My 40th wedding anniversary is approaching, and my first wedding invitation of the season arrived last week. That, of course, led me to think about how times have changed and to remember my mother begging me to forego the fairytale wedding for a cash gift that would enable us to purchase our first home even before we married.
Did I take her up on her offer? Of course not, but 40 years later I sure wish I had. Memories fade and others had bigger and more elaborate weddings. However, the house we purchased three years later still stands today. It just goes to show that a house is a good investment. We purchased it for $18,300 and it went on the market last month for $175,000.
My best advice for today’s young couples is to have your financial affairs in order before you walk down the aisle. Discuss your attitudes about money and your hopes and dreams for your financial future. Be prepared to make some compromises but create a financial plan and stick to it.
Here are some general guidelines for young couples just getting started:
When you’ve covered all this, then it’s time to plan for that dream wedding!