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 A Wedding Budget Can Start Your Marriage on Track
(ARA) - For love? Or for money?
Whatever your reason for tying the knot, money and finances are
a big part of the equation when two people say "I do."
Uttering those two words is more
than a pact to love and cherish one another. Read between the
lines and your partner may be saying, "I do have a lot of
debt I'm bringing to this marriage, dear heart." Or how
about, "I do not give a rip how much it costs, I want a
full orchestra at our wedding reception.”
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In a perfect world, you could
plan a wedding without regard to how much you’ll spend on
the orchestra. But that world exists only in bridal magazines,
which boldly tempt the average bride and groom with expensive
ideas while ignoring the price tag.
IHateFinancialPlanning.com, a Web site for the three out of four Americans
who hate financial planning, advises couples to watch that price
tag carefully or be prepared for the financial consequences.
“Starting out with a lot
of wedding debt can put a damper on the honeymoon stage of a
marriage,” says Suzanne Hunstad, an IHateFinancialPlanning.com
spokesperson. “Having a wedding budget can help couples
learn important money lessons that could make the financial part
of their marriage easier as time goes on.” |
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You Better Have a Plan for Paying
It used to be that the bride’s
family was responsible for most wedding costs, but with couples
getting married later in life and more second marriages taking
place, it’s not so clear-cut anymore. “There’s
really no such thing as tradition when it comes to who is going
to pay for a wedding,” Hunstad says. What’s becoming
more common is pooling funds from the bridal couple, her parents
and his parents.
No matter who is paying, wedding
costs will add up faster than you can throw rice on the big day.
Therefore, IHateFinancialPlanning.com advises couples to create
a budget and commit to following it. The Web site offers an interactive
wedding budget worksheet that can easily and securely store information
to make the budgeting process more manageable during a chaotic
planning time.
“We’ve also got a financial
compatibility quiz to help each partner understand how the other
handles money, which could eliminate the need for a wedding budget
altogether,” Hunstad jokes.
In addition to the wedding budget
worksheet and numerous financial tools the bride and groom can
use throughout the marriage, the Web site offers these wedding
prep tips to help the couple save a few dollars or even a small
fortune when planning their big day:
* Wedding gowns and bridesmaids’
dresses can be rented rather than purchased. Consignment shops,
sample sales and even the want ads are good sources for less
costly gowns and accessories.
* Consider using simple invitations.
Liners and enclosure cards add unnecessary costs in printing
and additional postage.
* Wedding cakes are more expensive
than other cakes. Consider having a small decorative cake for
show and then serving sheet cake to guests.
* Wedding flowers tend to be
priced for big budgets. Careful planning can cut flower costs
considerably (more green, fewer blooms).
* Seek references from friends
when selecting florists, cake decorators, photographers, videographers
and musicians. There’s a growing industry of “amateurs”
who offer their skills at reasonable rates. The quality is nearly
as good, and you’ll pay a lot less than hiring professionals
who spend big advertising dollars promoting their businesses.
* Consider local, public historic
homes, area parks or even your own home for the ceremony and/or
reception.
* Be ruthless with your guest
list, because each name increases the cost of your reception.
If you wouldn’t invite someone to your home for dinner,
you can delete that person from your guest list.
* Sometimes reception hall fees
are more affordable (and certainly don't need to be reserved
as far in advance) if you're scheduling your wedding outside
of the traditional wedding months of May through September, or
on any day but Saturday.
* A buffet will set you back
less than a sit-down dinner. Another option is scheduling your
reception for an "in-between" hour and serving a variety
of hors d'oeuvres and/or a dessert bar.
* You don't have to provide alcohol
for your guests. In fact, many wedding parties offer none at
all or a simple champagne toast. A cash bar is acceptable and
certainly a more affordable option. |
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