126 Views

5 Financial Backup Plans You Must Have When Getting Married

Alright, all is set. You’ve made all necessary financial preparations-including a well crafted financial plan- and everything seems to be in place for the journey into a blissful marriage. But have you also considered the need for a financial backup plan?

After taking the time to make the usual financial preparations such as drawing out a financial plan and harmonizing preferences, needs and goals, engaged couples often neglect making room for uncertainties. As a result, they become dumbfounded when an unexpected financial need is thrown at them. Worse still, most couples already get into huge debt while still preparing for the wedding ceremony.

Here are 5 financial backup plans you need to consider while preparing for your marriage:

1. Have Some Investment in Highly Liquid Assets

It is important you make substantial investments in assets that can easily be converted to cash such as stocks. This will ensure a constant cash flow needed to meet urgent expenses not accounted for in your financial plans. It will be unwise to have a substantial part of your investment tied in illiquid assets such as real estate and government bonds while preparing for marriage. This is because the financial pressures of starting a new family might warrant you to call on money tied in your investment portfolio to meet urgent needs. However, after settling down, you can then go ahead to make an investment in whatever asset class you desire and begin to build your investment portfolio.

2. Add To Your Income Stream

The importance of having a multiple stream of income cannot be overemphasized. However, it will be particular helpful for you to generate multiple streams of income before venturing into marriage. Add to your income stream. Look for services you can render alongside your regular paying job such as freelance online jobs and network marketing. Income from these part-time jobs will provide a cushioning effect when dealing with unexpected expenses.

ALSO READ  Escravos-Lagos Pipeline Resumes Gas Supply

3. Have Some Money Placed In A Contingency Saving Fund Account

Aside having multiple income streams, it is wise to also operate a contingency account you make withdrawals from only when urgent needs arise. Although this might be difficult to operate especially if your income is low, it is still important you endeavor to maintain one. This will prevent you from having to borrow to meet your basic needs at the early days of your marriage when your primary savings have been exhausted.

4. Get Out Of Any Outstanding Debt

Carrying over accumulated debt into marriage will cause serious financial challenges for you early in your marriage. It is therefore wise to offset any outstanding debt before venturing into marriage. Most couples today get into debt after spending on the wedding ceremony; thus, adding any outstanding debt to this will only place them in a precarious situation, financially.

5. Walk With The Wise And Hold Unto Sound Financial Principles

For engaged couples, marriage is an uncharted territory. It is therefore important to be in the company of those who have treaded this path before. They could be your parents, mentor, financial advisor or friends. Maintain a close relationship with them and ensure you seek their advice at every phase of your preparation for marriage. Having veterans as tutors will prevent you from making costly financial mistakes that could negatively affect your marriage.

Aside this, it is also important you hold onto sound financial principles that have endured the test of time. Even when your financial backup plans fail, having a company of veterans to run to for assistance and sound financial principles to hold onto, you will be able to handle every curve the married life throws at you.

Source: nigerianbulletin.com

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

President Buhari Congratulates Obasanjo For Bagging PhD
Politics
35 views
Politics
35 views

President Buhari Congratulates Obasanjo For Bagging PhD

MT - January 21, 2018

President Muhammadu Buhari has congratulated former President Chief Olusegun Obasanjo for bagging a doctorate degree at the National Open University(NOUN).Buhari, who was the visitor at 7th Convocation…

Why My Daughter Donated Money To Kemi Olunloyo’s Medical Fund – Comedian, Seyi Law  
Entertainment
39 views
Entertainment
39 views

Why My Daughter Donated Money To Kemi Olunloyo’s Medical Fund – Comedian, Seyi Law  

MT - January 21, 2018

Comedian Law and his daughter, Tiwa Comtroversial journalist and daughter of former Oyo state governor, Kemi Olunloyo, was released from the Port Harcourt Maximum Prison, few days…

How I Fainted After Being Robbed By Okada Man In Lagos; Lady Narrates. [Photos]
Shocking
126 views
Shocking
126 views

How I Fainted After Being Robbed By Okada Man In Lagos; Lady Narrates. [Photos]

MT - January 20, 2018

A lady identified as Amarachi Azubuike, has recounted her horrific ordeal at the hands of a motorcyclist a.k.a Okada man who robbed her and threatened to rape…

Singer Simi Plays Chief Bridesmaid Role As Her Mum Remarries
Entertainment
122 views
Entertainment
122 views

Singer Simi Plays Chief Bridesmaid Role As Her Mum Remarries

MT - January 20, 2018

Early this year, there was a viral report that Ms. Jedidiah Ogunleye 'Love don't care' crooner,  Simi's mum will be getting married this January. Ms. Jedidiah Ogunleye and her…

Davido Buys iPhone For Friends To Celebrate The Release Of Umarudeen Kayode
Entertainment
118 views
Entertainment
118 views

Davido Buys iPhone For Friends To Celebrate The Release Of Umarudeen Kayode

MT - January 20, 2018

Dmw Boss Davido puts smile on alot of his crew member and friends Face by even going far to get them an iphone X just to celebrate…

Anti-open Grazing: Why APC Governors Are Begging Ortom To Reverse The Law
Politics
140 views
Politics
140 views

Anti-open Grazing: Why APC Governors Are Begging Ortom To Reverse The Law

MT - January 20, 2018

Governor Samuel Ortom of Benue State is under intense pressure to prevail on the state assembly to repeal the antigrazing law, which had become a sore point…

What Could President Buhari Have Told This APC Chieftain That Got Him This Way? (Photo)
Politics
120 views
Politics
120 views

What Could President Buhari Have Told This APC Chieftain That Got Him This Way? (Photo)

MT - January 20, 2018

President Muhammadu Buhari had this man laughing during the dinner hosted for APC Party Chieftains in State House yesterday.

