{"id":7633,"date":"2022-09-13T00:00:22","date_gmt":"2022-09-12T14:30:22","guid":{"rendered":"https:\/\/adelaideprivatewealth.com.au\/start-your-life-together-on-the-right-financial-foot\/"},"modified":"2022-09-13T00:00:22","modified_gmt":"2022-09-12T14:30:22","slug":"start-your-life-together-on-the-right-financial-foot","status":"publish","type":"post","link":"https:\/\/adelaideprivatewealth.com.au\/start-your-life-together-on-the-right-financial-foot\/","title":{"rendered":"Start your life together on the right financial foot"},"content":{"rendered":"<div>\n<p class=\"pagesummary\">Before you say \u2018I do\u2019, talk about your finances with your partner.<\/p>\n<p>Not getting married, but in a relationship? See\u00a0<a href=\"https:\/\/moneysmart.gov.au\/relationships-and-money\" target=\"_blank\" rel=\"noopener\">relationships and money<\/a>\u00a0for useful tips.<\/p>\n<div class=\"covidImportant\">\n<\/div>\n<h3>Manage the wedding whirlwind<\/h3>\n<p>The average Australian wedding costs $36,000. According to a Moneysmart survey, 82% of couples dipped into their savings to pay for their wedding. Another 60% got a loan and 18% used their credit card.<\/p>\n<p>Common wedding costs include:<\/p>\n<ul>\n<li>\n<p>venue<\/p>\n<\/li>\n<li>\n<p>food and alcohol<\/p>\n<\/li>\n<li>\n<p>ceremony and rings<\/p>\n<\/li>\n<li>\n<p>photography<\/p>\n<\/li>\n<li>\n<p>entertainment<\/p>\n<\/li>\n<li>\n<p>clothing and accessories<\/p>\n<\/li>\n<li>\n<p>flowers<\/p>\n<\/li>\n<li>\n<p>cars, hair, makeup<\/p>\n<\/li>\n<li>\n<p>wedding night accommodation<\/p>\n<\/li>\n<\/ul>\n<p>To stay on top of costs:<\/p>\n<ul>\n<li>\n<p>Decide what you can comfortably afford to spend and stick to it.<\/p>\n<\/li>\n<li>\n<p>Break down the costs and work out what you need to spend on each item. Then ask yourself: do I need it? Will it make a difference to the day?<\/p>\n<\/li>\n<li>\n<p>Do your research and shop around for a better deal \u2014 always negotiate.<\/p>\n<\/li>\n<li>\n<p>Check if you can DIY or get a friend to help with flowers, photography or catering.<\/p>\n<\/li>\n<li>\n<p>Check online stores. For things like furniture and glassware, you may be better off buying rather than renting, and then on-selling afterwards.<\/p>\n<\/li>\n<\/ul>\n<p>The more you pay up-front, the less likely it is that you\u2019ll get into debt.<\/p>\n<h3>Save for your big day<\/h3>\n<p>Once you\u2019ve got an idea of how much you can afford to spend on your wedding, work out how much you\u2019ll need to save to pay for it.<\/p>\n<p>The sooner you start and the more you save, the less likely you\u2019ll get into debt.<\/p>\n<p><em><a href=\"https:\/\/moneysmart.gov.au\/saving\/savings-goals-calculator\" target=\"_blank\" rel=\"noopener\">Use this savings goals calculator<\/a><\/em><\/p>\n<p><em>Work out how much you\u2019ll need to save each week in the lead-up to the wedding.<\/em><\/p>\n<p>Opening a separate, high-interest\u00a0<a href=\"https:\/\/moneysmart.gov.au\/banking\/savings-accounts\" target=\"_blank\" rel=\"noopener\">savings account<\/a>\u00a0or a term deposit is a good way to save. A separate account means you\u2019ll be less tempted to use the money for other things.<\/p>\n<p>For saving tips, see\u00a0<a href=\"https:\/\/moneysmart.gov.au\/saving\/simple-ways-to-save-money\" target=\"_blank\" rel=\"noopener\">simple ways to save money<\/a>.<\/p>\n<h3>Get on the same (financial) page<\/h3>\n<p>Talk about spending habits, debts and financial responsibilities with your partner. Doing this before you get married can help you manage your money day to day.<\/p>\n<p>Also sit down and work out your financial goals. Be clear about what you want and when, so you can work together to get there.<\/p>\n<p><strong>Do a budget (together)<\/strong><\/p>\n<p>Creating a budget might not sound romantic, but it will give you a clear picture of your regular expenses.<\/p>\n<p>It\u2019s also a great way to help you reach your shared savings goals, including your wedding and honeymoon.<\/p>\n<p><em><a href=\"https:\/\/moneysmart.gov.au\/budgeting\/budget-planner\" target=\"_blank\" rel=\"noopener\">Use this budget planner<\/a><\/em><\/p>\n<p><em>Work out your monthly expenses and see where you can save.<\/em><\/p>\n<p><strong>Work out how you\u2019ll pay for things<\/strong><\/p>\n<p>If the two of you have different saving and spending habits, or earn different incomes, work out how to manage your money. Decide whether you want a joint bank account, separate accounts, or both.