When it comes to money, we often hear about the importance of budgeting and making sure our expenses don't exceed our income. But equally important is how we choose to spend that money.
One of the biggest decisions we've made as a couple that helped propel us towards financial independence early on was to forego a wedding.
By the time we started talking about getting married, we had already been dating for nearly 5 years and owned a home together, so the thought of spending our hard earned money on a one-day celebration to make it official simply didn't make sense to us.
Even a "small" wedding would have cost us a considerable amount of money, and no matter how low we dropped the budget we could still think of something else we would have rather put the money towards.
Finally, we decided to forgo a wedding all together and elope. While both of us were certain about our choice, it wasn't always an easy one to explain. This was pre-COVID and elopement still seemed to carry a slightly negative connotation.
None the less, we were confident it was the right choice for us and happily signed the papers at city hall without looking back.
Six months later, we put that money towards a down payment on a small (and very rustic cottage). A purchase that would bring us far more happiness and quality time together than a one-day celebration, and a decision that would ultimately inspire us to pursue financial independence.
This isn't to suggest that no one should have a wedding (or any other particular expense). In fact, there are many people that would consider our choice a waste of money. And maybe, for them, it would be.
We all have expenses that someone else would consider frivolous. And that makes sense. After all, we all value different things.
The point isn't to judge anyone else's financial decisions, but to question our own decisions before spending money. In our case, it prevented us from spending tens of thousands of dollars on a wedding we didn't really want.
Too many major financial decisions have become normalized to the point that we barely even think of them as decisions. From taking out car loans to upgrading our phones every two years, these things have become so routine that we often don't consider an alternative.
What if you bought a used car? Or kept your phone until it actually stopped working? How much money would that save you over a lifetime, and what else might you do with it?
Setting your financial priorities early on can not only prevent a lot of costly mistakes, it might actually allow you to enjoy they money you do spend more.
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