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Financial wisdom for the big day and beyond

By Scott Baker, Liberty Finance

You’re engaged - congratulations! Now it’s time to start planning your next steps as a couple. Organising your wedding is exciting, but it's also an opportunity to establish healthy and long-lasting financial habits. By ensuring you see eye-to-eye on money, you can set yourself up for long-term success in love and finance. To help you get started, here are three tips to start building your financial future together.


1. Say “I do” to budgeting 

Learning how to prioritise, compromise and working toward goals on a budget is an important skill – in marriage and in life. Setting a budget with your significant other is a great way to kick off wedding planning and ensure you’re on the same page. 

It’s no surprise that weddings can be expensive. But your perfect day doesn’t need to come with a hefty price tag. Discuss your priorities with your partner – are you happy to save on the flowers, but not the venue? What are your must-haves and nice-to-haves? What aspects matter most to you?


Research is also key. Scout for venues and vendors that align with your vision and budget. Always get three quotes and don't be afraid to negotiate! Many vendors may offer packages that can be tailored to your needs.


Clear communication about budgets will make planning your wedding much simpler, and create good habits for the years to come.

2. How to tackle the awkward money conversations

Money conversations can be awkward. But understanding how to talk about finances with your partner effectively and respectfully is essential. 


Set a regular and consistent time to talk about all things money and finances – it’s a good excuse for a date night! Be open and honest about your financial habits, debts, and credit scores. Regular check-ins will keep you both on track and create a real sense of teamwork.


Once you’re more comfortable having these discussions, it’s easier to plan goals together. Remember, a good long-term finance plan sometimes means finding a happy middle ground. So, understanding how to clearly communicate your needs, wants and dealbreakers will go a long way.



3. Lock in your long-term goals together

It’s easy to get swept up in planning your big day, but don’t forget to think about your shared future after the event. It’s important to start discussing your long-term finance goals early on. Whether it's buying a home, paying off student loans, or travelling the world, align your aspirations and create a plan to achieve them together. 


If you haven’t already, lock in a time to discuss your goals with a mortgage broker. Mortgage brokers can help you understand what the next steps are to bring your dreams to life. Even if you’re a couple of years away from your next big thing, they can help you create a game plan to reach a significant financial goal like buying a car or a home. 


Your wedding is just the beginning of a beautiful journey as life partners. It can be daunting to consider mixing money and love, but working together towards goals can lay the foundation for a lifetime of shared dreams and financial stability. 


Whatever your vision for the future is, a mortgage broker can help bring it to life. From funding your wedding, to buying a home and building your life together, they can help you navigate different priorities and set you up for success.


Your love story is uniquely yours – make sure your financial chapter is as bright as the rest.

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