The wedding is over, you’ve come back from the honeymoon, opened the gifts and mailed the thank you cards — what’s left to do? Make a plan for wedding money you received as gifts! I’m talking about gift cards, obviously you spend those on remaining registry items or whatever else you might need from that particular place. I’m talking about the cash and checks. What’s you plan for all that wedding money? Depending on the size of your wedding, this amount could be pretty significant.
Being that we’re in the wedding business, a lot of brides tell us their plans, so if you’re looking for a good way to put it to use, here are some ideas:
- put it back towards the wedding — pay down the credit card(s) that is still carrying a balance from your wedding spending
- use it for a delayed honeymoon or an extra vacation
- spend it on remaining registry items — you thoughtfully registered for every item, so why not use the cash to get the remaining items (plus, you’ll likely get a discount from the store you registered at for any remaining items, might as well make the best of it)
- use it pay off other existing debt from you or your husband — you want to start your marriage off with a clean slate and this is a great way to erase that extra debt that’s holding the two of you back
- have a nice night out to celebrate your first month of marriage
- set it aside for a future home — what a great way to start saving for a house! Already in a house? Put the bonus cash towards home improvements and upgrades!
- sit on it — invest the money for your future… much later future… as in retirement fund
- start a “life happens” fund — basically a savings account for when crazy things happen, such as: needing a major repair to your car/home, needing a new appliance or TV, etc.
My husband and I had two different thoughts — he wanted to spend it all and I wanted to save it all. Having been married for a while now, we’ve learned to balance each other out with our spending/saving tendencies. But, in the beginning it did cause a few small bumps in the road. I encourage you, no matter how you decide to spend the money, to work together and meet each other in the middle. Just keep in the back of your mind, that this is like bonus money — money you hadn’t counted on, our budgeted for, so you can’t use it in a wrong way.
Ultimately the decision on how to spend the cash is up to you. Rather than putting all your eggs in one basket, pick a few options and spread the extra love around — for example, start a “life happens” fund, take a little for a nice date-night and pay off some extra credit card debt. Lastly, just enjoy each other and the extra money.