6 Smart Ways to Spend Your Wedding Money

It is crucial that you are smart when it comes to how you spend the money that you get from your wedding. With so many different options to choose from, you will have to really think about this before making a decision. The last thing you want to do is blow your entire wedding haul on something you don’t even need. This article will give you some solid suggestions when it comes to how you might want to spend this money.

  1. Put it Aside for Emergency Expenses

You simply cannot have enough money in your rainy day fund, as you never really know which expenses might suddenly arise. If you find yourself in need of major car repairs or a new furnace, you’ll want to have the cash on hand. Putting the money that you get from your wedding guests into this fund is an excellent idea. It is an especially important option to consider if you don’t have anything set aside for this purpose.

  • Pay Off Any Loans You Might Have

Another option you have when it comes to spending your wedding money is to pay off any loans or debts you currently have. This is a good way to prevent being late on your loan, which comes with some pretty dire consequences.

The sooner you get it taken care of, the sooner you can sleep easy with total peace of mind. Paying off your loan early will likely save you quite a bit of money, as you won’t have to pay as much interest. Just make sure that there is no penalty for early repayment. While most lenders don’t charge a fee for this, there are some that still do.

  • Put the Money into Your House

If you have any major home repairs that you need to get done, you might want to use the money to hire a professional to do the necessary work. It is extremely important that you take good care of your house so that you don’t end up spending more than necessary to maintain it. You need to stay on top of even the smallest things before they become a serious problem.

You can actually save money by doing this, so it’s something to at least consider. Another option you have is to use the money to pay part of your mortgage. The sooner you get it taken care of, the less you will spend in the long term.

  • Invest the Money

There are lots of amazing investment opportunities available, so you want to see what some of them are. Whether you put your wedding money into stocks or perhaps a mutual fund, you first have to know and evaluate your options. Everyone should make a point of investing in something. As you get more experience with doing this, you should try to diversify your portfolio as much as possible. The more varied your investments are, the less risk you will take on overall.

  • Start a College Fund

Whether you want to go back to school for a degree or you have a child, using the money for a college fund can also be a good idea. It is no secret that going to college is pretty expensive, so you’ll need all the cash you can get for it. Those who have small children should seriously think about starting a fund for them. There is a good chance that the fund will cover their entire education by the time they are old enough to enrol.

  • Start a Business

If you’ve always dreamed of starting your own small business, now might be the right time. Depending on how much money you have, this could be a great way to change your life for the better. Even a few thousand pounds is enough to help you get started with launching a business. You can always take out a loan via someone like Cobra if you need more. Starting a business is not something to be taken lightly, but it is worth considering if you have a strong desire for it. Take the time to create a detailed business plan before taking any serious steps forward in this direction.

A lot of people end up spending their wedding money on frivolous things, which inevitably leads to plenty of regret later on. All of the ideas listed in this article are worth contemplating before you decide what to do. Hang onto the money for a while and think about how you could best spend it. Even just keeping the money in an interest bearing account is a good idea to consider. There probably won’t be a lot of other times in your life where you get a lot of money at once, so you’ll want to be careful about how you spend it.

6 Important Steps to Follow After a Financial Setback

If you have recently suffered a serious financial setback, it is important that follow a series of crucial steps. While it can be easy to become discouraged in this type of situation, you will need to act carefully and intelligently. There is absolutely no good that can come from wallowing in despair or self pity. The sooner you start taking action, the easier it will be to recover from your setback. Whether you have lost your job or you have a large and sudden expense, the following steps can be of great help.

  1. Adjust Your Budget

The first thing you’ll want to do in the event of a major financial setback is to sit down with your budget. You will need to see which expenses you can reduce or cut out completely until you have recovered financially. Updating your budget is very important, especially in these kinds of situations. Your budget should reflect your new circumstances, which means making some big changes. While you might not want to cancel your internet subscription, it might be necessary for your survival until you turn things around.

  • Explore All of Your Available Resources

You will also need to take full advantage of all available financial resources. If you have recently lost your job, you’ll want to file for unemployment benefits. There are numerous government resources that can be helpful in this situation. There is nothing wrong with utilizing these things to get by for the moment. One of the biggest mistakes that people make during a financial setback is allowing their pride to get in the way.

  • Determine Your Priorities

Next you will need to prioritize your expenses so that the most important things get taken care of first. This includes essentials like mortgage or rent, utilities, and insurance policies. You don’t want to let any of your bills slide, but you do have to decide which ones to give priority to. It is always better to be late on your cable bill than your rent. You should take care of the high interest debt first. By doing this you will be able to keep from falling too far behind with whatever you owe.

  • Create Specific Financial Goals

Your financial goals are going to be a big part of what is going to help you improve your situation as a whole. Make sure that you have short term and long term goals written down. These goals will provide you with a clear picture of where you want to be within a certain amount of time. Remember to be realistic when creating your goals so they are actually attainable.

  • Get in Touch with Your Creditors

It is a good idea to contact your creditors to let them know about the recent dramatic change with your finances. While this is not a conversation that anyone wants to have, it is necessary nonetheless. You don’t want to simply ignore your creditors, because they aren’t going away. You might also want to inform your bank of this development with your finances as well. If you are honest and straightforward with your creditors, you will have a much easier time dealing with any problems that might arise.

  • Look into Obtaining a Loan

You can always try to obtain a loan by going online and finding a private lender. The fact is that getting a loan from a bank can be very challenging, especially if your credit isn’t in the best shape. Private lenders are known for helping out people who are in very bad situations. This loan could help you get through your financial setback effectively with minimal fallout.

A lot of people in the UK are getting loans from private companies online for many reasons. These lenders are usually very good about providing applicants with a fast response and quick transfer of funds. These are definitely things that can work in your favour when you are in need of money right away.

Short-term online loans from private lenders have helped many people in situations that are probably very similar to yours. You will be able to use the money you receive from one of these lenders however you see fit. This means that you won’t have to provide the lender any explanations or justifications, which is always nice.

While suffering a big financial setback can be very stressful, you need to keep a calm and rational head. You’ll want to avoid letting emotions determine what you are going to do next. Following these steps is pretty much guaranteed to help with improving the situation you are in. Whatever the reason is for this type of setback in your life, it is crucial that you think carefully before making even the smallest financial decisions.