When the blossom of new love begins to bear the fruits of a long-term bond, couples may decide that they want to cement their relationship by getting married. During the month of June, it is customary to see many couples joining their lives together as they celebrate their nuptials.

Like any other major life development, the decision to get married comes with certain financial implications that should be carefully considered before taking the plunge. Let’s look at some vital information that can help people make the right choices when planning for their weddings.

Get financial counselling

Couples often view their relationships through rose-tinted glasses before they get married, and they may overlook some worrying signs that could impact their future together. This is especially true when it comes to their finances, as this topic is often a taboo subject for many people.

It’s important for people to be aware of the financial habits of their partners. Are they agonisingly frugal or compulsive spendthrifts? Do they make plans for the future or live only for the moment? Think of the problems that would ensue if a stingy individual got married to a credit-card-happy shopper!

Couples should receive pre-marital counselling which can help to prepare them for the real world of married life. This advice should comprehensively cover money matters such as saving, spending and goal setting, to identify areas of potential conflict and establish strategies to achieve harmony.

Consider prenuptial agreements

Modern couples are faced with decisions that were largely absent from the wedding scene in generations gone by. Now, with second and third marriages being common, persons have to be more practical about the financial realities that they may encounter when they contemplate marriage.

In some situations, it may be advisable for both parties to consider making a prenuptial agreement before they walk down the aisle. This legal document, commonly called a pre-nup, outlines the settlement that the wife or husband would receive in the event of the dissolution of the marriage.

This agreement can safeguard the ownership of property or business interests that were acquired prior to the marriage; protect the rights of children from earlier relationships; ensure that the new spouse will be adequately provided for in the future; and assist in efficient estate planning.

Make a wedding budget

Most couples dream of a picture-perfect wedding day that will create memories to last a lifetime. A fantasy ceremony can be an expensive undertaking that will require a significant financial outlay. Before making any big plans, couples need to consider exactly how much they have to spend.

Listing all the potential costs of the nuptials can help them determine the total price tag of the event. Go to financiallysmart.org to download a sample wedding budget which outlines various wedding expenses such as location, catering, attire, photography, decorating and entertainment.

Preparing a budget allows people to prioritise their desires in line with their resources and helps them to choose which expenses are really important. For example, couples could opt to have a simple ceremony and reception, so that they can afford to splurge on a sensational honeymoon.

Be creative with planning

It’s not uncommon to hear of couples postponing marriage for several years because they feel they can’t afford the wedding costs. However, even if the pocket is weak and the budget is tight, it does not mean that the dream of walking down the aisle has to be delayed indefinitely.

There are ways to creatively reduce the expenses of a wedding ceremony, if the couples are open to being economical instead of putting on an expensive show. They could opt to have a simple event at the registry office, or even elope to escape the cost of other people’s expectations.

Couples can cut back on food costs by having cocktails instead of formal dining; reduce decorating bills by using a garden setting; and capture the occasion with smartphone cameras instead of paid photography. Family and friends can also contribute to the event by carrying out some of the tasks.

Think of the future

Couples need to remember that after the wedding celebration is over, they have to go back to the real world. If they decide to deplete their savings accounts, or worse, incur major debt to finance their wedding and honeymoon, then this could lead to financial problems early in the marriage.

Sometimes couples will regret their wedding extravagances when they later realise that the money spent could have been put to better use. It can also be challenging to deal with past-due wedding costs when the regular household bills start to create demands on their incomes.

During the wedding planning phase it might be helpful for couples to consider the propositions of buying property, investing, preparing for children and even retiring. This can help to curb their over-enthusiasm for the upcoming ceremony and focus them on their needs for the future.

It’s essential for couples preparing for their nuptials to work towards their shared goals, instead of focusing on their own individual desires. If they can remain level-headed and practical about money at this time, then they will start off their new life together on a solid financial footing.

Copyright © 2015 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, June 11, 2015.

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Cherryl is a money coach and business mentor, and founder of Financially S.M.A.R.T. Services. See more of her work at www.entrepreneursinjamaica.com and www.financiallysmart.org. Contact Cherryl