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

An Australian finance guru who was listed in the Forbes 30 under 30 list in 2021 has shared the two major mistakes couples make – and how you can avoid them for financial success this year.

Victoria Devine, from Melbourne, is the host of the popular podcast She’s On The Money podcast, and she also works as as a wealth management adviser dedicated to making financial jargon understandable and relatable. 

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

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

While the second is that they don’t have a ‘f**k up fund’, which means you need to have a little extra cash set aside for if and when things go wrong.

‘We think there are two major things people stuff up with their wedding budget,’ Victoria posted on Instagram. 

‘But luckily for you, they are two things that are very easily fixable with a bit of pre-planning.’

Victoria (pictured with her husband) said you need to factor in wedding-adjacent celebrations to your budget, as well as making sure you have a ‘f**k up fund’ for emergencies

1. Factor in wedding-adjacent celebrations into your budget

The first thing Victoria said couples who are wedding planning need to do is factor in any ‘wedding-adjacent celebrations’.

‘So many people skip out on including things like the engagement party, hen do, bucks party, kitchen tea and night before the wedding into their wedding budget,’ she said.

‘But it really should be in there, as those celebrations can end up costing a LOT.’

To give yourself a true indication of where you’re at with costing your wedding, the financial adviser recommends you ‘paint yourself a better financial picture of the whole wedding’.

This will avoid scaring you when you check your bank account at the end of proceedings.

Victoria (pictured) said a ‘f**k up fund’ means you will always have some spare dollars for a financial emergency, and won’t be scared by your outgoings

2. Have a ‘f**k up fund’

The second thing you should think about when wedding planning is planning for the unknown or unforeseeable.

‘While we hope nothing goes wrong with your wedding day, taking inspiration from the last two years of COVID mayhem, it’s good to factor in a little surplus cash for any dramas,’ Victoria said.

‘Think a last minute alteration on a dress, a wet weather panic of buying 40 umbrellas or some spare dollars to pay for the photographer to stay overtime to capture some hilarious dance floor shots of your family.’

The adviser said it’s always a good idea for couples to have ‘f**k up funds’ of extra money ‘squirelled away’ so you’re never panicked.

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

Previously, Victoria shared the six separate bank accounts that will help you to 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 are able to keep on top of their budget and cashflow,’ Victoria told FEMAIL.

The six separate accounts include one called ‘the cash hub’, one 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 account are the cash hub, so that you don’t mindlessly spend everything that comes into you account, and the emergency fund, so you’re not tempted to dip into it,’ Victoria said.

To find out more about Victoria Devine, please visit her website here. 

Victoria’s top savings hacks revealed 

Victoria (pictured) shared her top savings hacks for boosting your cashflow

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

2. DITCH AFTERPAY: ‘Buy Now Pay Later providers sound good in theory – you can have what you want now and future you can just deal with the finance – but the theory is flawed and if you get sucked into using AfterPay, it usually means you’ll end up in a sea of debt,’ Victoria said. 

3. UNFOLLOW AND UNSUBSCRIBE: The financial advisor said it’s crazy how much we are influenced by things like emails and Instagram. If you ever find yourself mindlessly scrolling and shopping, she recommends unsubscribing from the mailing list and unfollowing the triggering account. ‘By unsubscribing from these emails and unfollowing these brands, it’s much easier to resist the urge to purchase,’ Victoria said.

4. SHOP MORE CREATIVELY: ‘When it comes to clothes avoid buying things full price and look to op shops and markets for more unique buys,’ Victoria said. Instead of going to the supermarket, you could go to the local market at the weekend to save money on food. 

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