This content was created by Xtra’s branded content team alongside TD, separate from Xtra’s editorial staff.
Wedding planning is no picnic (even if your reception is an outdoor affair!), and the last thing you need is added stress about your identity tossed into the mix. When you’re smoothing out all the financial details to make that special day come to life, TD knows it’s important to keep inclusivity front-of-mind, which is why advisors ask for their clients’ pronouns from the start. Once you’re comfortable, you can dive into the details of what steps you need to take to get you and that special someone on the financial path towards your wedding, and a wise financially shared future, too.
To ensure you’re on the right track from the get-go, Mariat Jibril, the Vancouver-based Regional Manager of LGBTQ2S+ Business Development, shares some key tips for making the most of your wedding budgeting. She emphasizes that, much like love connexions, the savings process is never one-size-fits-all. Though everyone’s financial plan looks different, Jibril says there is still some advice that can be helpful across the board.
- Meet with an advisor. Nothing compares to having the guidance of an experienced financial pro who is personally removed from your celebration—they can help you figure out exactly what steps you should take so that you can keep your eye on that tier-cake-shaped prize. “Defining your priorities and staying on budget is quite important, and we use a savings score calculator to do that. This will help calculate how much money you need to contribute each month to arrive at a specific savings goal, which is unique to everyone,” says Jibril. This first step also allows you to map everything out with the peace of mind that comes with knowing you’re in experienced hands.
- Use a savings account.Along with putting that set-aside money out of your own everyday spending reach, these accounts come with all sorts of benefits. Jibril outlines that TD has a varied tier savings account system to help you gain interest with every dollar.
- Start making automatic transfers. With everyone’s jam-packed schedules, using a set-it-and-forget-it approach for moving money around frees up your time and means savings don’t need to take up extra brain space. You just need to figure out your overall budget goal for the big day and portion out how much you want to contribute to that savings account with every paycheck, or on a monthly basis.
- Review your bank statements regularly. The best way to know where you can cut some of that financial fat in your budget is by getting a crystal-clear portrait of where your money goes each month. “Looking at your statement provides snapshots of income versus spendings, which can be a wakeup call for setting a realistic budget,” Jibril points out. Once you have the full picture, you’ll be able consider what you want to cut back on or do away with entirely, leading up to your wedding day and beyond.
We tied the knot, what’s next?
When it comes to merging finances, communication and transparency are key. From pooling earnings in joint bank accounts to paying into RRSPs and figuring out investments, TD advisors are there to get you and your partner off to a strong financially literate start together, in sickness and in health.
Experienced representatives like Jibril can help when making those long-term financial decisions that reflect your new and growing family, no matter what that looks like. She states that the best course of action for building a secure shared life is to develop a financial strategy together that reflects your situation, with desires and needs folded into cash flow investment plans, exploring ways to minimize jointly filed taxes or reviewing retirement and other long-term goals. From that unforgettable wedding day to your long life together, the main idea is to keep your plan up-to-date over time so that it changes in step with you.