Post-wedding Budget Planning.
Post-wedding budget planning should cover two distinct facets of family members’ lives: the near term and the long term.
Nowadays, many betrothed couples are using their own funds for their wedding (or even paying for it entirely themselves), so it’s more essential than ever to contemplate your post-wedding budget plans just as much as you’re thinking about your wedding budget.
After all, a wise man once said “Simplicity is the key to a family budget”.
Whether you’re putting money away for a house, want to pursue a graduate degree, plan on having children, or desire to explore the world, there are so many other things you’ll want to be able to do with your money that stretches beyond just your wedding day.
Near Term Budget
Your near-term budget should take into account the day-to-day items that involve your family. To start with, the home: This is often the most costly item in a personal budget, and includes mortgage payments or renting, utilities, upkeep, and supplies.
Other items related to day-to-day life that need to be taken into consideration include groceries, fuel, clothing, child care, insurance, and out-of-pocket medical expenses. Furthermore, families need to draw distinct lines between set and discretionary spending.
Long Term Budget
A budget should address long-term goals, some of which are further out than others. For example, virtually everyone’s longest-term objective should be to have a comfortable retirement. So, a budget needs to incorporate retirement plan contributions and other ways to meet this goal.
A relatively less long-term goal might be funding college for each child. And, as a long-term but “as soon as possible” objective, a budget needs to be structured to pay off debts and maintain a strong credit rating.
Finally
Having a budget is paramount to your financial success. You should always have a plan for your money and the way to do that is through budgeting.
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