A Newlywed’s Guide to Managing (Wedding Gift) Money

You’re back from your honeymoon, and the new chapter of your life as a married person starts to come together. Before you can fall into a routine though, you need to take care of a few things.

Once thank-you notes have been sent off and names have been changed, it’s time to address your finances together. Consider opening a joint account, and make your first deposit with the wedding gift money you’ve been carrying around in an envelope. Depositing that money will make it harder for you to spend it on impractical things, and you can put it to good use in your life together. If you’ve been unsure of how to make practical choices with your wedding gift money, we’re here to help.

Prevent Being Poorer While You’re Richer

Instead of blowing wedding gift money on a Jacuzzi or a night out, put some aside while you have it or invest it in ways that will enrich your lives in the future. Things happen every day, and life can change in an instant, so it’s best to plan ahead. Talk to an advisor or sit down with your spouse and discuss your financial goals as a couple.

After all, if you’re planning on having a child anytime soon, the extra money can be put toward a savings account specifically for that. If you’re hoping to buy a home together, put it in a separate saving account for the down payment. Your goals will determine where you put the money and whether it makes sense to invest or pay off debt.

Consider using the money to pay off all of your combined debts, one at a time. You’ll both feel a “sense of accomplishment” with each debt you cross off your list, according to Good Financial Cents.

Paying off debts should increase your credit scores, giving you access to better rates and opportunities the next time you apply for a home, car, or other loans. Prevent being credit poor or cash poor, and stash savings away for an emergency fund of at least $1,000.

Prepare For Sickness

It’s good to have a chunk of change on-hand just in case, but you can take preparing for emergencies a step further by investing the gifted money into insurance policies with coverage that will outlast your hard times.

Since you and your spouse have committed to taking care of one another, consider spending money on term life insurance, which you can buy in terms of 10, 20, and 30 years. In the rare yet possible event that one of you passes away unexpectedly, the surviving spouse needs to be able to continue paying bills and any remaining debt without your help. A term life insurance policy is a cost-effective measure that will allow the surviving spouse to grieve without the stress of potential financial ruin. Use an online calculator to figure out how much coverage you need and what the monthly premiums will be.

If you want to take it a step further and you have some wedding money left over, a final expense policy is also worth considering. While this is definitely a tough topic and often a policy geared toward seniors, a final expense policy, or burial insurance, provides additional funds to cover funeral costs, medical bills, outstanding debt and other expenses a young surviving spouse will have to manage. Best of all, final expense policies are a form of whole life insurance that never expire if premiums are regularly paid. Do your research and talk with a professional to decide which policy is best for you.

This Day Forward, Plan For Better

After you’ve come up with a plan to take care of everyone in the event of an emergency or sudden death, push the negative stuff out of the way and spend the rest of your money on something positive you can do together. If the two of you stick to your budget, you should be able to put some of your savings toward low-cost entertainment without letting your bank account suffer.

Put any remaining gift money you have toward date nights or a trip for your one-year anniversary. Give yourself something to look forward to together. Your journey together didn’t stop when you two were finally married or after the honeymoon ended. There’s a lot left in store for you both, plan on it.

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Marriage is one of the most important and life-altering commitments a person can make. To make it last a lifetime, it takes love, commitment, and hard work. That is why premarital counseling is so important. It gives couples a chance to lay the groundwork for a strong and healthy marriage, talk about possible problems and conflicts, and learn the communication skills they need to have a happy relationship.


What exactly is premarital counseling?

Premarital counseling is a sort of guidance that is specifically designed for couples who are about to marry. The purpose is to assist couples in identifying and addressing possible concerns in their marriage before they become serious ones. Communication skills, financial matters, expectations and roles, and dealing with differences are examples of such issues.

Why is premarital counseling necessary?

Marriage is a lifelong commitment, and premarital counseling can assist couples in preparing for the challenges and changes that will inevitably arise. It will aid in identifying and resolving possible disputes in the marriage before they become serious issues.

Communication is essential in any relationship, and premarital counseling can assist couples in improving their communication skills and building a stronger partnership. It will assist couples in establishing shared values and ensuring they are on the same page in terms of their goals, expectations, and priorities.

For whom is premarital counseling a good idea?

All engaged couples, regardless of culture, religion, or duration of the relationship, can benefit from premarital counseling. It’s an excellent way to invest in the health of the marriage and the future of the couple’s relationship.

What should couples anticipate from premarital counseling?

Couples can expect to engage in a variety of activities and conversations designed to help them explore their relationship and lay a solid foundation for their marriage. Discussions regarding communication, expectations and roles, dealing with differences, and money matters may be included.

Premarital counseling is an excellent investment in a couple’s relationship’s future. It gives couples the tools and skills they need to develop a successful and healthy marriage, as well as preparing them for the problems and changes that may arise over time. If you’re thinking about getting married, think of it as an investment in your future, laying the groundwork for a lifetime of love and pleasure.