BREAKING THE BANK FOR YOUR WEDDING DAY

According to the Conde Nast Bridal Infobank, the average wedding costs $22,000. However you look at it, that is a lot of money. In fact, that figure represents approximately five months’ of income for the average middle-class American, according to the U.S. Census Bureau. So, how can you deal with the thought of $22,000 worth of bills looming in your future? Whether you are a parent planning to give your child an extravagant wedding, or a bride struggling to pay for a conservative affair, you should start thinking about finances early in the engagement.

Focus on people more than on stuff. Material things aren't really the key to happiness; they're merely props on the stage of life. Some "plays" are more complex than others and require more props - but more complicated doesn't mean better. The element that makes the "stories" work is the characters the people. Choose to be content. Psychologists have shown that often, people feel what they have decided to feel. So decide to be happy with what you have. Decide to focuson the partner or children you have. Decide to bedelighted with the beauty of a sunrise and the wonder ofthe changing seasons. Decide to be contented.Don't mistake contentment for resignation. You can be happy and continue to improve your life. A wise person once said, "The grass is greener where you water it".

It is important to clearly define your role in your child’s wedding financing. Remember to balance the upcoming wedding costs with regular expenses (mortgage, college tuition, car loans, retirement contributions, insurance premiums) and figure out where you can save, what you can set aside, or what you may borrow against. Don’t put it off until the reception facility bill comes in the mail. The family has enough stress without a big bill that has been underplanned for. Be proactive, do your research, and get the most for your money.

So you're avoiding temptation and practicing contentment. But what do you do for fun? Actually, an amazingly wide array of entertainment, adventures, and knowledge is available. I mentioned some in preceding sections: museums, gardens, forest preserves, and other delights. Find them and enjoy them. Hobbies are also a great way to entertain yourself at a low cost using your checking account and not your credit card.

Don’t panic at prices and stress over costs just yet. Read this section on the financial side of the wedding, but don’t forget to enjoy your engagement. You will discover the tools you need to create a budget and stick with it. Worried about how you will afford the wedding of your dreams? Ask yourself which components are must-haves and which are easily substituted with cheaper alternatives. And, don’t forget, brides—some documents need to be changed. Don’t fret— we already prepared the list for you so that you can concentrate on other things, like a certain dress. Finally, you need to think about your future as a married couple.

You need to reevaluate your expenses, spending, saving, budget, and debt management initiatives as a couple, not an individual. Go back and think about how you will manage your money as a couple, and you will be ready to be financially savvy from Day One of your life together. Don’t wait until the gift money runs out, or until it’s time to apply it to a mortgage, to ensure that your money grows. Consider it together, right away. The sooner you get on the same financial page as a couple, the better off your finances will be for your future.

top