41 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.

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

Why Nigeria needs land data ’
Business
Business

Why Nigeria needs land data ’

PH - October 18, 2017

Estate surveyors have been underutilised by policymakers in national development. In this interview with Tunde Alao of Tribune, Victor Adekunle Alonge, a fellow of the Nigerian Institution…

NDIC Wins Award On Banking Excellence
Business
8 views
Business
8 views

NDIC Wins Award On Banking Excellence

PH - October 18, 2017

Nigeria Deposit Insurance Corporation (NDIC) has been conferred with the Special Recognition and Commendation Award for Excellence in Banking (Public Service) at the Business Day Banking Awards…

Gani Adams Reveals Why He Accepted To Be Aare Ona Kakanfo Of Yorubaland
Art, History and Culture
8 views
Art, History and Culture
8 views

Gani Adams Reveals Why He Accepted To Be Aare Ona Kakanfo Of Yorubaland

PH - October 18, 2017

THE Aare Ona Kakanfo of Yorubaland, Otunba Gani Adams, said on Tuesday that the major reason why he opted to accept the chieftaincy title is to further…

UBA Emerges Best Bank In Support Of Real Sector At Banking Awards
Best of Nigeria
24 views
Best of Nigeria
24 views

UBA Emerges Best Bank In Support Of Real Sector At Banking Awards

PH - October 18, 2017

Pan-African banking group, United Bank for Africa Plc, at the weekend was recognised for its extraordinary support of the real sector as it won best bank in…

Wizkid Breaks Record, Becomes First African Artist To Vie For ‘Best International Act’ At MOBO Awards
Entertainment
36 views
Entertainment
36 views

Wizkid Breaks Record, Becomes First African Artist To Vie For ‘Best International Act’ At MOBO Awards

MT - October 18, 2017

  On Tuesday morning, the nominees for the 2017 MOBO Awards were announced and our very own starboy, Wizkid is the only African artist vying for the…

Why Another Attempt At Power Devolution May Fail – Saraki
Politics
38 views
Politics
38 views

Why Another Attempt At Power Devolution May Fail – Saraki

PH - October 18, 2017

The President of the Senate, Dr. Abubakar Bukola Saraki, has disclosed that overheating discourse on the devolution of power might stall another attempt to get it passed…

Van Vicker Marks 14th Wedding Anniversary In The Most Beautiful Way
Entertainment
36 views
Entertainment
36 views

Van Vicker Marks 14th Wedding Anniversary In The Most Beautiful Way

MT - October 18, 2017

    Popular Ghanaian actor, Van Vicker and his wife, Adjoa took to Instagram to celebrate 14 blissful years of marriage. The couple have actually known each…

Felabration 2017: How Wizkid Helped This Crippled Fan Is Totally Heartwarming
Entertainment
34 views
Entertainment
34 views

Felabration 2017: How Wizkid Helped This Crippled Fan Is Totally Heartwarming

MT - October 18, 2017

Putting up an impressive performance at Felabration 2017, an event hosted in honour of Nigeria’s music legend, Fela who Wizkid said greatly influence him, the StarBoy Records…

VIDEO: Watch Gleeful Moment Davido Arrived Home From Panti Police Station
Entertainment
44 views
Entertainment
44 views

VIDEO: Watch Gleeful Moment Davido Arrived Home From Panti Police Station

MT - October 18, 2017

A video now shows the moment Davido arrived to his home in Lekki as a free man -ready to go back to making music after being released…

Tinubu Speaks on Gani Adams’ Emergence as Aare Ona Kakanfo of Yorubaland
Art, History and Culture
44 views
Art, History and Culture
44 views

Tinubu Speaks on Gani Adams’ Emergence as Aare Ona Kakanfo of Yorubaland

PH - October 18, 2017

Bola Ahmed Tinubu has congratulated the emergence of Gani Adams as the next Aare Ona Kakanfo of Yorubaland. “Dear Otunba, I congratulate you on your appointment as…

Why Nigeria Needs PDP to be as Strong as APC – Obasanjo
Politics
32 views
Politics
32 views

Why Nigeria Needs PDP to be as Strong as APC – Obasanjo

PH - October 18, 2017

Nigeria's former President Olusegun Obasanjo has reiterated that good governor in Nigeria is hinged on a strong opposition party. This way the party in power will not…

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation
Food and Health
48 views
Food and Health
48 views

Nwankwo Kanu Launches N1 Billion Jackpot Lotto To Support Kanu Heart Foundation

PH - October 17, 2017

Legendary Nigerian footballer and philanthropist, Nwankwo Kanu, is launching the biggest lotto in Africa to raise funds for the Kanu Heart Foundation (KHF) (www.KanuHeartFoundationNg.com) and help build…

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety
Politics
72 views
Politics
72 views

6 Reasons Why Senator Abaribe Applied To Be Discharged As Nnamdi Kanu’s Surety

PH - October 17, 2017

The Senator representing Abia South Senatorial District, Enyinaya Abaribe, has applied to the court to be discharged from the suretyship, bond and recognizance of the bail of…

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases
Shocking
48 views
Shocking
48 views

Lagos State Records 100% Increase In Domestic And Sexual Violence Cases

PH - October 17, 2017

The Lagos State Domestic and Sexual Violence Response Team (DSVRT) yesterday has stated that 950 domestic and sexual violence cases have been reported this year alone, compared…

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem
Business
65 views
Business
65 views

Where Is TSTV Nigeria 17 Days After Launch? – Biola Kazeem

PH - October 17, 2017

Renowned sport analyst Biola Kazeem has taken to Twitter to express his thoughts on the inability of TSTV to commence operation 17 days after launching. He also…

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’
Entertainment
82 views
Entertainment
82 views

Davido Finally Speaks After Alleged Murder – ‘I Forgive All Those Who Called Me A Murderer’

MT - October 17, 2017

Nigerian singer Davido, who has been embroiled in some controversies recently over the death of some friends, says he ‘forgives’ all those who accused him of murder.…

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea
Entertainment
70 views
Entertainment
70 views

Omoni Oboli’s Okafors Law Becomes the First Nigerian Movie to be Screened at Film Festival in South Korea

PH - October 17, 2017

Nollywood film maker and actor, Omoni Oboli is grateful for the good news she received on her movie, ‘Okafors Law.’ Earlier this year, a court injunction stopped…

Queen Chanel of Iwoland Explains Why She Wears A Crown
Art, History and Culture
81 views
Art, History and Culture
81 views

Queen Chanel of Iwoland Explains Why She Wears A Crown

PH - October 17, 2017

Queen Chanel Chin, is the wife of Oluwo of Iwoland, Oba Abdulrasheed Akanbi. Born in Toronto, Canada, Queen Chanel’s dream of coming to Africa was fulfilled when…

Loading...