Going to the Chapel

♫Goin' to the chapel and we're gonna get married

Goin' to the chapel and we're gonna get married

Gee, I really love you

And we're gonna get married

Goin' to the chapel of love♫

Is this your song or maybe your children’s? 

Valentine’s Day, February 14^th, 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.

It Doesn’t Have To Be this Way

 

 

 

 

You’ve heard it. I've heard it. Or have we?

 “The definition of insanity is doing the same thing over and over again and expecting different results.”

I’ve walked down this path countless times.  I expected things to be different without a shift in my focus, a change in my attitude, or the use of a different approach.  Honestly, all I had was a whole lot of “nothing” and a heck of a lot of “frustration”.

Has that ever happened to you?

We know something has to change but what we sometimes don’t realize is that it begins with us.  This theory applies to everything and anything we need fixed: our health, relationships, or finances; and even the simple things in life, like an Internet connection that has a frequency of its own. 

One current problem is the way personal finances are handled. The latest survey indicates that that 46% of Canadians are $200 or less away from financial insolvency at month-end.  This statistic jumped from 40% in the previous quarter.  Apparently, this news is better than the 2017 numbers when MNP said more than half of Canadians were living within $200 per month of not being able to pay all their bills.

Those numbers are staggering. As I read, I feel the anguish and frustration in the responses.  If the poll is accurate, nearly half of Canadians are on the brink of a financial disaster.  It isn’t only frustration in these numbers; the fear is real, describing a financial situation at its worst. 

In a Global News interview, Kelley Keehn, a personal financial educator, shared tips for changing behaviour to attack the money problems. As I listened, I nodded in agreement.  I have written about these strategies in my blog posts as well.  

• Create your Net Worth Statement.

• Set up automated savings.

• Track your spending.

Any Certified Financial Planner® Professional or credit counsellor will tell us the same thing.  The only way to attack our fears and money problems is with action.  Doing the things we are encouraged to do is the way to fight back and gain control.

Honestly, I sometimes feel no one listens.  Like Kelley, I feel people get discouraged, say “Whatever!”, and walk away defeated.  But I believe it doesn’t have to be this way. Everyone can start with small steps and walk away encouraged. 

If we can’t increase our income, then the only thing we can do is decrease our spending.  When we tap into other useful resources, Gail Vaz-Oxlade has a list of tips to put into action. Below is one we can borrow and apply in our lives. Like she points out, “What do you have to lose?”  

Gail writes:

Figure out what it takes to live modestly for a month.  You’ll need to cover your regular bills like mortgage or rent, utilities, car payment, gas for work, food.  Once you think you’ve got the bare bones covered, look at how much cash you think you’ll have to spend.  Planning to spend $600 this month on everything from groceries to gas to your sister’s birthday present? Cut that in half and challenge yourself to live on less.

Before you throw your hands up and say, “Ridiculous,” just try it.  There’s no failure here.  It’s an experiment.  It’s to see whether it can be done.  After all, even if you miss by $150, you’ve still spend much less than you thought was possible.  Hit the mark and you’ve experienced living modestly and saving money at the same time.  Double whammy!

Frankly, even if we aren’t in financial difficulty, a couple of wrong turns between now and then can place us unintentionally in a mess of financial doo-doo. So perhaps we need to pay attention and listen to the advice handed out. There is nothing wrong in learning new skills in money management from the experts.  And there are plenty of skills to learn! We only need the desire to make the necessary changes so we are not included in any future grim statistics.

Everyone should consider doing Gail’s homework assignment.  If you happened to be the one who does, feel free to share the results of your experiment in the comments below.