Creatively Paying For Your Upcoming Wedding
Paying for the wedding
Katie, Seattle, Washington
"My fianc├ę and I just got engaged and are beginning to plan our
wedding for next year. We don't want to ask our parents for money since
they paid for our college educations. What financial considerations
should we make, and where do we start?"
First, congratulations! Second, as a mother, I'd like to compliment you for the
thoughtful regard of your parents' finances. Since your wedding is in
the future, you have time to plan well. The planning for this expense
will help you later in reaching long-term financial goals, such as
buying a car or a house.
The initial conversation about your wedding
with your spouse should include an overview of your finances. Do you
envision the same kind of event? Who will manage the finances and pay
the bills? Bank accounts can be a conundrum for many couples; joint or
separate? What are your spending profiles? How much can you afford for
In creating a budget, you must figure out
what your monthly spending needs and habits are. First, add up your
monthly income. Then collect all your bills, credit cards statements,
student loans, car loans, mortgage or rent, etc. If you don't save
receipts for gas, groceries, and dry cleaning, get your check register,
and add it all up.
Subtract the sum total of what goes out
(your spending) from what comes in (income). This is your cash flow. Is
this number a plus or a minus? How much money do you actually have to
apply towards your wedding?
Are you willing to go into debt for your
wedding? If so, contact your credit card or finance company and get an
estimate for a monthly payment on your agreed-upon budget. Be sure that
this payment is in alignment with your other obligations and goals.
After you've discussed these very important
issues, you can begin to develop a wedding budget that encompasses the
reality of your situation. Remember that some wedding related items will
be on a cash only basis, so be prepared for up front deposits with
organizations that don't accept credit cards. And don't forget about
tipping, taxes, church donations, and other wedding day costs.
Remember; try not to get so wrapped up in
the details of budgeting and planning that you forget what you are doing
in the first place: celebrating your love for one another.
Working on a common goal and understanding
each other's expectations will be a great exercise for your future life
together. It helps prevent arguments and keeps romance alive. Remember
always to have time and money in your monthly budget for romance.
Additional information on this topic:
How much debt is too much?
Shared wedding costs
Creatively financing your wedding
Read Earlier Articles
Editorial Calendar &
Monthly Budget Worksheet
Important Financial Help
Websites and Phone Numbers