If you're planning a wedding, getting married at PermaVista Ranch Resort is a truly unique and memorable experience. The majestic nature and beautiful scenery provide an enchanting backdrop, making it the perfect setting for a special day. What could be better than exchanging lifelong vows surrounded by these breath-taking grounds? PermaVista Ranch Resort offers exclusive packages, special event venues, lodging, engaging activities, and much more!
When we get married, we are presented with many wonderful memories, from walking down the aisle to going on a honeymoon, but one of the most exciting moments is when we open up our wedding gifts and see the cash that our lovely relatives have bestowed upon us. You may be tempted to splurge and spend all of that money on fun and new gadgets, but it is important that you are smart and frugal. Here are some tips for how to use your wedding gifts wisely.
Consider Starting a Business
Now that you are starting your lives together, why not also go into business as a couple. While there are plenty of places where you can secure a business loan, if you are able to self-fund with money from your wedding, then you avoid the costly interest rates. Plus, when you are spending your own money, you are forced to be smarter about your financial decisions and you won't overreach with a large loan.
Steps to start a new business include determining what you want to call your company and coming up with financial projections. You can also research online to learn how to make a business plan that will detail every step of your venture, including what you plan to sell, how much money it will cost, how many employees you will need, your target demographic, and how you plan to market to your customers. Create this plan and follow it until you reach your business goals.
You'll also need to choose how to structure your business. An LLC offers several benefits to new businesses, including protecting personal assets from potential liabilities of the company, granting relatively lenient rules for taxation, and providing owners with flexibility when it comes to management structure. Learn how to start an LLC in Texas and the five separate steps involved.
Use the Money to Make Home Repairs
Now that you are married, you will each want to protect one another by putting a roof over your heads and ensuring that your home is in good repair. Pay for the essential repairs first, including damage to the roof, foundation, and any plumbing issues. It is also a good idea to contact a professional to work on your HVAC system, especially if you hear it making strange noises. You should not wait to hire a professional because further issues could develop over time.
Pay Off Your Debts
Now that you are married, this is a chance to start fresh, and the best way to do that is to eliminate all of your debts so you can look forward to bigger and better things. There are multiple strategies that you can try. One is to pay off all of the small debts first so you can get a feeling of accomplishment and then focus on the bigger fish. The other option is to work on paying the largest loan first. If you do that, then you get yourself out of the dark shadow and you can focus on the smaller loans. Either way, paying off your debts will help with your credit score so you can buy a car or house in the future.
Set Up an Emergency Fund
Home repairs are just one type of emergency that can come up as you start your new lives together. You never know when one of you could experience an unforeseen health emergency or vehicle breakdown. That is why it is important to start a special fund that is filled with cash that you only use when absolutely necessary. Consider putting a percentage of your wedding gift into this fund and continue to contribute by allocating a percentage of your paycheck each month.
Put It Toward a Down Payment
Using wedding gift money to save on a down payment for a home can be a great way to jump start the dream of homeownership. Keep in mind that by making a larger down payment, you'll save money long term as your mortgage payments will be lower. You may also pay less for mortgage insurance.
As you can see, there are many ways that you can spend your wedding gift wisely in order to set yourself up for a better financial future. Consider starting a business, paying off your debts, making home repairs, saving for a down payment, or setting up an emergency fund, and you can start your new life off in a better place.