Til' death do us part - financial tips for couples approaching marriage

There are few life events bigger than getting married - and very few more expensive! In order to fully enjoy your big day, make sure you have planned and budgeted for the cost early. When you’re giddy with excitement, picking out the perfect dress, money is often the last thing on your mind. However, so there’s no black cloud hanging over your head as you prepare to say “I do”, Kindar Brown, Senior Financial Planner at Rathbones shares her tips on saving for the big day and beyond...

• Sit down and talk 

This may seem obvious, but the most important thing you can do for your finances as a couple is to talk about them. Discuss your goals, hopes, and dreams, such as buying a house and starting your family - even down to having a pet. This will help you both plan your budget, both for your wedding and for the future overall.

As you start planning for the big day, discuss how you envision your wedding to look and make sure both your dreams and finances align from the beginning. This will save disagreements down the road, and allow you to both appropriately save and budget towards a shared goal. At this time, also evaluate how you both see your future. If you have dreams of home-ownership, a big family or travelling, you may want to evaluate your wedding plans in light of these other dreams. Cutting down on costs for the wedding, may help you both reach other goals sooner. 

• Examine your spending and saving habits

Look at your bank statements, and discuss what your ongoing expenditures are. Spending £50 a week on takeaways? That works out at £2,600 a year, and is money that could be spent saving for your newly married life. Or you could keep buying takeaways, if that’s what you prioritise - it’s just about being honest with yourselves and each other.

This is also a good opportunity to get onto the same page on finances overall. Discuss any debts you might have, both short term (such as an overdraft) and long-term (such as student loans). It’s also important to decide whether you want separate or shared bank accounts, or a mix of the two. 

Many people consult a financial advisor at this stage, to plan for overlooked expenses, and to take advantage of some of the tax benefits that marriage can bring.

• Consider a pre-nuptial agreement

Pre-nups have previously been seen as for the ultra high-net worth individuals or celebrities. However, as the age at which couples get married increases, the likelihood of them having accumulated assets prior to marriage does too.  This makes pre-nups worth thinking about. If one or both partners have significant assets pre-marriage, or children from a previous relationship, a pre-nup can protect their interests in the event of a divorce. This can reduce the chances of an acrimonious split in the event things don’t end up working out. 

• Update your will

After your wedding and honeymoon, you must also update your will. Whilst it may be the furthest thing from your mind amidst all the newly-wed happiness, updating your will is key as the previous one is no longer valid in your married life. 

• Discuss retirement plans 

You’ve committed to growing older together: now is the time to plan how you’ll get there. Talk about your pensions, any investments you may have, and what you both want your retirement to look like. It may seem a long way off now, but you’ll be glad you started planning early