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

How to Budget for a Wedding

May 05, 2016 at 12:00 AM

I am frequently asked how much is okay to spend on a wedding.

That’s the wrong question. What any couple, and their families should be asking is: Can we afford to spend money on a wedding?

And that comes down to some straightforward questions for anyone who is contemplating contributing to paying for a wedding:

  • Do you pay all your credit cards in full, each month?
  • Do you have an eight-month emergency savings fund?
  • Are you on pace to pay back your student loans within 10 years? (Or are you on pace with payments to qualify you for public service loan forgiveness?)
  • Are you contributing at least 10% of your salary to retirement savings?
  • Can you afford to pay for the wedding and stay on track with all your other savings goals and debt-repayment?

If you answered no to any of those questions, you need to stand in your truth: You have no business spending money on a wedding.

And for those of you asking your parents to help, it is on your conscience to only accept their assistance if you know for a fact, that your parents are on pace with all their financial goals. It is not acceptable to just take them at their word that “they’ve got it.” Or that it is their “dream” to throw a big wedding. Or that “you shouldn’t worry about it.”

No. No. No. An expensive wedding is a want, not a need. And to spend money that you don’t have is just wrong. For young couples I want you to step back and think about what couples argue about most: Money. And you better believe money issues are often at the heart of divorces. So why would you want to start your life together spending money you don’t have, and thus short-changing your financial future?

And I know that there is no daughter (or son) who would ever knowingly let her (or his) parents shortchange their retirement security, or go into credit card debt, to pay for a wedding. The bottom line is that you need to step up and be an adult: do not accept any assistance from your family if you have any inkling it will hurt their security.

You can still have a fabulous wedding, full of love and meaning. Last I checked neither of those could be bought. They come from the heart. Whether it is a small wedding in your backyard, or living room, or renting a more simple space (that is not a budget buster), you and I both know there are so many ways you can create a memorable day for all, without having to spend money you don’t have.

And just think how fabulous you will feel to start your married life with no wedding-bill stress.

 

