mistake: Getting engaged and planning a wedding are very emotionally charged moments and for good reason. The drawback to this is that we often make decisions while in an emotional state. Many couples make the mistake of not having a financial plan in place and end up using debt for their wedding.
- The solution: Sit down and create a plan for the wedding. This includes understanding each person’s financial landscape, discussing goals for the wedding and setting limits for responsible spending. A third-party, professional advisor can help guide financial conversations and help to set reasonable overall goals.
About Brent Weiss, CFP Professional, Chief Evangelist and Co-Founder
As a founding member of Facet Wealth, Brent brings over a decade of experience as a financial planner to support Facet’s mission of making high-quality financial advice more affordable and accessible to families that need it most. As chief evangelist, Brent guides the vision of Facet’s financial life planning experience, ensures consistent brand messaging internally and in the industry, and acts as a champion and advocate for the financial planning profession. Prior to Facet, Brent was a principal at an independent wealth management firm where he served as a lead planner, chaired the investment committee, and coached and mentored next-generation advisors. As a believer in the empowering effects of financial planning on improving overall financial health and wellness, Brent is an ambassador for innovative next-generation planning solutions and the technology that will enable greater access.
About Facet Wealth
Facet was founded in 2016 with the belief that unbiased, personalized financial advice is essential to living well and that consumers should have access to personalized financial advice. Facet is the only financial services company that provides people with a dedicated CFP Professional to integrate unbiased financial advice into every facet of life, all delivered in a remote/virtual environment.