Photos Of American-Nigerian Rapper, Jidenna Smoking Heavily
Entertainment
96 views
Entertainment
96 views

Photos Of American-Nigerian Rapper, Jidenna Smoking Heavily

MT - January 20, 2018

Caption This Adorable photo of Jidenna smoking Heavily Any caption?

Yewande Adekoya Celebrates Her 35th Birthday With Makeup Photos
Entertainment
86 views
Entertainment
86 views

Yewande Adekoya Celebrates Her 35th Birthday With Makeup Photos

MT - January 20, 2018

Actress Yewande Adekoya Stuns In New Makeup photos As She Celebrates 35yrs birthday Today. Yewande Adekoya (born 20 January 1983), is a Nigerian actress, filmmaker, director and…

Why Your Smartphone Can Make Emergency Calls Without A SIM Card
Technology
84 views
Technology
84 views

Why Your Smartphone Can Make Emergency Calls Without A SIM Card

MT - January 20, 2018

If you're an active mobile phone user, you will notice that your phone can actually make emergency calls without any SIM. I know you must be wondering…

PHOTOS: Inside Jubilee Syringe Manufacturing Factory In Onna, Akwa Ibom
Best of Nigeria
79 views
Best of Nigeria
79 views

PHOTOS: Inside Jubilee Syringe Manufacturing Factory In Onna, Akwa Ibom

MT - January 20, 2018

Today the Honourable Commissioner for Information and Strategy Mr. Charles Udoh led print, online and broadcast media professionals to see some of the achievements recorded in the…

World: Cristiano Ronaldo’s Girlfriend Enjoys Playtime With The Twins And Newborn Baby
Sports
93 views
Sports
93 views

World: Cristiano Ronaldo’s Girlfriend Enjoys Playtime With The Twins And Newborn Baby

MT - January 20, 2018

Cristiano Ronaldo’s girlfriend Georgina Rodriguez has shared a sweet snap of herself with twins Maria and Mateo and newborn daughter Alana Martina. Despite having her hands full…

I Spoke To Arsene Wenger About Iwobi’s Punishment After Misconduct- Super Eagles Coach
Sports
80 views
Sports
80 views

I Spoke To Arsene Wenger About Iwobi’s Punishment After Misconduct- Super Eagles Coach

MT - January 20, 2018

Super Eagles coach, Gernot Rohr, has revealed that he reached out to Arsenal boss Arsene Wenger over Alex Iwobi’s disciplinary issues earlier this month. Iwobi attended a…

My Experience At Port Harcourt Maximum Prison – Kemi Olunloyo
Entertainment
103 views
Entertainment
103 views

My Experience At Port Harcourt Maximum Prison – Kemi Olunloyo

MT - January 20, 2018

No one ever prays to go to prison; however, for the popular blogger, Kemi Olunloyo, 2017 is a year that she would likely not forget in a…

13 Steps To Help You Bounce Back From Betrayal
How Tos
68 views
How Tos
68 views

13 Steps To Help You Bounce Back From Betrayal

PH - January 20, 2018

  We suffer quietly through disloyalty from a partner, friend, or family member, but this embeds harmful emotions deeply into our being. Our trust in others erodes…

Residents of Ipoyewa community Laments 15yrs Blackout
General
57 views
General
57 views

Residents of Ipoyewa community Laments 15yrs Blackout

PH - January 20, 2018

Residents of Ipoyewa Phase 3, Adamo, Ikorodu area  of Lagos State have cried out to Governor Akinwunmi Ambode to come and rescue them from total darkness. The…

Friends Of TY Bello’s Throws Her Suprise Brunch To Mark Her 40th Birthday (Video)
Buzz & Trends
72 views
Buzz & Trends
72 views

Friends Of TY Bello’s Throws Her Suprise Brunch To Mark Her 40th Birthday (Video)

PH - January 20, 2018

Nigerian singer, songwriter and photographer, Toyin Sokefun-Bello, better known as TY Bello turned 40 last Sunday, January 14, 2018, and she was surprised by family and friends to…

2yrs After Partial Stroke, Nollywood Actress Iyabo Oko Returns From India
Buzz & Trends
87 views
Buzz & Trends
87 views

2yrs After Partial Stroke, Nollywood Actress Iyabo Oko Returns From India

PH - January 20, 2018

Veteran Yoruba actress, Kudirat Odukanmi Eluyemi otherwise known as Iyabo Oko has finally returned to Nigeria 2 years after she was diagnosed with partial stroke and flown abroad by her eldest son…

Loading...