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Get Married? 4 Smart Things to Do With Your Cash Gifts

by Maurie Backman | Aug. 10, 2019

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Bride and groom kissing under a display of flowers

Image source: Getty Images

It's no secret that getting married costs a bundle of money. The average U.S. wedding tab is $33,391, according to The Knot, and in some parts of the country, it's considerably more. 

The upside? You'll probably come away from the big event with a pile of cash and checks. In fact, your wedding could wind up being your single largest payday in your adult life, especially if you have a large number of guests. But tempting as it may be to blow that money on a luxury honeymoon or indulge in a host of fun purchases (think a new sports car or perhaps a boat), you're better off using it responsibly. Here are a few smart things to do with the cash your wedding guests generously gifted to you. 

1. Build an emergency fund

Without emergency savings, you could be forced into debt the next time an unplanned bill lands in your lap. Not having savings could also introduce a layer of stress into your marriage, and that's not what you need when you're trying to start a life together. The good news? If you're sitting on a pile of wedding cash, you can use it to build your emergency fund. That way, you'll have some protection from life's unknowns.

Ideally, your emergency fund should have enough money to cover three to six months of essential living expenses. That amount of cash could also, conceivably, tide you over during a period of unemployment. 

2. Pay off your wedding debt

If you racked up debt in order to pay for your wedding, it's imperative that you knock it out as soon as possible. Even if you charged those expenses on a credit card with a low interest rate, or, better yet, a 0% introductory APR, you must pay off that debt quickly before interest accrues and you wind up spending more on your wedding than you ever imagined. 

Another thing -- if you carry wedding debt for too long, you could wind up regretting it. And that's not the sort of sentiment you want to associate with such a special day. 

3. Pay off other debt you're carrying

Maybe you took out a personal loan a year before your wedding. Any type of debt can be a source of stress in a marriage, so rather than let it drag on, use your wedding money to make it go away. Doing so could help you achieve other milestones faster -- milestones that are important to you as a couple. For example, some people hold off on building a family when their finances aren't solid, but if you pay off your debt (or a large chunk of it) with your wedding cash, you might feel comfortable expanding your family sooner. 

4. Save for a home down payment

Many couples choose to become homeowners once they're able to combine financial resources and better afford a mortgage. If that's your plan, then your wedding money could end up serving as your home's down payment. And that's important for a couple of reasons. 

First, if you're able to put down 20% of your home's purchase price, you'll avoid private mortgage insurance, or PMI, which is premium that gets tacked on to your monthly mortgage payment, thereby making it more expensive. Just as importantly, the more money you put down on your home, the sooner you can build equity in it and use it as a financing source should the need arise. 

A wedding is certainly a milestone worth celebrating, and if you're coming away with a load of cash gifts, even better. Use that money wisely so your marriage can really get off to a solid start. 

These savings accounts are FDIC insured and can earn you 12x your bank

Many people are missing out on guaranteed returns as their money languishes in a big bank savings account earning next to no interest. Our picks of the best online savings accounts can earn you more than 12x the national average savings account rate. Click here to uncover the best-in-class picks that landed a spot on our shortlist of the best savings accounts for 2021.

Two top online savings account picks

Rates as of Dec. 29, 2020 Ratings Methodology
Logo for CIT Bank Savings Builder
Logo for American Express® High Yield Savings Account
CIT Bank Savings Builder American Express® High Yield Savings Account
Member, FDIC Member, FDIC
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Rating image, 5.0 out of 5 stars.
5.0 stars
ToolTip Icon for Star Rating. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. = Best
= Excellent
= Good
= Fair
= Poor
Open Account

On CIT's Secure Website.

Open Account

On American Express' Secure Website.

Read Review Read Review

APY: Up to 0.45%

APY: 0.50%

Best For: No monthly maintenance fee

Best For: High APY

Min. to earn APY: $25k or $100 monthly deposit for highest tier

Min. to earn APY: $0

About the Author

Maurie Backman
Maurie Backman icon-button-linkedin-2x

Maurie Backman is a personal finance writer who covers everything from savings to retirement to healthcare. Her articles have appeared broadly on major outlets such as CNBC, MSN, and Yahoo.

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