Finance pro Victoria Devine shares the two money mistakes thousands of couples make and how to avoid

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An Australian finance guru who was on the Forbes 30 under 30 list in 2021 has shared the top two mistakes couples make and how you can avoid them to succeed financially this year.

Victoria Devine, from Melbourne, is the host of the popular podcast she is in the money podcast, and also works as a wealth management consultant dedicated to making financial jargon understandable and relatable.

In one of her most recent posts, Victoria said there are two mistakes many couples make, and both have to do with getting married.

An Australian finance guru who was on the Forbes 30 under 30 list in 2021 has shared the top two mistakes couples make and how you can avoid them (Victoria Devine pictured)

An Australian finance guru who was on the Forbes 30 under 30 list in 2021 has shared the top two mistakes couples make and how you can avoid them (Victoria Devine pictured)

The first is that couples don’t often plan for the adjacent occasions and celebrations around a wedding, which add up quickly.

While the second is that they don’t have a “shit fund” which means you have to have a little extra money set aside for when things go wrong.

“We think there are two important things people do with their wedding budget,” Victoria posted in instagram.

“But luckily for you, those are two things that are very easily fixed with a little bit of advance planning.”

Victoria (pictured with her husband) said you need to factor wedding-adjacent celebrations into your budget, as well as make sure you have a

Victoria (pictured with her husband) said you need to factor wedding-adjacent celebrations into your budget, as well as make sure you have a “shit fund” for emergencies.

1. Factor wedding-adjacent celebrations into your budget

The first thing Victoria said couples planning a wedding should do is consider “celebrations adjacent to the wedding.”

“Many people skip including things like the engagement party, bridal shower, dollar party, tea in the kitchen and the night before the wedding in their wedding budget,” she said.

“But it really should be there, as those celebrations can end up costing a LOT.”

To give yourself a true idea of ​​where you stand with the cost of your wedding, the financial adviser recommends “painting a better financial picture of the entire wedding.”

This will prevent you from freaking out when you check your bank account at the end of the paperwork.

Victoria (pictured) said a 'fucked up fund' means you'll always have a few extra dollars for a financial emergency and won't be scared of spending.

Victoria (pictured) said a ‘fucked up fund’ means you’ll always have a few extra dollars for a financial emergency and won’t be scared of spending.

2. Having a ‘shit bottom’

The second thing to think about when planning a wedding is to plan for the unknown or the unpredictable.

“While we hope nothing goes wrong on your wedding day, taking inspiration from the past two years of COVID chaos, it’s good to factor in a bit of surplus cash for any drama,” Victoria said.

“Think a last-minute alteration to a dress, the wet-weather panic of buying 40 umbrellas, or a few extra bucks to pay the photographer to stay overtime to capture some fun shots of your family on the dance floor.”

The adviser said it’s always a good idea for couples to have ‘f**k funds’ of extra money ‘saved up’ so they never panic.

Victoria (pictured) shared the six separate bank accounts she needs, including the cash center, food, fuel and fun account, two emergency funds, a short-term and long-term savings account

Victoria (pictured) shared the six separate bank accounts she needs, including the cash center, food, fuel and fun account, two emergency funds, a short-term and long-term savings account

The six bank accounts you need

1. The cash center

2. The food, fuel and fun bill

3. The emergency fund

4. The short-term savings account

5. The long-term savings account

6. The other emergency fund

Earlier, Victoria shared the six separate bank accounts that will help you spend and save, without feeling deprived.

“It’s very personal how many bank accounts you have, but personally I always suggest clients have at least six in their possession so they can stay on top of their budget and cash flow,” Victoria told FEMAIL.

The six separate accounts include one called a ‘cash center’, another for ‘food, fuel and fun’, an ’emergency fund’, a bank account for ‘short-term savings’, one for ‘long-term savings’ and another ’emergency fund’ for other last-minute situations.

“The two most important of these accounts are the cash center, so you don’t mindlessly spend everything that goes into your account, and the emergency fund, so you’re not tempted to dip into it,” Victoria said.

For more information on Victoria Devine, visit her website here.

Best Victoria Savings Tricks Revealed

Victoria (pictured) shared her best savings hacks to boost her cash flow

Victoria (pictured) shared her best savings hacks to boost her cash flow

1. AVOID SALES/USE THEM STRATEGICALLY: Just because it’s on sale, Victoria said you don’t have to buy it. Instead, she should only use sales strategically when she plans ahead, she knows they’re coming, and she knows she needs something.

2. ABANDON THE POSTPAID: “Buy Now Pay Later providers sound good in theory – you can have what you want now and in the future you can only deal with finances – but the theory is flawed and if you get sucked into using AfterPay it usually means you’re done in a sea of ​​debt,’ said Victoria.

3. STOP FOLLOWING AND UNSUBSCRIBING: The financial adviser said it’s crazy how much things like emails and Instagram influence us. If she ever finds herself mindlessly scrolling and shopping, she recommends unsubscribing from the mailing list and unfollowing the activation account. “By unsubscribing from these emails and unfollowing these brands, it’s much easier to resist the urge to buy,” Victoria said.

4. SHOP MORE CREATIVELY: “When it comes to clothing, avoid buying things at full price and look to fashion stores and markets for more exclusive purchases,” Victoria said. Instead of going to the supermarket, you could go to the local market on the weekends to save money on food.

5. PUT TIME BETWEEN YOU AND YOUR PURCHASES: Victoria explained that while sporadic purchases do happen from time to time and create a feeling of regret, the best way to avoid this is to put time and space between yourself and your purchase. The advisor recommends at least one day, and if you still think you want something, add it to your cart.