6 Tips for Spending Wedding Gift Money Wisely

Guest post by Christopher Haymon of AdultingDigest.com

After inviting your loved ones to celebrate your wedding with you with help from Elated Paper Co., you and your spouse might have received cash gifts from some of your guests. Now, you’re wondering how to best spend that money! Here are a few ideas, like planning an affordable honeymoon, setting cash aside for a down payment, or even launching a business with your spouse.

Book Your Honeymoon

You don’t have to book your honeymoon prior to your wedding – instead, you can book it afterward and create a reasonable budget based on the amount of gift money you receive. For example, if you want to have a fun and relaxing vacation with a touch of nostalgia, you could head to Disney World. While planning your trip, you can turn to helpful online resources packed with tips on visiting Disney on a budget.

Save for a Down Payment

If you and your spouse don’t already own a home, you can set aside some of your wedding gift money for a down payment. Your future home will likely be the biggest purchase you make in your lifetime, so bulking up your down payment savings after your wedding is a smart idea! 

There are plenty of ways to save on your overall home purchase. For instance, you could consider buying a condo instead of a single-family home. Alternatively, if you and your spouse are comfortable with DIY maintenance, buying a home “as is” might be a good choice. However, if you’re thinking about going down this route, take the time to talk to a lawyer first. You’ll also need to inspect the property carefully and go over the land records for any warning signs.

Launch a Business Together

Maybe you and your spouse have always dreamed about starting your own business. You can use your wedding gift money as startup capital! If you already have a specific business idea in mind, you can form an LLC, which will grant you limited liability protections and tax perks. 

By filing on your own or using an online formation service, you can avoid paying costly fees for a lawyer. Every state has a specific set of regulations for LLC formation, so read up on your state’s rules with your spouse.

Start Investing

Saving for your retirement with your spouse is essential. If the two of you have not started investing yet, it’s time to begin! Securian Financial recommends investing about 15% of your annual gross income into retirement savings accounts, like a 401(k) or a Roth IRA.

Pay Down Debts

If you or your spouse have any debt, it’s a good idea to prioritize paying down these debts with your wedding gift money before you focus on other financial goals. To tackle this as a couple, The Dating Divas recommends creating a budget together and choosing frugal activities to enjoy in your downtime.

Furnish Your Home

Whether you’re buying a home right away or you’ll be living in an apartment together for a while longer, you can use your wedding gift money to buy new furniture or upgrade your furnishings. Look for sales at local stores or online, and consider shopping for secondhand furniture – you can even refurbish thrifted pieces to save big while bringing some creative flair to your space!

If you received lots of wedding cash, you might be nervous about spending it. Deciding how to spend a large sum of money can be difficult! By putting this money towards a down payment, honeymoon, or new business, you and your spouse can start your life together on the right foot.

Need stationery for wedding invitations that stand out? Elated Paper Co. is here for you on your big day! Schedule an appointment to discuss your custom stationery ideas today.