Braxted Park Estate Wedding Fair hosted by County Wedding Events
If you're newlyweds-to-be embarking on your wedding planning journey, pop along to...
Posted by Danielle Harvey on 17 February 2021
Even with the initial successes of the vaccine rollout, we're all still facing a long road ahead, before we can get back to normality. And for many brides and grooms, especially those who recently got engaged, the wait will most likely feel even longer. This also brings some added financial considerations with it as couples face living unwed for longer than they initially intended.
To help, Zoe Bailey, Chartered Financial Planner and Director at Tilney has shared a few tips to help couples ensure they have lasting financial protection:
2. Consider a co-habitation agreement: With Covid-19 halting scores of weddings last year, many couples are finding themselves co-habiting for much longer than anticipated. But should you find your relationship breaks down and you don't make it to the altar, how do you stand financially? Technically you would not have any rights to your property – even if you'd been paying part of the mortgage. Cohabitation agreements give co-habiting couples certain rights so that they can make a financial claim in the event of separation or death.
4. Prioritise: This is especially important for couples with a limited budget. Start with the "wedding essentials", the big-ticket items you can't imagine your day being without and target your budget towards them first. While 'wedding extras' are nice-to-have, if there are things you both can live without on the day, then reassess your fund and see if it's worth scaling back on the additional expenditure. And perhaps even put some of that money aside to top up your pension or other investments for your future together beyond your Wedding day.
5. Don’t forget about your future: It’s all too easy to let financial wedding plans run away from you, especially after such a long wait. But, without some thought of your future savings and investments, you could start married life in a less financially secure position than you would have liked. Whether you’re planning for a big wedding or intimate affair, it’s important to keep one eye on the future and consider how you intend to fund your new lives together – from potential maternity leave to right the way through to retirement. The past year has shown that you never know when your regular income might be cut or reduced, so ensuring you have some sort of plan for the unexpected with an emergency cash fund for example (no matter how small) is essential.”
Braxted Park Estate Wedding Fair hosted by County Wedding Events
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