Jenna Ushkowitz's Latest Role Involves Planning Her Wedding & Financial Future

As a seasoned television actor, Broadway star, and podcast host, Jenna Ushkowitz is no stranger to high-pressure situations and meticulously planned schedules. She can easily adapt to changes on set and, as a sometimes-producer, she never shies away from money talk.

Ushkowitz’s background proved especially useful when she and her fiancé found themselves preparing for their upcoming wedding during the current pandemic. In what she refers to as her “mindset of flexibility,” Ushkowitz tells Bustle she’s simultaneously planning three different versions of the celebration, and waiting until closer to the date to decide which one the couple will actually throw.

But no matter which iteration they end up with, Ushkowitz and her fiancé are sure of one thing: they don’t want to spend every last penny on their big day. “For us, it’s not just about the wedding,” she says, “It’s about planning for all the days after, as we build our life together.”

The couple met with Northwestern Mutual financial advisor Alicia McMachan, who couldn’t agree with this sentiment more. As a company whose goal it is to reframe the idea of financial planning to help people feel empowered in their decisions today and down the line, Northwestern Mutual was a natural fit when it came to helping turn Ushkowitz’s dreams into a reality.

Just in time for International Women’s Day, Ushkowitz and McMachan sat down for an inspiring virtual conversation rooted in the idea that when women take control of their finances, they take control of their lives — a sentiment Ushkowitz embodies through and through. “I have had financial independence for a long time now and I’m proud of that,” Ushkowitz notes. “My fiancé and I are in the mindset of supporting one another, both financially and emotionally.”

Read on to learn the biggest financial takeaways — wedding and otherwise — from Ushkowitz and McMachan’s conversation, and click here to get a custom Northwestern Mutual financial plan that helps you embrace your next chapter.

Determine Which Wedding Traditions Are Worth Pursuing

Buffet or sit-down dinner? Intimate ceremony or big party? Planning a wedding is all about making decisions — with not only aesthetics in mind, but finances, too. One thing Ushkowitz learned quickly was to figure out which plans were actually important, then take steps to bring those plans to fruition.

“Every couple is going to have different priorities for their wedding day,” she tells Bustle. “You can absolutely get lost in the shuffle of all the moving parts of planning, but if you stick to the things that really matter, that will keep you focused and moving forward.”

McMachan agrees, encouraging couples to start building the foundation as soon as they get engaged. “To me, rules of thumb make no sense — it’s about what’s important to you.”

Redefine The Word “Budget”

While the idea of creating a budget may feel intimidating at first, McMachan’s philosophy is that when you do it right, a solid financial guideline can become a tool for freedom.

“You want to start by going through your net monthly income — that’s what’s coming in for both of you — then figuring out what your true expenses are so you can figure out the actual surplus, or what’s left,” the financial advisor suggests. “Once you know that, you can figure out how much of the surplus is going toward things like the wedding, a house, or retirement. People think that a budget means they’ll feel handcuffed or restricted, but it really gives you more flexibility in the long run.”

Embrace The Idea Of The “Money Date”

Once Ushkowitz and her fiancé were ready to set a budget for their wedding and beyond, the next step was sitting down and talking it out. This can be one of the most difficult, but ultimately the most helpful things you do in a relationship, according to McMachan.

The couple took a friend’s advice of scheduling “money dates,” which simply meant that they dedicated a few nights to blocking off their calendars and getting candid about their financial history, debt, and goals.

“You should prepare yourselves to get ‘financially naked,’ since talking about money can feel very vulnerable,” Ushkowitz recommends. “The more you open up and share, the more comfortable you’ll get with talking about these subjects.”

There’s No Ideal Way To Combine Your Finances

One of the most common questions McMachan gets from couples is how and when to join their accounts. Truth be told, that answer is different for everyone — but it is something she advises all couples to do eventually.

“Most of the time we find that if you can combine [your finances], life in general is going to be so much better in the long run, because you’ll feel like you’re truly working together on everything,” the advisor says.

The way Ushkowitz and her fiancé crossed this bridge was with a shared credit card. “[We began] the process with that small step, which felt good for us at the time. We’ll continue to talk about it and make progress toward combining fully,” she says. “There are a lot of other things we’re dealing with right now so this step feels manageable to us.”

When In Doubt, Leverage A Professional

Though Ushkowitz says opening up to a financial advisor initially felt like a big endeavor, she acknowledges that ultimately, it empowered her to tackle the big questions head-on.

“It’s freeing to know that you’re making smart moves, calculated moves, and strategic moves for your future,” she explains. “You’re setting yourself up for future success by not avoiding talking about major things.

McMachan agrees, adding that as a financial advisor, her goal is “to simplify, and help people create harmony between living well today and having financial security later.” And now, Ushkowitz is set up to do both with Northwestern Mutual by her side.