Monday, March 18, 2013

It’s Your Wedding, Not Theirs!





So you’re engaged!?

You may be thinking of booking a date for the wedding day and creating a budget accordingly.

Today many couples don’t have the luxury of asking their parents to fund an extravagant wedding celebration or ceremony, and many will need to pay for the event out of their own savings.

Emotion can control decisions, so it is best to think through the process and plan together!

The first step required is for the couple to apply for a marriage license at their local town or county clerk office.  When notified that the marriage license is ready for pickup (usually valid for approximately 90 days depending on where you reside), the couple should then proceed to make an appointment with the local Registrar/Recorder/County Clerk office for the purposes of conducting a civil ceremony, in front of witnesses.  If preferred, the couple could arrange for a judge, county clerk, priest, minister or other officiant to perform a ceremony instead, or in addition.  

Now, let us go back to the budget and choices of wedding ceremonies and celebrations.

As mentioned, if the couple were to consider paying for the wedding ceremony themselves, they will need to determine and decide up front, how their money will be spent on their special day.

According to a recent article on Reuters, the average cost of a wedding in New York is $65,824! It is – probably by far – the most expensive city in the United States to get married in!  However, many couples spend approximately $27,000 – still a huge amount of money for a party – and this would obviously not include the proposed cost of a honeymoon.  Do not get caught paying off debt – you know where I’m going with this – “long after the honeymoon is over!”

One could ask… is $27,000 a lot of money?  Well, I think it is, but for others this amount may seem affordable.  After all, expensive may be considered a relative concept, subject e.g. to your personal financial standing, the cost of living where you reside, etc.  How much to spend, and whether it is affordable, are decisions that are really up to you!  Make an intelligent and well-informed choice, and then decide how your savings will be spent.

Here are just a few ideas for a budget friendly wedding that may be considered as mentioned on the website budget savvy weddings:  
  • $599 budget: may include an officiant, a wedding ceremony on the beach, chairs, flowers, a certificate keepsake and amazing photographs, etc. 
  • $2,000 budget: may include $50 invitations; $150 rental for a bridal gown; $50 for alterations; $130 tux rental (J.C. Penney online sale); $800 for food, buffet style; a $150 reception venue; $30 for a wedding cake $30; $16 for her shoes e.g. via eBay; $20 for his shoes e.g. at Kohls; a free gift of photography; $200 for decorations; $50 bridal table, punch bowl rentals, etc.; $20 for a guest book (for 100 guests to write wishes), etc.
  • $27,000 budget: may include $5,000 for a ‘fancy venue’; $250 for miscellaneous rental costs; $750 for décor; a $600 wedding cake; $1,000 for alcohol/beverages; $2,000 for a photographer; $1,100 for a professional DJ; $2,250 for a professional wedding planner; and $400 for a unique website & wedding invitations; $900 for flowers; $750 for other decorations; $500 for hair & makeup; $9,000 for full-service catering for 120 guests at a club (or similar); $200 for tips and gratuities for the staff, etc.
Just keep in mind that – as previously shared via BesterInvestor blog post, “New Positions for Married Couples”, $25,000 invested in boring Dow stocks at an average 10% annually (including reinvested dividends) would be worth almost $200,000 in just 15 years! 

Investing may make more sense than spending on a 4-hour wedding reception, but – as mentioned above – sometimes emotion overrides common sense!

Hopefully – once you consider the ideas above – it will become easier for you to plan that special day, and ensure that you don’t start your wedded bliss with additional, unaffordable debt, allowing you to save for a future… for just the TWO of you!

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