The next steps after your wedding: Financial planning
Zoe Bailey, Chartered Financial Planner and Director at Tilney comments on the next steps after your wedding when it comes to financial planning for life's milestones: "Major life events like moving to a new home, renovating your current one, or starting or adding to your family are exciting milestones but they do need careful planning. Putting a savings plan in place can help you meet your life goals as you reach each important stage of your life together," she says.
Rebuild your emergency cash fund for unknown expenditure While you might have built up a cash fund before your wedding, there are always those unknown expenditures that come up in the weeks leading up to it that may have depleted this. Now is the time on refocusing on building this back up again. I would advise you target at least 3 to 6 months basic expenditure. This will increase your peace of mind and enable you to be prepared for any future costs to your household, family or car, and unforeseen costs. From buildings insurance to car servicing and right through to home repairs, these costs can really add up and if you're not financially prepared, could end up impacting your lifestyles. Putting aside money each month into your cash fund, reserved for these additional payments will help you plan better for the long-term.
Planning for house renovations For those not looking to buy a new property, you may instead want to renovate, rather than upping and moving your lives elsewhere. And with so many of us now having to work at home regularly, it's never been more essential to have space that you love to work and live in comfortably. Thanks to a recent small change in the planning system, homeowners are now able to add extensions on of their homes without the need for planning permission, allowing construction of up to two additional storeys to houses consisting of at least two floors, and one additional storey to bungalows. 1 This new rule will only apply to detached homes, and those built between 1948 and 2018. Before embarking upon a home renovation, you first and foremost need to work out how much it is going to cost – including additional fees like design work, structural engineers or insurance, depending on the scale of your project. Click here to find out more.
Planning to grow your family Family planning is an important stage in many people's lives and preparing financially is an essential part of this. There are a few ways that you can get your finances in order, including finding out how much maternity/ paternity pay you will receive in your current job. Once you know this, you need to work out your monthly expenditure, and depending on how much time you wish to take off, the shortfall. You and your partner should jointly save for this shortfall, not just the partner who is taking maternity leave. It's important to have this shortfall on top of your cash fund so that you also have this financial buffer of at least three to six months' basic expenditure for emergencies before or when your baby arrives. Once baby arrives, you might also want to think about how you will invest in your child's future, which could involve setting up a Junior ISA – a savings account which remains tax-free until your child turns 18 – or even a pension. You parents may wish to contribute as well. Speaking to a financial planner can help you forecast your future finances and work out how much money can you afford to save each month without affecting your lifestyle.
Planning for a big trip away Now that you're happily married, it's exciting to think about the big trips away and adventures that you and your partner can plan – be it for your honeymoon or otherwise! Covid-19 has given most of us a break from travel, perhaps giving you the chance to build up more savings where you would ordinarily spend it on holidays, family days out, restaurant trips, and so on. If you do have your eye on a big trip abroad in 2021 or perhaps 2022, it's wise to start saving for it now so it doesn't come as a sudden hit to your bank balance. Discuss with your partner how much you're willing to spend on the whole trip, including flights, accommodation, insurance, and daily expenditure when you're there, and set a goal to put aside money each month into a savings account, perhaps setting up a joint savings account. Christmas presents this year could even be contributions towards this for each other. You'll watch the money grow and be in a better position to splash out when the time does come to book your trip. Importantly, include a contingency fund if affordable. It will also then be less likely for your honeymoon to spill over onto credit cards, and ensure you don't return home with any debt or negative feelings about the amazing time you have just spent together.
Planning for school fees If you've decided to send your child to an independent school, or are planning to do so in their future, you'll need to work out how you'll fund it. The average term fee for a senior day private school is now £5,009, or £15,027 a year2, and don't forget on top of this there are extra costs for trips, clubs, music lessons, uniforms and sports kits. Cashflow modelling with a financial planner can help to build a complete picture of your finances now and in the future. They can use this information to realistically estimate your future expenditure, and if done plenty of time in advance, what the income shortfall is likely to be and therefore how much you need to save in the time before your child starts at school. From there, you can make a more informed decision, begin new investment decisions to build this savings plan, or speak to family members about possible financial support. 2. Independent Schools Council Annual Census 2019
The A/W 2026 wedding trends: softer tailoring, richer tones and seasonal florals
From chocolate and camel tailoring to dahlias and trailing amaranthus, autumn/winter weddings are embracing richer colours and softer styling. As the autumn/winter wedding season gets underway, couples are moving away from rigid, perfectly matched styling in favour of looks that feel more relaxed, personal and connected to the season. Jess Levick, Assistant Buyer at Suit Direct, shares the key tailoring and styling trends shaping A/W 2026 occasionwear, alongside Lucy Hook, Floral Lead at Bloom & Wild, who reveals the flowers, colours and textures set to be popular for bouquets and displays this season.
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What to do now to get your finances ready for 2027
Aileen Robertson, Tesco Bank's Head of Savings, has shared ways soon-to-be-wedded couples and newlyweds can build healthy savings habits and step into 2027 feeling more confident about their shared futures! Aileen Robertson, Head of Savings at Tesco Bank, comments: "The start of a new year often feels like the perfect opportunity for a fresh start, with people embracing resolutions and looking to turn over a new leaf. But creating new habits can take time as people settle back into their routines, and sometimes those good intentions never quite get off the ground. "If you're trying to stay on top of your finances in 2027, taking small steps now can make that journey much easier. It's important to remember that it's never too late, or too early, to start working towards your goals. Setting them is the first step, whether they're big or small, so think about what you want your money to do for you. From here you can start to work towards your goals, building good savings habits along the way, and see your money grow over time."
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Yankee Candle® launches limited-edition The Traitors collection
Fans of the BBC's hit reality show The Traitors can bring a little intrigue into their homes this autumn with a limited-edition candle collection from Yankee Candle. Inspired by the BAFTA-winning series, the new collection features two Signature Large Jar Candles: Faithful and Traitor. Each fragrance represents a different side of the game, inviting fans to choose their allegiance while settling in for the latest round of suspicion, secrets and unexpected reveals. Faithful is designed to evoke comfort and calm, blending cashmere vanilla and rose with a warm amber base. Its soft, powdery fragrance is ideal for cosy evenings spent analysing clues and debating who can be trusted.
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Traitors, Bake Off and Strictly: the TV-inspired hen dos you can actually book
With The Traitors, Strictly Come Dancing and The Great British Bake Off all back on our screens, hen and stag parties can take inspiration from some of the nation's favourite TV shows. Chillisauce is offering groups the chance to recreate the drama, dancing and baking challenges for themselves, with experiences designed to bring a little competitive spirit to pre-wedding celebrations. Whether you fancy uncovering a secret traitor, putting your baking skills to the test or learning a new dance routine, there are options to suit a range of groups and locations across the UK. Discover three TV-inspired hen and stag party ideas, from murder mystery experiences in 26 locations to baking challenges and themed dance classes....