<\/p>\n<p>Getting a\u00a0<a href=\"https:\/\/moneysmart.gov.au\/banking\/joint-accounts\" target=\"_blank\" rel=\"noopener\">joint bank account<\/a>\u00a0can make it easier to share your money and pay bills. However, you\u2019re both responsible for making sure your expenses are covered.<\/p>\n<p>Some people have separate bank accounts rather than a joint account. Then they work out who is responsible for different bills and payments. Or they transfer a set amount each payday into a joint account to cover shared bills.<\/p>\n<p>Every couple is different, so talk to each other about what you think will work best for you.<\/p>\n<p>For more tips, see\u00a0<a href=\"https:\/\/moneysmart.gov.au\/relationships-and-money\" target=\"_blank\" rel=\"noopener\">handling money in a relationship<\/a>.<\/p>\n<h3>Understand the legal changes<\/h3>\n<p>Marriage is a legal agreement, so you\u2019ll need to review or update your legal and financial documents.<\/p>\n<p><strong>Update or do your will<\/strong><\/p>\n<p>Getting married cancels your will (unless your will clearly shows that you were planning the marriage).\u00a0<\/p>\n<p><strong>Check your insurance<\/strong><\/p>\n<p>Update your insurance policies to reflect your new status as a married couple. This is particularly important for\u00a0<a href=\"https:\/\/moneysmart.gov.au\/how-life-insurance-works\" target=\"_blank\" rel=\"noopener\">life insurance<\/a>.<\/p>\n<p><strong>Update your super<\/strong><\/p>\n<p>You may want to change your beneficiary details, and look at how you can\u00a0<a href=\"https:\/\/moneysmart.gov.au\/grow-your-super\/super-contributions\" target=\"_blank\" rel=\"noopener\">grow your super together<\/a>.<\/p>\n<p><strong>Change your personal details<\/strong><\/p>\n<p>If you take your spouse\u2019s surname, you\u2019ll need to let the Australian Taxation Office know. You may also need to change it on other documents, such as bank accounts and bills.<\/p>\n<p>Even if you\u2019re not getting married, we can help with other budgeting tips to get your finances on track. Call us on [phone].<\/p>\n<p><span><span style=\"font-size: 10px\">Source:<br \/>Reproduced with the permission of ASIC\u2019s MoneySmart Team. This article was originally published at\u00a0<a href=\"https:\/\/moneysmart.gov.au\/getting-married\" target=\"_blank\" rel=\"noopener\">https:\/\/moneysmart.gov.au\/getting-married<\/a><\/span><span><\/span><\/span><\/p>\n<p><span style=\"font-size: 10px\">Important note: This provides general information and hasn\u2019t taken your circumstances into account.\u00a0 It\u2019s important to consider your particular circumstances before deciding what\u2019s right for you. Although the information is from sources considered reliable, we do not guarantee that it is accurate or complete.\u00a0You should not rely upon it and should seek qualified advice before making any investment decision. Except where liability under any statute cannot be excluded, we do not accept any liability (whether under contract, tort or otherwise) for any resulting loss or damage of the reader or any other person.\u00a0 Past performance is not a reliable guide to future returns.<\/span><\/p>\n<p><span style=\"font-size: 10px\">Important<\/span><br \/><span style=\"font-size: 10px\">Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents\/information contained within the linked site(s) accessible from this page.<\/span><\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/latest-articles\/start-your-life-together-on-the-right-financial-foot\">Start your life together on the right financial foot<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/mlcsocialfeed.p2.clientcommunity.com.au\/\">MLC Contemporary<\/a>.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\" rel=\"noopener\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you say \u2018I do\u2019, talk about your finances with your partner. Not getting married, but in a relationship? See\u00a0relationships&#8230;<\/p>\n","protected":false},"author":4,"featured_media":7686,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Start your life together on the right financial foot - Adelaide Private Wealth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/adelaideprivatewealth.com.au\/start-your-life-together-on-the-right-financial-foot\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"asim_stellar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/adelaideprivatewealth.com.au\/start-your-life-together-on-the-right-financial-foot\/\",\"url\":\"https:\/\/adelaideprivatewealth.com.au\/start-your-life-together-on-the-right-financial-foot\/\",\"name\":\"Start your life together on the right financial foot - 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