Tag Cloud

financial fearsBankruptcyno tax on withdrawlscan you afford itHeartSandy Hook Elementary SchoolRoth 401(k)Influential CelebrityMortgage Credit Availability Indexultimate compounding giftpoint cost offset by savingsfile taxes quicklyCredit Card Interest RateARM Cautionhome buying seasonSelfishrolloverpay high rate off firsthigher monthly paymentcomparison shoppingdon't blow tax refundmarriage inequalitylet them have 50% controlFederal Funds RateSave Us Moneymonthly dental insurance premiumemergency fund speak new goalSpendingswitch to roth 401(k)healthy retirement weightLong Term Care Insurance Money-SavingBankholiday spendingwould you decline a bonushome insurancekid borrow firstderailed plandoctors in networkRichstrained relationshipclosing disclosureloan no longer than 36monthsMost Influential Celebrities Listconfident of solutionMoney Marketbill paying prioritiesRevocable TrustFinal Goodbyesidelinedresponsible with moneymortgage brokerunder 18 financial giftworst financial mistakeaffordable premiummarriage financial responsibilityrising home pricesAARP Social security calculatorincrease emergency savingsSuze Ormanhome ownershipHigh FICO Score = Better Ratesummer job match income Retirement Savingsverify wellness screening and programsdangerous money seasonsmall changes Willpush yourself to save more for retirementHow To Build Creditlong term goalno private loansdon't derail retirement savingsrequire chore in exchange for allowancemanage student loanscredit utilization rateprotect your familyno late fee title insurancestudent loan debtDurable Power of Attorney for Health Careprotect dependent is it necessary?bad retirement planninguniversal college accessnear historic lowsLifestyleAdequate Auto and Home InsuranceEasy Life Insurance approved medical 100% tax-freeLong Term Care premiumsCOLAincentives for health care wellness screeningborrowing plan couple financeshealthy gumsgift grandchild IRA contributionpositivebetter loan ratesstudent loan repayment planoverspend on giftsIRA contribution gifted moneyForbes Top 1010% donate to charityTelepicturesmaintain standard of livingOverspendingadd teenhealthy retirement blood pressureFICO at least 720Gay Rightsautomatic withdraw to savings emergency fund savingsletter to suzeloved ones dependent on incomedepreciating asset breakdown projected monthly housing costgrandchild summer job IRA contributionInvest for savings growthno interestdo you need life insurancelower ratequick closinghome buying budgetsave moneyno private loanreal estate mistakesbudgetEmployer Matched Contributionwomen long term carelow credit scoredebt free30 year mortgage don't use allowance as bribeFinancial Gift Cliffraise deductiblesHoliday Shoppingis it true? FRAis it kind?required disclosurehigh FICO scorepreexisting condition not coveredWarner Bros Television Groupallowance taskpermanent life insuranceAuto Savings get health insurancesuccessLovehigh deductible health care planhealthy youStudent Debt Crisisdebtgraduationshorter payback periodpowerfulsecured cardCommencementlower overall drug costFICO credit score credit card mortgagebuy down save max employer matched 401(k) contributionCivil Rightsexercise reguarlyDeath Benefitmeet monthly big results overspend on dining outCollege of Veterinary MedicineHDHP's are not badprovider of financial supportadjust allocations get over life insurance phobiaSuze approvedAccuQuote.comMother15 year mortgagepresident Obamaemployer offered life insurancepay credit debt ASAPdon't extend mortgage no retirement funds for down paymentcar buying mistakesfinancing car 8 month safety netdear suzeannual cost of living adjustmenthigher insurance deductibleautomate student loan paymentsFinancial Power of AttorneyUrbana-Champaignmortgage disclosurewomen live longer20% down payment avoid feesunsubsidized Stafford loanLegal Guardianprescription tiernot gender specific get the most out of social security raise insurance deductiblelife insurance name trust as beneficiarybuying car 2016increase retirement savings401(k) Contributionsfinancial aidhome loan credit score below 740 3 bucket approachfinancial concernUS Tax Code8 month emergency fundFinancial AwarenessUniversity of FloridaCory Bookerlousy investmentloan big picture one credit cardopen enrollment review long-term care premiumsverify retirement plan with HR or plan sponsorpay interest while in schoolhome buying mistakesescrowNew York LifeMust Have DocumentsAARPunexpected expensecollege graduateretirement accountswrite new goalprotect loved ones valentines dayFinancial Awareness Video Festivalbe good exampleinsurance mistakeretirementfinancial independencecollege studentno fee transferincrease retirement contribution ratetraditional vs roth 401(k)adult childrenknow before you owedon't spend Phyllis Shelton expert long-term carelower mortgage interestno sneaking in feescommunity bankpay down student loan debtFinancial Solutions For YouFundsretirement planonly offered while employed LTC shoppingHolidaySuze Orman's Money WarsSelectQuote.comspring summer Fiscal Responsibilitymoney-aware child20% down paymentresponsiblehealthy teethco-sign Post-Divorcechildren under 18Financial Cliffdon't charge a pennynon conventional routeleave a legacytax refund fraudGraceFinancial EducatorGifttake actionRevocable Living Trustraise your deductiblestudent loan repayment estimatorcompare provider pricingARMdoctor no longer in networkCommunication Skills LTCzero rate transfer dealsback door Roth IRApay 100% cashsecure creditFinancial Adviceone annual feeNewtownlower premiumLong Term Care shoppingdon't defer interest paymentsteach your child good money habitsinsurance yearly reviewbest interest ratescommitgift up to 14,000no negativitydon't buy wantsidentity fraudsavings pleasurePrime Rate Increaserefinancedental