Should You Go into Debt For Your Wedding Day?
With Valentine’s Day just around the corner, this week’s round-up includes five articles on weddings and debt. In each article, Fay offers a simple solution to common wedding problems. Learn some wedding budget techniques on how you can save up and still get the wedding of your dream.
Saving Up to Spend More
Depending on the venue and season of your wedding day, wedding costs can vary significantly. In this article, we’ll talk about how wedding costs are driving guests into rising debt. Author Bill Fay talks about weddings as one of the main reasons why so many young people get into debt so early.
How the Soaring Price of Weddings Are Putting Guests in Debt?
Of course, weddings do not just impact the bride and groom, but the guests as well. There are expenses associated with being invited to a wedding. Travel, gifts, attire, and other expenses are expected to reach an average of $539 per wedding annually.
With the wedding day looming, the bride and groom need final numbers on their guest list. CNN Money takes a proactive approach and talks about how guests are turning down the wedding because of budget and time constraints. Weddings are costly, and the bride and groom are not the only ones who spend big bucks.
More Weddings, More Debt
Couples often fall victim to their wedding fantasies. More couples fall into debt, on average, $56,000, even before they share the first slice of cake.
This lack of open communication is related to money management and planning, and although much is said about the importance of financial planning in the wedding planning process, almost a third of brides are broke at the time of their wedding.
Ways to Save For Your Wedding Day
Florists, photographers, caterers, and limousine companies who need to bring equipment and staff from anywhere in the city, add up in the quotation. By taking a simpler approach to your wedding, you can reduce your wedding costs significantly by holding both the ceremony and reception in the same location.
Planning a wedding comes with an excessively high price tag, but there are several measures you can take to save money. Call us at — for a free evaluation of your budget so you can set your wedding budget within reason.
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