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What are the priority expenses and decisions to make after your wedding?

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What are the priority expenses and decisions to make after your wedding?

Life doesn’t slow down and allow you to settle in as a newlywed couple when you get home from your honeymoon. You can trust that there will be a list of priorities waiting for you that need to be attended to as soon as possible.

For this reason, it’s recommended that when you put in leave from work for the honeymoon, you include a few extra days for when you get back to sort everything out before the weeks get busy again. Also, if you’re recently engaged and only just starting the wedding planning, know that it’s best to discuss, save and arrange for these things beforehand as well.  

 

Settle the wedding accounts

This is priority expense number one. Now that the wedding is over and you’ve enjoyed the venue, food, décor, photographs and everything else, it’s time to make sure you’ve paid and reviewed your vendors. Usually, you are required to confirm and pay a week prior to the event, but if your vendors are friends or family connections, they might have given you some leeway. Which is beneficial to you, but not something you should take advantage of. So, be sure to settle all your wedding accounts after the wedding.  

If you took out a personal loan to pay for your wedding, it’s also time to do the calculations and see if you’re able to pay it off sooner rather than later. Talk to your partner and discuss what the financial plan is to settle any debt from the wedding and honeymoon to try and have as clean a newlywed-slate as possible.

 

Decide on the banking situation

While you’re talking about finances, you might as well take that same opportunity to decide on how the banking situation is going to work. If you’ve decided to open one joint account for all finances, now would be the time to do it and update banking details with employers accordingly.

If you’re choosing to open a joint account but still keep your individual banking accounts, there’s not as much of a rush to head to the bank, but this will likely be the most convenient time. Then you can both set up the joint account as a beneficiary and start inserting the agreed-upon funds to get it started.

Preferably, you should decide on the banking situation before the wedding. This time after the wedding is there to implement that financial plan.

 

Decide what to do with the wedding gift

If you’ve asked for a registry, great, this part will be easy for you. But if you haven’t specified a wedding gift registry, you’ve got some sorting to do. The three waffle makers and duplicate toasters aren’t just an old wives’ tale when it comes to wedding gifts. It’s a true story and one you’re probably sitting with right now.

It's time to decide what you’re going to do with the extra gifts and, if you’ve asked for money, what you’re going to buy. After you’ve moved in together, if you’re not already living together, you'll be able to see what it is you’re missing and which household items you’d like, just because. If you have pretty much everything you want and still have some cash left over, you can either deposit that into your joint account, invest it or put it in towards a new, shared car. Oh, and don’t forget to send out your thank you notes.

 

Decide on the car and living situation

Something that should also be discussed and arranged before the wedding is what your car and living situation will be. This time after the wedding is there to move in and unpack all the boxes. Don’t stress yourself out after the wedding by still trying to find a place for the two of you to move into.

As for cars, many married couples find it possible to operate with one car only and it makes sound financial sense if the work-routes allow it. With the ever-rising petrol price, you can save on two to three tanks of petrol a month by only worrying about one car. You’ll also save on car insurance, repairs and any car loan debt you might still be paying off.

The best option would be to start browsing at car dealerships in Gauteng and your area to get an idea of what kind of car you can afford. Then you’ll need to contact car dealers in Gauteng to see what price you can get for your current car as a trade-in or sale. You and your partner can then choose an economical car that suits your needs as a newlywed couple. And you might want to keep the car dealers’ contact details for when it’s time to upgrade to something bigger to accommodate the children one day.

 

Have your name legally changed

And the last priority, once the wedding is over, is to head down to home affairs and have your name legally changed, if you choose to do so. A new passport, a new ID and a new drivers’ licence shouldn’t cost you too much except some valuable time, but it needs to be done.

You’re going to need to update your name and address details with many different institutions and accounts.

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