Poised at a pivotal time in the holiday season when our paychecks leave quicker than direct deposit and our days fade faster than a dimming light. With cash flying out of our pockets more than any other time of year, this brings particular concern over finances. Over spending may leave you staring at the dark hole burning through your pocket from the post-recession holiday. Many of us know that money doesn’t grow on trees, but we don’t know how to keep it from popping into the cashier’s hand.
The Storm
For those of you soon-to-be groom’s, thoughts are racing through your mind of when to pop the question. However, your other side of reasoning has you wondering how prepared you are for this love storm called a wedding. It’s can become a hail storm because of the responsibilities, money burning commitments and the flood of emotions that seem to reach everyone in the storm’s grasp. You too will find yourself in the midst of the storm. But, take a moment to breathe, and realize that this is exactly what you have been planning for the last few months, or years, since you laid eyes on your gorgeous beloved. Your wedding day will come in quickly and leave the same, but it’s up to you to make sound financial decisions.
Puzzle Pieces
Most people have come to terms that we are living in hard times – financially speaking. In fact, most brides are spending on average $22,000 for their wedding and reception. This is a considerable drop from previous budgets up nearly $28,000. For most guests, the thrill of the night exists over drinking and dancing the night away to great Bon Jovi and Cupid Shuffle dance moves. Work together with your wedding planner to detail your budget planning and seek guidance from a financial planner for more in-depth realizations. Weddings are one way to drive yourself into debt if you don’t think clearly. Your financial limitations are real but setup a plan one year before your wedding. This helps to ease any panic attacks on large purchases and reduce any buyer’s remorse (or missing something you truly wanted).
Pure Clarity
Being recently engaged or getting married soon should be the happiest time of your life. Consider all of your financial options, and not just those your fiancé (e)’s family support for this crunch. Credit cards are no longer the evil plastic floating in your wallet. Instead, use that special APR credit card offer that you likely received in the mail every week to pay for the deposit on the venue at the great golf club or vintage house you’ve been eyeing for weeks. Write out the list of expenses not only leading up to the wedding, but during and after your wedding. Don’t forget the thank you notes for all your gracious guests. Make a budget based on a percentage to apply to each category, for example: venue, food, and alcohol (50%), planner (8%), flowers and rental items (10%), stationary (1%), DJ (10%), cake (1%), photo and videographer (10%), attire (10%). The list can roll right off the page but use these tips to save your money tree.
Image: Andy Newson / FreeDigitalPhotos.net
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