6 of the Best Investments You Can Make After Getting Married
Getting married is a wonderful thing that deserves celebration, so you should spare no expense to have the wedding of your dreams. After you settle into married life, however, it is time to start making pragmatic decisions regarding your financial future. You can get a strong start by deciding on responsible uses for any wedding gift money you receive, rather than spending it frivolously. With a bit of guidance from DRS Music, you will be able to make the best investments possible for securing a comfortable life with your partner.
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- Buying a Home
Many newlyweds fantasize about moving into their “forever home” together and starting a family. It can be daunting to afford the ideal house that satisfies your entire wishlist, but you might not need to save as much as you think. The median down payment is around 13% of the home’s value, and some homes can even be purchased with just a 5% down payment.
Keep in mind that a smaller down payment often implies a higher monthly mortgage payment. Before finalizing the purchase of a home, it is important to consider whether your budget is better suited to a higher or lower down payment. Examine the housing market where you’re considering your home purchase. Having a realistic assessment of what you can afford will make budgeting easier.
- Renovating Your Home
Whether it’s a new home or your current residence, renovating your home is a great way to work together and boost your property’s value. Some renovations have a higher ROI than others. That said, updating the bathroom or kitchen is a smart investment. Such jobs require an expert touch, so call on professionals to remove the guesswork regarding customization and styling.
- Building an Emergency Fund
As many as 22% of Americans do not have emergency funds. As you start a new chapter of your life alongside your spouse, you should acknowledge that the unexpected can occur at any time. This is especially true if you decide to have children and wish to prepare for sudden illnesses that might befall them.
Building up an emergency fund does not have to be a complicated endeavor. You can start by simply budgeting away a few dollars from every paycheck, increasing your contributions whenever circumstances allow.
- Starting a Business
Your leftover wedding money may be just the starting capital you need for launching a brand new business without relying on a costly loan. Running an enterprise can be a great project for you to tackle with your spouse, even if they only wish to support you from the sidelines.
If you have the entrepreneurial drive, but don’t know where to begin, your first step is writing a business plan to help you with the early steps in getting your venture off the ground. This plan should include:
- Your business concept and selling proposition
- A business structure
- Your business name
- Necessary licenses or permits
When selecting a business structure, forming an LLC can provide benefits such as personal liability protection, tax flexibility, and ease of management. Research the rules for registration in your state to get started.
- Funding Your Education
Using your wedding gift funds to invest in your education can be a valuable decision for your future. Instead of spending on short-term items or experiences, investing in your personal growth and career development can provide long-lasting benefits. For instance, you could use these funds to work towards a degree online, offering flexibility to study at your own pace and schedule. Numerous universities offer an available Bachelor of Education program online, allowing you to upgrade your skills, broaden your knowledge, and open new career opportunities. This investment can pay dividends not just in terms of income potential, but also in personal satisfaction and professional achievement.
- Take a Trip
Using your wedding gift money to take a vacation can be a magical way to celebrate your newlywed status. An enchanting destination offers experiences that are both romantic and exhilarating, making it a perfect choice for couples. However, it’s essential to plan wisely to make the most of your budget.
Be sure to consult online resources to find the most cost-effective accommodations. Many websites offer comprehensive reviews, comparisons, and insider tips on everything from resorts to off-site hotels. If you want to take a Disney trip, for example, read up on their Treehouse Villas With careful planning and research, you can enjoy the trip of a lifetime without breaking the bank.
Marriage is an opportunity to pursue all kinds of new experiences with the person who understands you best. Some of these experiences will be thoroughly exciting, while others are merely practical. Choosing to start saving for important practical investments such as home renovations and starting a business or an education investment or an emergency fund as soon as possible will help you get the most out of your new life together.
For Chicago’s best wedding band, check out DRS Music today!
