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.
- 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.