There’s an old adage that says “Chance Favors the Prepared Mind.” I couldn’t agree more! It is so important to equip yourself with knowledge BEFORE you need it, so today’s blog post is dedicated to my readers who are not engaged, and who may even be single. You may have a lot of big ideas for your wedding in your head at the moment, but its important to also start planning for the financial side as you dream and pre-plan your wedding. It will save you from headaches and heartaches in the long run! Below are a few tips to help you understand the importance of saving now instead of later:
1) Fewer Parents Are Paying for The Wedding
In the old days, the parents of the bride paid for the entire wedding, but this is rarely true these days for a number of reasons. While the economy is in recovery, many people do not have the heavy savings or expendable income that they used to, and many parents simply can’t afford to pay for an entire wedding. Also, generally speaking, the person who pays tends to have an upper hand in decisions. If you’ve ever watched “Say Yes to the Dress” you see this so often, where the mom is paying and wants a ballgown but the bride wants something different. It becomes very difficult to get something that pleases both sides, and sometimes the parents refuse to budget and force the bride to do what they want. Because of this, more and more couples are taking on the responsibility themselves to ensure that they get what they want.
2) The Cost of Weddings Is Rising
Weddings simply are not what they were 25 or even 10 years ago. The average bride wants a photobooth, candy table, lighting and more in the most trendy hotel or nearby castle. Backyard wedding receptions are fading away, and if you are dreaming of an elaborate wedding, this means that you will have to spend more. The average cost of a wedding largely depends on the cost of living in the state that you will be married in. The average cost of a wedding in the DC area is about $40,000 and in New York it is over $70,000. Visit this post for more on wedding averages in different states. There are very few people who can save this much money within a 12 month engagement, and as such couples are remaining engaged longer, or choosing to go without some of the elaborate elements that they always dreamed of. Being realistic about what you want and what it’ll cost when that time comes can help you to save in advance so that you can have it when that time comes.
3) Having It & Not Needing It vs Wanting It & Not Having It
One thing that my father always said when I was growing up is that “it is better to have something and not need it, than to need it and not have it.” At the end of the day, you may get engaged and choose to get eloped and no longer need the savings for the wedding. But its a much better scenario than dreaming of a wedding and realizing after you are engaged that you can’t afford it. Also, saving in advance will never hurt you – it only puts more money in your pocket which can be used for something later on, whether it be the wedding or something else.
So start establishing some savings goals and putting money away for your big day! Your future self will thank you for it.
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