Tie the Knot, Loosen Your Purse Strings With These 6 Generous Ways to Spend Gift Money

You’re newly married, and an enticing cash pile longs to fly out of your hands. It’s tempting to live large for a few weeks and blow it all on the honeymoon. Your loved ones would encourage this because your union is worth celebrating.

However, if you want to spend the money more generously, consider these out-of-the-box avenues.

 

1. Buy Friends and Family Honeymoon Souvenirs

The honeymoon is about commemorating your new marriage and relishing married life, but you can still treat friends and family with souvenirs from your adventures. It sounds counterintuitive to spend the money on who gifted it, but reframe your mindset.

Research shows giving gifts brings more happiness than receiving them. So, you're investing in your fulfillment while showing generosity to those who supported you.

 

2. Pay High-Interest Debts

You and your spouse have plenty of financial decisions to make after the post-wedding high has worn off. Applying for a home loan or establishing a joint account may be on the horizon. Regardless of your monetary goals, it's essential to contribute to each other's financial freedom. It sets crucial budgetary precedents early in the marriage, prioritizing teamwork and transparency.

Sometimes, this means using collective funds to benefit one person in marriage. Therefore, a considerate use of wedding gift money is to tackle high-interest debt. Your spouse may have a car payment, but you have no student debt. Have you discussed credit card balances? One person's financial anxieties impact the couple's success.

Money troubles influence your mood and the ability to apply for loans later. Wouldn’t mitigating as much stress as possible benefit a couple’s future? Nobody wants a bank to reject them on a dream home because of a credit line. Plus, this opens up wallets in the long term. Spending money on fun events and dates is guilt-free because you organized priorities.

Paying off debt is also kindhearted because it alleviates family members' worries and protects everyone in case an unexpected tragedy strikes.

 

3. Get a Life Insurance Policy

Speaking of emergency circumstances, you have to prepare for everything. Shopping for life insurance policies sounds morbid after a joyous wedding. However, it is one of the most generous ways to spend wedding funds because the gesture carries so much foresight. Grief is more manageable for your spouse, loved ones and children if you think ahead.

Compare policies to see what provides the most comprehensive coverage. Some only cover specific types of death and illnesses, so the more expansive, the better. The last thing you want is for friends and family to assume a cash burden while processing loss.

 

4. Make a Charitable Gift or Start an Organization

Donating to a charity or kick-starting your own is one of the most selfless ways to spend wedding money. Is there a cause you are both passionate about? Lifelong learners could endorse quality curricula with Calvert School. Those affected by familial health histories may look to the American Cancer Society to make a difference. Animal lovers might want to contribute to the Humane Society of the United States.

Consider local options for added impact. Then, you will see positivity radiate through the community fostering your marriage.

If you want to start a small nonprofit outfit, you could use money for any of these activities:

• Renting an office or working space
• Buying online or print advertising to find volunteers
• Hiring legal consult
• Going to networking events

5. Invest in Your Future

Investments may sound like a selfish way to spend wedding gift money, but it can be more altruistic. Storing funds in secure places protects your family. Here are a few options for stashing the money smartly:

• Emergency or rainy day funds
• Low-risk stocks, like index funds
• Retirement accounts
• 529 plans if planning a family
• Down payment savings

The savings accounts help you and the people you cherish because stability is crucial for having lasting marital bliss. Emergency funds and stocks benefit your net worth and may help your spouse's family if unfortunate circumstances arise. You will feel empowered to help because you built a resilient foundation. It deepens bonds with your spouse and extended family because you decided to dedicate money to reducing disaster instead of focusing on yourself.

 

6. Consider Adoption

Wedding money could go toward changing a child's life if you and your spouse want to build a family. Prices vary depending on the adoption method and the child's location. However, average costs range between $15,000 and $40,000 for domestic adoptions. Tack on an extra $10,000 for international efforts. Wedding gifts may go a long way in making the bill less daunting.

Gift cash may only cover part of the bill. If it doesn't, financial assistance exists for families dedicated to adopting. Adoption through foster care is another avenue for potentially reducing or covering costs. If this happens, the money may go toward everyday expenses as you adjust your budget to accommodate a fuller household.

 

More Than Marriage Money

A magazine-worthy international escapade seems like a worthwhile way to spend wedding cash. However, you may desire to look for less conventional outlets because your guests' generosity inspires you. Solving medical debt might provide your spouse with the most significant peace of mind. A child may have a promising future because you have a stable home to raise them.

You can create beauty with a simple financial choice. Challenge yourself to cherish your marriage and other people with your wedding gifts.

 

 

Author Bio: Oscar Collins is the editor-in-chief at Modded, where he writes about a broad spectrum of topics. Follow him on Twitter @TModded for frequent updates on his work.

 

 

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