What to Do with Wedding Wealth

It was amazing to see how easily money flowed out during the months of preparation. Now that you have some back reincarnated as loving gestures from family and friends, you can plan on what to do with it next. Whether you intend to tuck the funds away to help pay for your offspring's special day, or plan to burn it all under a tropical sun on vacation, the following article offers some suggestions.

Wedding Wealth Tip #1 - Immediate needs

Think about using the money to take care of immediate necessities. This may include a down payment on a house, buying appliances, or getting out of credit debt. This train of thought is for the practical minded. Addressing credit card debt may not be as fun as buying a pair of Jimmy Choos, but you may sleep easier.

Wedding Wealth Tip #2 - Have no interest in paying interest

How do you feel about paying more money because you cannot pay the full amount yet? Yes, we all greatly abhor paying interest. Interest may be a reality, but you do not have to be tolerable of it. Gather your bills together, and use the money to eliminate debts with high interest rates.

Wedding Wealth Tip #3 - For a rainy day

Do you know what will happen tomorrow, next week, or a month from now? If you could, you would not be interested in reading this article. No one knows what the future holds, so it is better to be ready for the unexpected. Consider establishing a six to nine month, emergency budget. This way, you and your spouse will not be taken by surprise and will have a practical solution in the wake of unstable, economic times.

Wedding Wealth Tip #4 - Buy now

This piece of advice is tied to time, so may make more or less sense depending on the housing market. Now is a good time for home buyers. Real estate prices have been lowered, and interest rates are relatively low. Think about placing funds in a bank account with the highest interest rate if you are thinking about buying within the next couple of years.

Wedding Wealth Tip #5 - Golden years

You just married your better half. Can you fast forward a few decades passing anniversaries, kids, and getting to your retirement? Do you see yourself and spouse living comfortably? The vision may get clearer after you decide to place your wedding funds in something like a Roth IRA. The money will accumulate over time free of tax.

Wedding Wealth Tip #6 - Carpe Diem and spending dollars

Many couples may like this tip the best because it seems like the most fun. Yes, being practical is good; sometimes laughing now results in crying later, but immediate gratification is so enjoyable! Seize the day and your time together. Think about taking lavish vacations, augmenting your wardrobe (his too!), or buying fun toys with your wedding money.