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Laura Hunt

Romance & Money

Creatively Paying For Your Upcoming Wedding

Shared wedding cost

 Dave in Reno, Nevada:
"We have decided that since we have about the same amount of income, we will share the cost of our wedding equally. We are financing everything with our separate credit cards. How can we do this equitably and in a way that prevents any arguments or misunderstandings?"

Dave, you are absolutely right to address your wedding arrangements sooner rather than later. It is insightful to recognize that it can become a source of disagreement, no matter how strong your relationship.

I would suggest that in order to split the wedding cost equitably, you must know exactly what those costs are. First, prepare your wedding budget based on solid estimates from vendors.

Then split it right down the middle and round up. If it appears that an equal split would be $ 6350.00 each, round up to $7000.00 to allow for cash items and a bit of grace in the budget. Then stick to the budget.

To maintain the joint responsibility split the planning and organizing for the wedding as well. If one of you is doing everything and also paying half, you may want to revise that plan.

Once you agree to the budget, you could take cash advances from the credit cards and put them into a new wedding-only checking account.

This is important considering that many event professionals will accept cash only when making reservations or for the final payment.

Cash advances on credit cards usually come with a hefty interest rate. If you need to use your credit cards for these expenses, remember to consolidate your higher rate card onto a lower rate option as soon as possible.

Arguments about money are the number one complaint from married couples. By preventing them, you are off to a good start.

Additional information on this topic:

Wedding plans? -- Financial considerations; where to start
How much debt is too much?
Paying for the wedding
Creatively financing your wedding

Read Earlier Articles
Editorial Calendar & Monthly Budget Worksheet
Important Financial Help Websites and Phone Numbers

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