Is this your song or maybe your children’s?
Valentine’s Day, February 14th, is known for creating sparks of love and affection between couples and also for being one of the most popular days of the year for marriage proposals.
The excitement of, “Yes, I will marry you,” is followed with the wedding plans. The flurry of excitement suddenly becomes overweighed with decisions about the guest list, venue, food, music, flowers, photographer, and so much more. (Oh dear, I forgot the wedding dress!) When considering all the details, the most vital question which needs to be in the forefront, “How much do we want to spend on the most important day of our lives?” Or rather, “How much can we afford to spend?”
One quick search on the Internet reveals hundreds and hundreds of checklists and ideas on how to craft the perfect wedding. First, couples should share their thoughts about what their perfect day looks like before hunting for information. Making this first decision as a couple, whether to be frugal, extravagant, or meet somewhere in the middle, is the prelude to a lifetime of decisions about money as a married couple. It’s not a secret that the leading cause of divorce is arguments over money. For all we know, the way a couple handles the costs of their wedding could be the real test and testimony to their life choices about money.
Nothing speaks louder and clearer about, “What will the wedding cost?” than a calculator and pencil with an eraser. The formula is simple. Add all the associated costs.
This + That + These + Those = $$.$$
We want to know the total cost commitment for our dream wedding. Only then can we decide whether we want to cut corners or where we have to cut corners.
When we know how much the wedding will cost, the next step will be easy. We know how much money we have to save. We have a goal to work towards our big splurge. This is far better than the alternative, relying on credit to pay for the wedding. If anyone thinks saving money before the wedding will be difficult, imagine borrowing the money and making payments (with interest charges) after the wedding.
Quite often, parents may be willing to share some of the wedding costs. Parents should know in advance the cost of their commitment. Making a verbal agreement beforehand might become quite a shock if specific details are not shared in advance. The same question asked previously, also applies to parents, “How much can we afford?” Rather than share the costs, parents may opt to give a specific amount of money towards the wedding expenses, so they don’t destroy their piggy bank.
Some key takeaways for the soon-to-be newlyweds.
q Do your homework in advance.
q Determine your options and the cost of the important must-have details.
q Take appropriate steps to set limits on the wedding expenditures.
q Understand who is involved in sharing the costs and their commitment.
q Lastly and most importantly, have fun on the most memorable day of your life.
q Enjoy every moment.
If anyone has previously planned a wedding and has any advice to offer, please share in the comments below.