Why PHP 1M in savings is the best wedding gift a bride can get

A video made the rounds on social media a few years ago and was even heavily featured in various news outlets where a groom was shown presenting his bride with two separate (and hidden) savings accounts, the contents of which amounted to PHP 1 million in savings. Clearly shocked, the bride was brought to tears from such an unexpected wedding gift from her soon-to-be husband.

Many couples dream of filling their homes with appliances or furniture, often adding these to their wedding registries. Others, however, ask for gadgets as wedding presents. But if there’s anything you should take away from that viral video is that having savings is probably the most important gift a married couple can ever receive.

Why are savings important in a marriage?

It's no secret that money is one of the leading causes of stress in relationships. In fact, financial problems are often cited as one of the main reasons couples separate. Because of this, it's important to be financially stable even before getting married. By doing so, you reduce the risk of financial stress and conflict in your marriage. Additionally, being financially stable gives you a solid foundation on which to build your future together.

While having a lavish wedding or even going on a breathtaking honeymoon are tempting ways to spend money, couples can instead prioritize their savings. PHP 1 million in savings can go a long way in making a down payment on a home, funding educational expenses for your future children, or even starting a business.

How can couples prioritize their savings for marriage?

There is no such thing as saving too early. In fact, you can and should do this even before you get married. You can do this by setting aside a certain amount of money each month to put into savings. Additionally, you can look for ways to reduce your expenses so that you have more money to put into savings.

While it is possible to get PHP 1 million in savings as a gift during your wedding, whether from your spouse or some other loved one, the chance of this happening is unlikely. What is more likely to happen is for numerous wedding guests to give you varying amounts of money which you can then use to build your savings.

You can use the money you receive to build your nest egg together and start a solid financial foundation for you and your spouse. As mentioned earlier, savings can help you unlock many of your goals in life as a married couple. The money you’ve gathered can be used to purchase your first home as a couple, fund other important expenses such as your future child’s education or invested in different investment vehicles such as stocks and bonds so that it grows.

How can you preserve your savings during marriage?

Even if you receive a big amount from wedding gifts, this can easily dwindle to nothing if you don’t spend it wisely. For you to make the most out of the savings, you need to learn how to not only make it last but to grow it through the years.

Here are some tips on preserving your savings:

1. Keep track of your spending
Marriage life is significantly different from singlehood, especially if you decide to combine your finances. You often need to consult your spouse on what you should spend on and how much. Your spending habits change even more as you grow your family. It’s a good idea to build the habit of tracking your expenses early on in your marriage so it becomes second nature to both of you. When you have an idea of how much you spend each month, you can make better decisions on how much money you should set aside for the different kinds of expenses like rent, utilities, food, and clothing.

2. Live within your means
Knowing how much you make each month tells you how much you can spend without going into debt. Once you’ve created a budget for all of your expenses, try to stay within it. If you can, spend even less than what you budget. Don’t feel pressured to live the same kind of lifestyle as your peers or what social media shows you. If it doesn’t fit your budget, it does not make good financial sense to spend money just to keep up appearances.

3. Invest in quality items
Most of us have gotten accustomed to finding good deals and bargains. What we may fail to realize, however, is that cheaper is not necessarily better. In fact, cheap goods can actually end up costing us more down the line. While it may save us money initially, cheap goods are more likely to break sooner than more expensive goods, requiring us to purchase another similar product soon after. Before buying anything, do your research about what you’re interested in. Buying quality goods, while expensive at first, will likely be better in the long run because they will last longer than their cheaper counterparts.

4. Invest your savings
Putting money away in a bank account is not enough to keep you financially stable. If you really want it to last, it’s best to invest it so that it has the potential to grow over time.

5. Communicate with your spouse
You two are a team. The financial decisions one makes directly impacts the other. Talk to your spouse on what your financial goals are and the steps you need to take to get there. How will you use the money? What type of savings account will you use for it? Will it be used to purchase a big-ticket item, or will it be used for investments? Make sure you are aligned in the way you plan to use your savings.

Making savings a priority in your marriage is one of the best things you can do for your future together. By doing so, you will be on your way to achieving your financial goals and building a solid foundation for your life together.

Start the next chapter of your life on the right foot financially. Open a Metrobank Joint Savings Account and begin saving for your future today.