insurance Staffords this year have a fixed 6.8% interest rateFICO Scoreproperty tax20 year level term credit cardcut monthly cellular bill2015 record year car salescar leasinglower interest rateTeachMarlo Thomasidentity theftface your financial fearfile asapAshley Springeremotional stakesno splurge burn outlearn good financial choicescnbc alarm clocklowest cost fund optionConventional loan PMIfull retirement agemoney vowsForbeswomen outlive menMass Mutualcontribution credit management50 over 50no life insurance financially irresponsibleavoid burn outearn more on savingsretain separate credit cardsalternative FICO scoreraising interest ratesaccelerate dental workcostly legal Federal Reservelife insurance3 step financial road mappercentage of women widowed 75-84earn allowancecostly insurance mistakekids schedule paymentsLTCi ASAPgay marriage ban end Florida get credit cardhousing marketETF'sWashingtonstretch out haircut appointmentsdon't cover cosmetic dentistryjuggle multiple financial goalspurely financial standpointpaid vacationritual schedulereferrals Free Debt Eliminatorloan is gift401Kshort term goal children's bookcreate new truthmake saving a pleasuremax benefit coveredlow mileage discountBeautyignore 6 month grace period wives should be involved in retirementcar loanbe kind to yourselfEric Dodge Inflation BenefitPBS Specialschool affordabilityreplace permanent life insurance with term10 year repayment plan Financialinterest capitalizationpaying for collegeInterestCredit Card Rate Increaseanticipated salarysocial security never insolventbetter termsgift not loanpercentage men widowed 75-84don't do five year car loanincreased auto insurance premiumpremiumrepay student loansHDHP's are good for younew car2016 adjust withholdingpublic service loan forgiveness programFederal PLUS loanAmericans don't use all paid vacation timeyours, mine & oursFixed Rate MortgageUniversity of Illinoisclosing costs 2% of loan15-year refinance dealadvice for college graduatesmultiple lendersfamily save at least $100 monthlySuze Orman spouse Kathy Travismortgage interest tax deductionpay down car loanPersonal Financereduce withholdingdream schoolMoneyNew american Dream be true to yourselfdon't ignore open enrollmentroth irainitial tax break Combo Insurance Productspublic service career student loan repayment Vital Documentscommunity collegestandard ratelow-cost index mutual funditemized deductionHDHP/HSAinterest on student loansGoodbyeForeclosureStock InvestmentsEmergency Savingsdo not pay allowance for good behaviorFHA loan feesstaycationstudentreal estate marketreduce interest rateconfidentCredit scoreStudent DebtInfluentialssame sex marriage band end Florida20 to 25 times annual incomeYoung Adult Sandy Hook Promisemental healthbetter loan dealssocial securityovercome financial fearsbad decisions3 savings buckets compare monthly expensescut monthly cable billGay Couples4 Must Have Documents buy home you can affordautomatic paymentcontribute household expenses 20% equityteens and moneycredit reportkeep a scheduleorigination feesshop online guaranteed level term policyworkaholicnegotiate points with bank or sellerPrime Rate Rise 2015savingspeace of mindgrandparent IRA contribution employer funding HSAclosing feesHigh Credit Scoreeight month living expense physical healthwaive home inspection bidfocus on needsRetirement IncomeBaby BoomersAlarm Clockloan necessityno waiting periodiffy incomeback-to-school budgetmonthly benefit Giftscalculate dependents annual income needsstay positivereduce monthly paymentdental discount planSuze changed my lifethree year car loanno apology2015 financial roadmaptelevision hostplantaxesAmy Lacyetbuying a carhome budget after tax cost19 years cash flow problemfour steps to retirement savings schedule vacationspecial saving accountsame-sex marriageenjoy saving Minor Children become member always use all paid time offCPI-WSuze Orman Scholarshippay off debt2016 adjust estimated taxHDHP'sdangerous retirement plan40% toward financial goalage appropriate goalsteensFederal Stafford loanborrow each year, capitalization is going to pile up women longer life span!00% tuition paidtoo expensive schoolteach importance of helping othersBill and Pennyhighest possible benefitmobile apppaid in fullallowancehome related tax break bonus charges on credit cardjanuary billsWall Streetrefundcost of capitalization calculatoroverspend on nights outStudent Loanstandard deduction high premiumsraising mortgage rates term insurancedental savings planmortgageprotect and provide for minor child eliminate credit card debtHSA tax savingsvalue moneySuze is my biggest mentorExhibitionstudent loan repaymentSchool of Social Work740 credit scorepay more than minimumlive below your meansHDHP 3% debt transferred max employee matchtax ID theftThe Suze Orman Showdeath benefit needs for familyfinancial argumentssetup automatic savings withdrawCiti Simplicity Card federal student loan deferment long-term care 2017 Taxesbuy homehealthy aging term life insuranceCNBCdeath benefit 20 to 25 times annual incomeHoliday Seasonnot enough life insuranceage appropriate choresocial workhigh down paymentlow down paymentat worst still pay 75% benefitChanging Livesbalance transfer insurancePay Off Debt Before RetirementVeterinary SchoolFinancial Systemdebit cardrent vs buysocial security not going broke8 Ruleshigh credit score discountconsider roth 401(k)focus on new truth financial goal phraseCD'sswitch to spouse coverageSatisfyingJose Rodriguez6 month waiting periodheartacheretirment savingsbest loan deal is it necessarystore credit cardscredit unionlong term careOne Wallet At A TimeSwap Older Annuities or Life Insurance only refinance if it paysfraudulent return


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