High on 2023 Wedding Fever? 5 Good Financial Reasons to Delay Marriage

Are you considering walking down the aisle in 2023? If so, you may want to think twice—  at least when it comes to your finances.

While marriage is a good thing, it can be financially draining. With that in mind, here are five financial reasons to delay marriage.

1. You Need to Clear Your Debt

Debt can be a constant source of stress and conflict in marriage. Not only will you worry about making payments and meeting your other financial obligations, but you may also fail to meet shared financial goals such as saving for a house or retirement.

This constant financial strain can put a lot of pressure on your relationship and make it difficult to enjoy the early years of your marriage. But if you clear your debt, you can avoid this pain and start on a more stable financial footing.

Not only will you be able to focus on building a solid foundation with your partner, but you’ll also achieve your shared financial goals without the burden of debt hanging over you.

Here’s how you can get rid of your debt faster:

1. List all your debts to help you prioritize which to pay first.
2. Cut your expenses to free up more money to put toward your debt.
3. Consider ways of finding additional work or increasing your income.
4. Start paying off the debt with the highest interest first as they will cost you more in the long run.

Read Also: Break the Cycle: 7 Simple Ways to Dig Your Way Out of Debt

2. You Have Not Yet Developed Financial Stability

Marriage is a financial commitment. Before taking the plunge, consider your financial stability. Otherwise, you may find it difficult to meet your added expenses.

If you’re still struggling financially, you’re likely to have arguments over prioritizing spending and how to manage your finances. So establish financial stability before taking the plunge. 

Here how:

• Create a budget: You need to understand how much money you and your partner have coming in and going out. So create a budget that includes all your income and expenses. It will help you identify where your money is going and where to cut back.

• Set financial goals: Decide with your partner what your financial goals are. Do you want to pay a down payment on a house, or do you want to buy land? After setting your goals, create a plan to achieve them and track your progress.

• Practice financial responsibility: How can you get financially responsible? Pay your bills on time, set an emergency fund, and avoid unnecessary debt.

Read Also: 12 Signs You’re Financially Stable.

3. You Want to Establish Your Career 

In today’s world, it’s becoming increasingly common to delay marriage until you’ve established your career. 

Here’s why:

1. Taking the time to focus on your career gives you time to achieve your ambitions and reach your full potential.
2. A steady income will make it easier to support a family.
3. With many careers available, this is the perfect time to experiment, explore, and find your true passion.
4. Delaying marriage can help you achieve a better balance between your personal life and your professional life. You'll have more time to focus on your career, but also more time to enjoy being single and pursue your hobbies and interests

 Read Also: 10 Career Commandments to Live By In Your 20s.

4. You Want to Build a Safety Net

Be ready for whatever life throws your way. Without a rainy day fund to fall back on, you may face financial challenges which could strain your marriage.

Besides, a safety net gives you peace of mind,  knowing that you and your soon-to-be spouse have everything covered in the event of unexpected expenses such as job loss, medical bills, or funeral expenses.

Building an emergency fund can be a daunting task.  Even so, take the necessary steps to ensure you and your partner are financially secure.

1. Decide how much you want to save: Setting a goal can motivate you to save more. A good rule of thumb is to stash 3-6 months’ worth of your monthly expenses.
2. Decide on a budget: Find out how much you can save each month and stick to it.
3. Open a high-interest savings account: This will ensure your money is safe and earns interest over time. Consider saving your rainy day funds in a Money Market fund, SACCO, bonds, and treasury bills. These vehicles allow your savings to earn interest at a lower risk. However, before joining any of them, remember to read the fine print.
4. Track your progress: Keeping a record of how much you’ve saved can help you stay motivated and on track.

Read Also: What’s an Emergency Fund and Why You Need One.

5. You’ve Not Discussed Your Long-term Financial Goals

It might sound like a strange suggestion but discussing your long-term financial goals with your partner before marriage is crucial. Delay marriage until you’ve had these conversations and are on the same page financially. 

After all, money is one of the most common relationship stressors. It’s crucial to address it before saying, “I do.” Not only will money conversations help you avoid any possible conflicts down the road, but they can also ensure you’re setting yourself up for success with your finances. 

You might have different approaches to saving and investing or in retirement planning. Discussing these issues before marriage will make sure you’re on the same page and can help you identify any areas you may need to improve.

Read Also: Money Conversations YouMust Have With Your Partner.

So take the time to talk about money before you tie the knot. Doing so will set you up for financial success and harmony in your marriage.

Wrapping Up

In conclusion, there are many reasons to delay marriage. From establishing financial stability to building a safety net, delaying marriage can make a big difference. 

Not only will this help to ensure a stress-free wedding, but it can also lead to a happier and more secure life together. So take time to get your finances in order before saying getting married.