(Closed) What are your post-wedding financial plans/priorities?

posted 4 years ago in Money
Post # 3
Member
473 posts
Helper bee
  • Wedding: September 2013

Do you have an emergency fund now? What are the interest rates on the CC debt and student loans?

If you don’t have an EF, I’d make it priority #1 to have ~$500-$1,000 set aside, then work on CC debt (unless it’s at 0%), and student loan debt last (I wouldn’t prepay unless the interest rated are high. Of course, always set aside something each month, no matter how little, into a savings account!

Our post-wedding priorities are continuing to save as we are, buy a new-to-me car (dreading, I haven’t had a car payment in seven years), and begin a house downpayment fund.

Post # 5
Member
13890 posts
Honey Beekeeper
  • Wedding: June 2011

Nothing changed for us after the wedding.  Our priorities continue to be save as much as possible.  Maxing out  retirement (401ks and Roth) funds, puting away to an  emergency fund, contribting to regular investment accounts, saving for 1 or 2 trips a year, and another new car since my husbands just stopped working and since it’s 15 years old, we’re not going to put anything into it to fix it.

Post # 6
Member
1975 posts
Buzzing bee
  • Wedding: November 2013

We have just recently bought our first home, a new car and are paying for our wedding ourselves so for the first 12 months we plan to save around $40k for our emergency fund and to kick off some of the reno’s we plan on doing. Then will be a new car for FI (ASX is mine haha he wants an evo) and start saving for babyfund. 

Post # 7
Member
135 posts
Blushing bee
  • Wedding: April 2014

We’ll start to save money to our best extent. Haha it’s never too early to start a college fund for the future kids 🙂
@NY152:
  We will be getting a Samoyed puppy as soon as all the wedding related things are settled :). 

Post # 9
Member
3058 posts
Sugar bee
  • Wedding: February 2015

I think we’ll probably work on saving more toward retirement & a down payment on a house/student debt. Right now we’ve got enough saved for the wedding & honeymoon, a 6 month emergency fund, and we’re almost done paying off my car (only 2000 left, it’ll be paid off in August!) We don’t put anything toward retirement yet but I’m going to start contributing up to the match for my company in September when I qualify. My company only matches 4% & I only work part time so it’s really going to be minimal but I figure I might as well start now when it’s a tiny sliver of my paycheck. We plan to have SO’s car paid off by the wedding (we still owe almost 10 grand) & at least half of my student loans paid off so afterward it will be: 1st priority car, 2nd down payment on a house, 3rd student loans (my interest rate is only 3.4% so it’s not a big deal to me to have student loan debt…esp considering inflation averages 3% lol)

Post # 10
Member
1975 posts
Buzzing bee
  • Wedding: November 2013

@NY152:  We aim to save one of our wages each year. Which is usually what is recommended for a babyfund and also because for the first year after having a baby I will only be recieving parenting payments. 🙂

Post # 11
Member
1182 posts
Bumble bee
  • Wedding: August 2013

We plan on doing some house reno’s, continue saving and put more money towards the mortgage.

Post # 13
Member
11760 posts
Sugar Beekeeper
  • Wedding: November 1999

Save for future baby and down payment on house. Luckily we have very little debt other than my student loans.

Post # 14
Member
3831 posts
Honey bee
  • Wedding: August 2013

1. Create an emergency fund – 6 months of household expenses

2. Pay down my debts (I have school loans and a few home improvement loans that need to be paid off)

3. Save for the next house. (20% downpayment)

I own my home but we plan to either sell this house and move to a much bigger home that will be our home for many many years or rent this one out and move. 

We are already saving for retirement but I want us to meet with a financial advisor to review our plans to make sure we’re not missing anything.

Post # 15
Member
3058 posts
Sugar bee
  • Wedding: February 2015

@NY152:  My SO’s job doesn’t offer ANY match which really really sucks because she’s the breadwinner. Mine is 100% up to 4% of your salary and since I make only a bit over minimum wage, 4% of my salary is almost nothing lol but it’s free money so whatever! I’ve done more for less =P

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