Seeking out options for smart use of monetary wedding gifts requires a lot of thinking, but is that what you really want to spend your honeymoon on, drawing up plans on how to invest the wedding cash? Most likely not, but then a choice not to do that definitely has its own costs. To help, we have a gift of five smart but simple suggestions on how you can invest your wedding cash.
Making your wedding cash gifts make sense
To make sense out of money, it should either be well spent or invested to earn you great interests. Focusing on the latter, let’s share some investment options you should consider.
1. Are there hanging debts? Pay those debts off.
As humans, we are bound to make some imperfect decisions, and sometimes one of them can be bad debts. No matter the nature of the debts, good or bad, you should speak about them and commit to paying them or at least a part of them. For your peace of mind, you can commit a large chunk of cash wedding gifts to this purpose — up to 50%.
2. Prepare for long-lasting happiness.
Wouldn’t you love to relive the beauty of the honeymoon over again as your marriage progresses, particularly in retirement? Sounds like a good deal right? If that interests you, why not commit at least 10% of your cash wedding gifts to kickstart a joint retirement fund? This doesn’t stop you from owning your own individual retirement funds though. You can start a retirement life goal with Cowrywise in under 5 minutes.
3. Your kids deserve the best experiences so commit to providing them with that.
A sound education with tailored experiences is something every child deserves so why not kickstart an education fund for them before they even come? The fund can be broken down into three parts, one part for yearly payments of grade school fees, one targeted at secondary school fees and another at university fees. You can check out how much university fees might cost using this prediction tool of ours. Consider starting up an education fund with at least 15% of these cash wedding gifts, a Cowrywise life goal plan can help with this.
4. A home might be priceless but you need to get a house to create one.
Owning a house can either be achieved by buying land you plan to develop or an already built house you plan to renovate. However you choose to go about it, you’ll need to commit to it. No need to stress about this, as our advisors are open to advising you on how to build up for your first house (if you don’t have one already) for free!
5. Don’t you deserve some beautiful purchases?
By all means, you do. The only advice is for you to go about this smartly, seek out valuable purchases that do not exceed a 10% cap of your wedding cash gifts. How should define what is valuable or not? You should check out this simple guide.
Living your best moments can be a norm if you get your finances right from the very start. We wish you the very best in building a very beautiful life. And when the Jollof meetup for the first naming ceremony comes up, we are only a call away. 🙂