Many of us have a fantasy wedding mapped out in our heads. However, fantasy weddings can also be quite pricey.
While weddings are often the most memorable day of a person’s life, they can do some damage to one’s bank account. That’s why it’s critical to review your financial situation before jumping into planning.
This is where a financial advisor can come in handy. But how exactly can a financial advisor help an engaged couple?
We’re here to fill you in. Keep reading below to learn why you should call a financial advisor when planning a wedding!
Assist with Budgeting
A financial planner is incredibly essential if you’re trying to puzzle out how to plan a wedding on a budget. Even if you have the money to spare, a financial advisor can offer insight they’ve garnered from past couples and clients.
The beauty of financial advisors is that they are objective parties. They can give you a rough estimate of how much your wedding may cost. More importantly, they can also advise you on how much you can safely spend according to your existing finances.
Propose Saving Methods
A financial advisor can assist you in mapping out a savings plan. Their help may even affect the date you decide on for your wedding.
For instance, say your desired budget may be unrealistic at your current point in time. A financial advisor can help you develop a savings plan to achieve that desired budget.
You may have to push back your proposed wedding date and tighten your belt each month, but a financial advisor can help you come closer to your desired wedding budget.
Help with Acquiring Loans
If you’re searching for extra money to support your dream wedding, a financial advisor can help. They’ll first be able to assess how much you can realistically take out.
They’ll then be able to seek out lenders and loan terms that best fit you and your situation. A financial advisor is key if you plan on doing any heavy-duty debt restructuring.
Aid with Post-Wedding Finances
As you’re planning a wedding, you also have to consider your newlywed life. How do you plan on arranging your finances as a couple?
If you plan on merging your finances, a financial advisor can help you decide on the best way to see that through. Some couples prefer to have one sole joint account.
Others prefer to have one account for shared costs of living while maintaining their own private individual accounts. Whatever the case, your financial planner can help you decide on the right route for you and your partner.
Planning a Wedding with the Support of a Financial Advisor
You shouldn’t let financial woes keep you from having the wedding of your dreams. With a financial advisor on your side, you can find the best way to prepare for your big day and keep your finances in check along the way!
Planning a wedding of your own? At Black Diamond, we’re committed to helping you during your journey. Contact us to learn how our team of financial advisors can assist you!
