Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

How Not to Let Runaway Wedding Costs Derail Your Financial Plan

April 27, 2017 at 5:00 AM

Look, I love a good party as much as anyone else, especially when there is a great celebration, such as a wedding. But if you’re attending a few weddings a year—and god forbid if one or more is a destination wedding—then I am also worried you may be celebrating your way into a costly situation.

According to a survey last year from American Express, guests attending weddings spent more than $700 on average to attend each wedding. That includes the cost of an outfit, all the trimmings, a gift, and any travel. Millennials spent nearly $900, on average, per wedding.

That’s the one that troubles me the most. Because I bet plenty of millennials are the same people who are trying to juggle the rent and stay current on their student loans. And I know plenty of millennials are still working to get their emergency fund going, let alone have at least eight months of living costs saved up. So to spend $2,700 a year, on average to attend a few weddings (the same survey said the average was three a year), while you have yet to polish off some other important financial goals is a bit much.

And if your wedding expenses are being put on a credit card that you can’t pay off in full, then my goodness, the cost keeps climbing.

Look, I am not going to be the one to tell you not to attend a wedding. Especially if it is someone very near and dear to you. But you need to be smart about this. You may want a new outfit for each event, but you sure don’t need one. You may want to give the couple an expensive gift, but you don’t need to. A heartfelt gift—yes, homemade!—is going to be even more special. The point is, I want you to put yourself on the tightest of wedding budgets. And if you absolutely positively must attend a destination wedding, your goal is to cut back your regular spending the second you get the “save the date” notice. I want you to be able to save enough money by cutting back so you can pay for the entire cost of the wedding trip ASAP. Hopefully before the date arrives. I get that you might need to book the flight now, and it might go on a credit card you can’t pay off in full this month. But you can surely get it paid off in two, three, or four months if you make it a priority. That’s a plan you should be wedded to, so you don’t let all the celebrating make a mess of your financial life.

