5 Wise Uses of Your Wedding Gift Money

5 Wise Uses of Your Wedding Gift Money

The day has come and gone. After your gorgeous wedding at an Ottawa wedding venue like the St. Elias Centre, you are now married and embarking on a prosperous life with your new partner. Your guests were plentiful and all very generous. You’ve pooled your wedding gifts together and now realize that you’ve received a decent sum of money. You should consider securing your financial future by following one of these wise suggestions:

Down Payment

Has your dream house just hit the market? You can use your wedding money as a down payment and move into the home where you will start your new family. It’s always a good idea to purchase property with a down payment to lower the interest you pay each month. If your down payment is more than 20% of the purchase price, you can avoid having to add to your mortgage with CMHC Mortgage Loan Insurance.

Invest for the Future

 Investing for the future of you and your family is always a smart idea. This way it can gain interest and give you an extra source of income. A financial advisor can help you make sure you are putting your money in the right place. You can invest your money in a tax-free savings account, mutual funds, or RRSP, just to name a few. It all depends on where you are in your life and what your future goals are as a married couple.

Emergency Savings

 Nobody likes to think about emergency situations like sudden job loss, disability or home repairs, but these things do come up. In order to be prepared for whatever life has to offer, it’s a good idea to have an emergency bank account with liquid funds that you can access immediately. Just having the fund available to you can make you feel safer knowing there is a cushion if you fall. We recommend opening a savings account that offers immediate access and putting a month’s worth of salary in it.

Pay Down Debt

You’ve just finished with your wedding and you both paid your fair share of it. You may have even used your credit cards or a line of credit in order to pay for everything. If this is the case, it’s a good idea to pay this money back to stop the interest charges. You can get ahead of your bills too, or make a lump sum mortgage payment. You can pay off outstanding student loans or payoff the balance remaining on your car. This will free up extra money which you can then use to save or invest!

Get off on the right foot in your new life together with these money-saving tips.