Being a newlywed comes with perks, and not just being with the one you love. Often, friends, family members, and acquaintances will gift you money, instead of presents, for your special day. When you are first married, having money to spend on items you want or need can be helpful, especially if you go on a honeymoon, have something that you need for your home, or just want to put money away for future expenses.
1. Wedding Expenses
Even simple weddings can be expensive, especially when you factor in the costs of a venue, dresses, suits, photographers, flowers, and food. You may have received help from your families to cover some or all of these expenses, but even then, you could have additional bills after your nuptials. The money gifted to you during your wedding could help you pay down your credit card or give some money back to your families. You don’t want your wedding to put you into debt for years to come, so putting even some of this money into expenses can help you in the long run.
Suppose you are going on a honeymoon after getting married. In that case, the extra cash gifts from your wedding can allow you to go on an excursion or do something special with your spouse, such as having a couples massage or going out to dinner at a nice restaurant. If you receive enough money, you can even put it towards honeymoon expenses, such as hotels or flights. Cash gifts can also allow you to extend or add on to your trip if you want to explore other cities, states, or countries during your honeymoon.
3. Home Updates or Repairs
There may be repairs or updates that you want to make if you already own a home, but you may not have the money, especially after paying for your wedding. Cash gifts can be put towards an addition, a new roof, an HVAC or water heater repair, or a remodeling. If you don’t immediately need to make any changes, having money put away for potential emergency repairs can be helpful. Having extra cash can also allow you to purchase new items, like a reverse osmosis system for your new house. This will enable you to make your home more comfortable and could potentially increase its value.
Although using cash gifts for bills might seem unappealing, this money can come in handy in catching up or getting ahead on a mortgage, car payments or insurance, utilities, or credit card bills. You don’t necessarily have to spend all of the money you were gifted on bills, but putting some money on these expenses will make it easier to start as a newlywed couple without being in a stressful financial situation. You may want to split the money between different bills or apply it directly to one, depending on your needs.
5. Savings or Investments
If you don’t have immediate expenses that need to be addressed, putting your money away can be a good option. This will allow you to start building savings for retirement or an emergency fund. If you plan to or already have children, you can use the money for a college fund. A cash gift can also be invested in stocks, bonds, certificates of deposits, or real estate. If you aren’t experienced in investments, consider seeking help from an accountant or stockbroker. Saving or investing your money can help you to ensure that you are more financially sound in the future.
Deciding on how to spend wedding cash gifts can be a challenge, especially when there are different ways that you could potentially use the money. Together, you and your spouse can work to decide if it is best used on a memorable honeymoon, wedding expenses, bills, savings, investments, or home repairs or updates. Taking some time to make a decision can ensure that you don’t have regrets later on how you have allocated the funds.
Article Submitted By Community Writer