Tag Cloud

television hostCredit scoreRoth 401(k)retain separate credit cardsLifestylebad decisionscut monthly cellular billForbes Top 10focus on new truth file asapfinancial goal phrasehealthy retirement blood pressureSchool of Social Workgift not loanPrime Rate Rise 2015get over life insurance phobia20% equityNew american Dream pay high rate off firstprotect and provide for minor child Student Debtunexpected expenseloan no longer than 36monthsnear historic lowsprotect dependent HDHP Richoverspend on giftsdental insurance age appropriate goalsEmployer Matched Contribution10% donate to charityovercome financial fearsmake saving a pleasurelong term goaladjust allocations 30 year mortgage approved medical 100% tax-freeoverspend on dining outsecure creditSandy Hook Elementary Schoolinsurancepremiumschedule vacationderailed planvalue moneymonthly benefit children under 18IRA contribution gifted moneyone annual feetax refund fraudproperty taxCory Bookercontribution Revocable Living Trustburn outcredit unionGiftsdepreciating asset high credit score discountdon't cover cosmetic dentistrybill paying prioritiescar loanlet them have 50% controldon't use allowance as bribehigh FICO scorepercentage of women widowed 75-84best interest of investorpeace of mindAdequate Auto and Home Insurancespecial saving accountprescription tierFree Debt Eliminatorreduce interest rateMinor Children ARM CautionFinancial Educatorpositivedon't ignore open enrollmentzero rate transfer dealsdon't blow tax refundThe Suze Orman Showjuggle multiple financial goalsTelepicturesCNBCbetter termscredit cardfile taxes quicklyclosing feesnot enough life insuranceBankalternative FICO scoreno life insurance financially irresponsiblenew caronly refinance if it paysEric Dodge !00% tuition paidlow mileage discountAuto Savings High Credit Scoreunsubsidized Stafford loanSandy Hook PromiseStock InvestmentsMoney-Savingresponsibleno private loansallowance taskdeath benefit needs for familyrefinancestandard deduction teens and moneyearn more on savingsautomatic paymentpaying for collegeHDHP/HSAAmy Lacyetlower rateCommunication Skills buy home you can affordAARP15-year refinance dealBankruptcyNewtowndon't buy wantstaxesSuze changed my lifeInvest for savings growthgift up to 14,000successlow-cost index mutual fundgrandparent IRA contribution get the most out of social security BeautyDurable Power of Attorney for Health Careshort term goal 8 Rulesemotional stakeslive below your meansis it necessaryrequired disclosureconfidentidentity theftMotherFICO at least 720couple financesno apologycredit utilization ratepay interest while in schoolstudentescrowengaged in financescostly insurance mistakefinancial argumentsworst financial mistakehome ownershiphealthy aging adult childrenno waiting periodloved ones dependent on incomeno retirement funds for down paymentlearn good financial choicesitemized deductionLong Term Care Insurance How To Build CreditFederal Reservemax benefit coveredSuze Orman Scholarshippay off debtrising home pricesreal estate marketsocial securityfocus on needsExhibitionPBS SpecialGrace3 bucket approachwrite new goalidentity fraudMost Influential Celebrities Listsummer job match income fraudulent returninsurance mistake3 step financial road mapOne Wallet At A Timecredit report3% debt transferred lower interest rateignore 6 month grace period wives should be involved in retirementFinancialritual schedulehigher insurance deductibleannual cost of living adjustmentadd teencredit managementStudent Debt Crisis6 month waiting periodHDHP'sInterestheartachebe kind to yourselfHDHP's are not badpurely financial standpointdon't defer interest paymentsat worst still pay 75% benefitHSA tax savingsmultiple lendersfamily save at least $100 monthlynot gender specific permanent life insuranceprotect loved ones car leasingHDHP's are good for yousame sex marriage band end Floridacommissionskid borrow firstthree year car loanretirement accountsletter to suzeverify retirement plan with HR or plan sponsorFinancial Awarenessrepay student loansborrowing plan death benefit 20 to 25 times annual incomeAccuQuote.comchildren's bookFederal Funds Ratesocial security never insolventLong Term Care shoppingreduce withholdingdo not pay allowance for good behaviorautomatic withdraw to savings 20% down payment avoid feesbuy hometerm insurancedon't derail retirement savingscar buying mistakescollege studentraise your deductible2017 Taxesclosing costs 2% of loanaffordabilitywaive home inspection bidmarriage financial responsibilitybig results interest on student loansFederal PLUS loandebtFederal Stafford loanGiftSave Us Moneyloan necessityLoveraising mortgage rates iffy incomeTeachearn allowanceVital Documentswomen outlive menorigination feespay down car loanCOLAcommitraising interest rateshealthy retirement weight8 month emergency fundhousing marketDeath BenefitpowerfulFRAinsurance yearly reviewemployer offered life insurancebe true to yourselfgrandchild summer job IRA contributionback-to-school budgetplanquick closingHeartMass Mutualno sneaking in feescnbc alarm clockvalentines dayhigher monthly paymentis it true? life insurancedebt free50 over 50ARMteach your child good money habitslower mortgage intereststudent loan repayment estimatormortgage brokerpay down student loan debtWall Streetmental healthreduce monthly paymentswitch to spouse coverageBaby BoomersOverspendingPhyllis Shelton expert long-term carehigh deductible health care plankeep a scheduleclosing disclosurecomparison shoppingsocial workAshley Springerpoint cost offset by savingsSatisfyingmoney-aware childdon't do five year car loan19 years cash flow problem2016 adjust withholdingjanuary bills15 year mortgagemeet monthly always use all paid time offborrow each year, capitalization is going to pile up Revocable Trustbest interest ratescreate new