Don’t let your blowing your budget over the wedding keep you from making strong financial decision as you start life together. If you overspent on your big day, here’s what you should do next.
- Have a Reality Check
You pulled both your savings together, asked your families to pitch in and were handling large quantities of money before the big day. Days leading to this happy day you spent a lot more money than you would normally. Now, the time has come to get back to normal.
Take a few moments to sit down with your normal month’s bank statement, receipts and bills. Just look at you and your new spouse’s money situation and make sure you know where the money will come from in the future. You cannot pass the hat any more or the begging bowl.
- Pay It Back
Did you borrow, fish it out of money meant for something else or was it a work loan? Don’t ignore those unexpected expenses you made. Tell each other about them now and do not put your relationship at risk when the debt is called in. Once you have a clear picture of the damage done, get to work making money to pay all outstanding amounts.
You could start by making a few small cuts for several months or doing extra hours at your job. Or start selling your old stuff; you did get lots of nice new stuff from your friends and family.
- Start Using The Word ‘Our’
Spending can get complicated and you can overspend without realizing it because you are both spending at the same time. Much as it can be frustrating to merge two different styles of spending money (many couples struggle with this for several years in their marriage). The first step is to work as a team so that you can weather even the most difficult of financial storms together.
The sooner you start saying “our” the sooner you will learn to money manage together.