Planning your life ahead after your wedding

The wedding is done and dusted, the honeymoon has been a dream holiday, but now the time has come to return to domesticity and the daily grind. But does it have to be like this? How else could married life be?

Life for newlyweds

There are several things that a newly married couple need when they begin life together and which, if they have not discussed before, they should discuss now. The first is obviously a home, with the second probably being children. While children are often planned for a few years down the line, a home is usually an immediate want. This makes sense, because few couples would want to have children without being able to provide them with a stable home.

Finances may not seem like a very romantic thing to discuss, but they will be the backbone of married life. It is essential that a married couple talk frankly about their financial positions and their hopes and plans for the future, for which money will inevitably be needed. If a home is a priority, you may need to work out whether you can have a holiday every year or whether you may have to downsize your vacation plans to save money and fund a mortgage. Even little changes can make a big difference. For example, buying lunch every day can be very expensive when compared to taking a homemade sandwich or salad to work. If you want to have children, you may want to begin a trust fund or other form of savings account for them straight away, so you will have to factor this into your monthly budgeting plans.

You may have other ambitions, such as getting out of the rat race altogether and starting your own business with your spouse. If you have a great business idea but lack the capital to get it off the ground, you could look for an investor, such as Charterhouse Capital Partners. He has helped many small businesses by investing money in their ventures. This alleviates some of the financial burden on couples and leaves them free to concentrate on growing the business. There are other advantages to having an investor. An investor often brings a wealth of business knowledge that you can draw upon, and gives you access, sometimes free access, to business professionals, such as solicitors and accountants, all of which could prove invaluable.

You should also be thinking about your long-term future, especially your retirement years. This may seem like a long way off, but the sooner you start planning for this period of your life, the better. Start putting a little money away in a pension, or if you would like better returns and are prepared to take a risk, open an investment portfolio.

Make sure the start of your married life is as free from pitfalls as possible by having frank and open discussions about the current state of your finances with your spouse, and planning for where you want to be as a family in the future.