truthmobile appinitial tax break dear suzebuying car 2016cut monthly cable billavoid burn out401KSuze is my biggest mentor20 year level term Commencementcan you afford ithome buying seasondream schoolhighest possible benefitsavingsswitch to roth 401(k)stay positivesame-sex marriageUniversity of Illinoisautomate student loan paymentsChanging Livesmax employee matchretirement planhealthy you2016 adjust estimated taxwould you decline a bonusstudent loan repayment plandangerous retirement planlousy investmentoverspend on nights outeliminate credit card debtage appropriate choredangerous money seasoncommunity bank740 credit scoreemergency fund increase retirement contribution ratepreexisting condition not coveredlong term carebreakdown projected monthly housing costhome loan credit score below 740 Financial Power of Attorneygraduationcalculate dependents annual income needshome related tax break bonus ultimate compounding giftmaintain standard of livingrent vs buyCredit Card Rate IncreaseSuze approvedFundsfinancial fearsmortgageUrbana-ChampaignFixed Rate MortgageCD'sincrease retirement savingsStudent Loanincentives for health care wellness screeninglow down paymentlife insurance name trust as beneficiaryFiscal ResponsibilityUniversity of Floridafinancial independencehealthy gumsCombo Insurance ProductsSuze OrmanCivil Rights40% toward financial goalconfident of solutionsocial security not going broketeenscostly legal Long Term Care premiumsdental savings planFinancial SystemAmericans don't use all paid vacation timeleave a legacyStaffords this year have a fixed 6.8% interest ratelong-term care premiumshealthy teethstandard rateInfluential CelebrityLegal Guardianmonthly dental insurance premiumbuying a carone credit cardRetirement SavingsForeclosurelowest cost fund option2015 record year car salesfiduciaryunder 18 financial giftdon't extend mortgage is it kind?Influentialsrefundfinancing car Marlo Thomasfinancial concerngift grandchild IRA contribution401(k) Contributionshome insurancemax employer matched 401(k) contributionFinancial Adviceemployer funding HSAWarner Bros Television Groupsavings pleasureConventional loan PMIbe good examplesecured cardloan big picture dental discount planpay credit debt ASAPworkaholicLTC shoppingget credit carddebit cardPrime Rate Increaseholiday spendingETF's8 month safety netaccelerate dental workfederal student loan deferment physical healthraise deductiblesmarriage inequalitySwap Older Annuities or Life Insurance buy down full retirement agewomen longer life spanbest loan deal sidelinedreal estate mistakesHoliday Shoppingtraditional vs roth 401(k)Inflation Benefitspring summer Spending2015 financial roadmaplong-term care suitablefinancial aidbad retirement planningaffordable premiumretirementbecome member Easy Life Insurance paid vacationspeak new goal3 savings buckets don't spend CPI-Wnegotiate points with bank or sellerconsider roth 401(k)no fee transferCollege of Veterinary Medicinegay marriage ban end Florida roth iraUS Tax CodeLTCEmergency SavingsSuze Orman spouse Kathy TravisHoliday Seasontitle insuranceteach importance of helping othersRetirement Incomecompare monthly expensesMust Have Documentspublic service career student loan repayment Willhigh premiumsLTCi ASAPget health insuranceback door Roth IRAraise insurance deductibleschool only offered while employed know before you oweprotect your familyhome budget after tax costrequire chore in exchange for allowanceyours, mine & oursstretch out haircut appointmentsJose Rodriguezmortgage disclosureYoung Adult no negativitycost of capitalization calculatordoctor no longer in networkenjoy saving 4 Must Have Documents increased auto insurance premiumWashingtonCredit Card Interest Rateno splurge FHA loan feesBill and PennyFinancial Gift Cliffallowancestudent loan repaymentno interestno private loancommunity collegelower premiumAlarm Clockbetter loan dealsMortgage Credit Availability Indexbetter loan ratesrolloveremergency fund savingspercentage men widowed 75-84provider of financial supportmoney vowsFinancial Solutions For YouPersonal FinanceGoodbyepaid in fullretirment savingssave FICO Scoreterm life insuranceloan is giftfour steps to retirement savings low credit scoreSelfishverify wellness screening and programswomen long term care20 to 25 times annual incomeno tax on withdrawls10 year repayment plan compare provider pricing20% down paymenteight month living expense co-sign shorter payback periodpay 100% cashstore credit cardsHolidaymanage student loansPay Off Debt Before Retirementno late fee Suze Orman's Money WarsForbesstaycationhome buying budgetsave moneyincrease emergency savingsFinancial Awareness Video FestivalPost-DivorceFICO credit score credit card mortgagemortgage interest tax deductionuniversal college accesscollege graduateCiti Simplicity Card take actionopen enrollment review shop online guaranteed level term policyAARP Social security calculatorGay CouplesbudgetNew York Lifesetup automatic savings withdrawis it necessary?lower overall drug costsmall changes student loan debtdo you need life insuranceface your financial fearcontribute household expenses advice for college graduatespay more than minimumFinal Goodbyenon conventional routepublic service loan forgiveness programFinancial Cliffreferrals doctors in networkwomen live longerSelectQuote.compresident Obamahigh down paymentinterest capitalizationbalance transfer replace permanent life insurance with termGay Rightstoo expensive schoolMoneyprofessional advisorexercise reguarlytax ID theftMoney Marketstrained relationshipanticipated salarykids schedule paymentspush yourself to save more for retirementhome buying mistakesdon't charge a pennyVeterinary SchoolHigh FICO Score = Better Ratecharges on credit cardresponsible with money

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel