Talented Tuesday - M.N.D. Accounting

Welcome to Talented Tuesdays, where each Tuesday we will highlight a talented vendor. 

One of the most important aspects of planning your wedding is the finances.  We spoke with one of Charlotte's best accounting firms: M.N.D. Accounting to get their expertise on finances and your wedding.

M.N.D. Accounting is a boutique accounting firm providing tax preparation and financial services. We pride ourselves on our in-depth knowledge of tax laws and our exceptional customer service. We look at the total financial health of our clients. That encompasses everything from debt management to tax planning to education planning. Our owner, Mary Douglas, has been a Tax Accountant for over 10 years, specializing in the individual and small business sectors.

What role can an accountant play for the prospective bride and groom? 

An accountant could help the bride and groom create a budget for the wedding based on their discretionary income and savings. But, more important, there is life after the big day. A savvy financial planning expert will help them get on the right track financially. They will need to develop a budget, financial goals and action plan for wealth building. That is the type of service we provide.

What are some tips you would pass on to those getting married?

Know what you are getting into financially AHEAD of time. Do not walk down the aisle blind to the financial condition of your intended mate! Get copies of credit reports and sit down and discuss your financial health. Discuss the debt items that should be eliminated before the wedding.

Review the last two years tax returns together. Find out if there are any arrears owed to the IRS or state department of taxation for any states they have lived in. And then develop a plan for eliminating that debt.

Discuss a prenuptial agreement! There is nothing wrong with protecting assets you earned. This is especially true when marrying later in life.

Find out your fiancés approach to money management. Are they a spender or a saver? Do they give away lots of “loans” to friends and family members? Do they have child support they pay or are behind on? These are all important factors.

It is critical to put a household budget in place BEFORE the wedding. Set ground rules, agree on goals and have a flexible plan that works for both of you. Part of that planning includes determining if you will have joint or separate accounts or both. You also need to decide if you will have shared credit cards or separate.

Remember, you have to live after the wedding. DO NOT spend all of your savings on ONE day. You should have a wedding based on a reasonable budget. Sit down with your fiancé and decide on a wedding budget and stick to it.

What are your suggestions on finances after the wedding?

Continue to work on finances together. Both partners need to be well-informed about what is going on financially.Talk about spending or saving habits that are popping up that are destructive to the budget and potentially to the relationship. Do not delay; talk about them when they occur. Putting off needed conversations makes the problems worse.

Anything you would like to add?

Visit www.mndaccounting.com and download our wedding budget that we give to clients. Happy Planning! 

We thank M.N.D. Accounting for their words of wisdom!  Remember, your wedding is a piece of the larger picture.  It should be a beautiful day, but remember it is one day and you have to live beyond that.