While many couples register for an array of gifts for their wedding, they’re bound to receive their fair share of money as well.
In fact, some couples may find that they come away from the affair with a nice chunk of change.
Of course, if they’re anything like me, that wedding gift money might start to burn a hole in their pockets.
And although it’s tempting to spend it on the honeymoon or various other items, as newlyweds who are likely just starting a financial journey together, there are other, more beneficial things to put that money toward.
So instead of spending frivolously, consider one of these savvy options for using your wedding gift money that will benefit you in the future.
1. Pay Off Wedding Expenses
Weddings can be expensive, no matter how much you try to save up for them and cut costs along the way. From the venue to the cake to the flowers and dress, there’s no doubt you had to spend a significant amount for the whole day.
So unless you already had the funds and managed to stay on budget, you’ll most likely have some wedding bills to pay off.
Whether you paid for the whole event or just part of it, it’s a good idea to get these debts out of the way. You’ll feel relieved to eliminate it and it will allow you to start your life together fresh, without any extra debt from the wedding to worry about.
2. Start an Emergency Fund
Although this may not sound like the most exciting way to spend your wedding gift money, an emergency fund is a must for everyone. This is especially true now that there’s two of you.
You never know when you’re going to need to pay for an expensive doctor visit or a home or car repair. All are last-minute expenses that you won’t plan for in your budget, and it could set you back a small fortune.
That being said, it’s a good idea to open a separate bank account and set aside a significant nest of funds. Life happens, but it can be a lot less stressful if you’ve already planned for the unexpected. An emergency fund will give you peace of mind as you begin your new adventure as a married couple.
3. Pay Off Debts
Again, the last thing you want to do is enter into this new stage of life with a pile of debt hanging over you.
You both might have hefty student loans to pay off or debts from cars or other purchases. No matter what it is you’re trying to pay off, you don’t want to start newlywed life by worrying or arguing about money.
You’re bound to have other things that you’d like to invest in as newlyweds, and while you could do that even with debt, it would make life that much harder. Instead, put your money toward paying off old accounts, so you can start focusing on the future.Sitting on a nice amount of #wedding gift money? Here are 6 smart ways to use it Click To Tweet
4. Put It Toward Your Home
Now that you’re married, you’ll need to start thinking about your home, and that costs money. If one or both of you come from an apartment, you might begin the search for your first house after you’re married.
Although you most likely won’t receive enough cash for a full down-payment on a house, you still could have a good head start. Put that wedding gift money in savings and consider it your jumping off point for saving for a payment for a new home.
If you already have a house, there are always room for improvements. You could invest the money in any home-remodeling projects you’ve been hoping to accomplish; or maybe there are things around the house that need to be repaired.
Either way, your home is always a smart investment not only for your own happiness, but for your financial well-being as well.
5. Plan for Your Future
Once you’re married, you may want to seriously think about your long-term plans together and investing for your future. This isn’t to say you shouldn’t do this if you’re single, but it’s even more important if you’re thinking about having kids someday.
If children are in your future, there’s not only the everyday expenses of another person to consider, but there’s also the initial medical bills, and eventually braces and college; all things you might want to start saving up for now.
Furthermore, now is a good time to invest in your retirement as well. You don’t want to have to work until you’re 90, and the sooner you start saving, the better that nest egg will look when you’re ready to quit working.
Consider working with a financial advisor who can help you find the best possible plan to build your retirement fund.
6. Enjoy It
Once you’ve made some good initial financial choices, you can feel free to relax and enjoy whatever wedding gift money you may have left. Put it toward a beautiful honeymoon if you’re dying to go someplace exotic. Or, use it to purchase items off your registry you wanted to get, but unfortunately didn’t receive.
You don’t have to feel guilty about splurging a little once you’ve set yourself up for the future and taken care of any present-day obstacles. It’s important to be smart about your money, but it’s also important to enjoy life every now and then.
Newlywed life can be fun and exciting. Not only did you just marry the love of your life, but you’re also venturing into a new stage of adulthood that can bring forth a multitude of new adventures and experiences. And let’s be honest, no matter where you registered or what you registered for, wedding gift money is always fun to receive.
However, no matter how much you’ll want to run out and spend every cent, it’s important to pause for a moment and consider how to best use that money. By using wedding gift money wisely, you can start your life together on the right foot and prepare yourselves for whatever the future may bring. In the end, you’ll be glad you chose to put your wedding money to good use.
What plans do you have for your wedding gift money? If you’re already married, what did you buy with your gift money? What do you wish you had done with it?