Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — March 20, 2024 — With spring comes the beginning of wedding season. While engaged couples are busy preparing for the many details of the big day, Carma Peters, president and CEO of Michigan Legacy Credit Union, suggests adding a money coach to the wedding to-do list.

“A wedding is not only a joyous personal celebration for couples, it also marks the legal start of their financial lives together,” Peters said. “Making smart money choices, even on lower cost purchases, can set a couple up for a life free from pressing financial concerns. Following the advice of a money coach helps get them there.”

With event costs often nearing or exceeding the price of a new vehicle or a year or more worth of housing costs, weddings are among the greatest expenses a couple will undertake. Peters suggests couples only spend what they can comfortably afford for the day, rather than begin married life with an extravaganza that puts them in a deficit situation. A money coach can help determine what that affordability factor is. Note, a money coach does not have to be a professional financial advisor; the coaching is not necessarily about investing, but spending wisely. A relationship officer at a credit union or bank can be a money coach, and so can an older friend, family member or trusted source who, regardless of their level of wealth, is financially stable and consistent in good, financial decision-making.

Peters recommends that a couple determines their family financial strategy before they legally commit to each other. Discussions on budgets, combined bank accounts, and debt review from credit cards, housing or student loans should be mandatory. A money coach can ease the discussions, she said, and help couples navigate financial issues without judgement.

In addition to finding a money coach, Peters offers these financial tips for newly engaged and married couples:

  • The healthiest first step is to dedicate time to establishing a budget. Doing so will alleviate a lot of questions, arguments and dangerous presumptions.
  • Be aware of and discuss each other’s spending habits in a non-judgmental way.
  • Decide what amount either person can spend without permission.
  • Determine if you will combine your accounts or keep them separate.
  • Don’t scrimp on insurance! Whether it’s homeowners, renters, car or life insurance, be thoughtful about your insurance coverage so that you are protected from financial disaster should an incident occur.
  • Establish an emergency fund baseline amount – two to three months of one person’s salary is a good start, but six months is ideal.

“Marriage is an emotional and economic journey. The more prepared and supported couples can be, the more likely they are to have a happy, financially sound marriage,” Peters said. “But even couples who get a late start on making smart money decisions – like having a money coach – can benefit at almost any stage of their marriage by committing together to good financial practices.”

Requesting cash wedding gifts? Take some safety precautions.  
It’s not unusual to see a ‘gift registry’ that seeks only monetary gifts. With people marrying later, couples who are better established than those in previous generations are seeking cash (either via actual cash, specific gift cards, checks or person-to-person payment requests like Zelle or Venmo) to put toward a honeymoon, big ticket items like furniture or appliances, or long-term financial goals like a new home or renovation of an existing home. Peters offers some tips on protecting cash gifts.

  • Person-to-person payments are popular and convenient but present a fraud risk. Most financial institutions have their own version of PayPal or Venmo; not only are they typically free, but because financial institutions are heavily regulated, this is typically a safer option.
  • Consider setting up a separate account for monetary wedding gifts – regardless of the method in which they are given – to ensure such gifts are used for previously agreed upon items or savings and not impulse purchases that can take couples backwards from their financial goals.
  • Cash can be stolen or misplaced, so politely encourage guests not to bring cash gifts to the wedding. If using an envelope collection box at the wedding reception, assign a relative or friend to periodically empty the box and hold the contents in a safe space like a portable, lockable money box or safe that can be stored in a secure area.

About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

###