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

Spendingget over life insurance phobianear historic lowsautomatic paymentCD'smonthly dental insurance premiumlower premiumlousy investmentaffordabilitypay off debtAmericans don't use all paid vacation timeHolidayFinal Goodbyelow down paymenttoo expensive schoollet them have 50% controlPrime Rate Increasesmall changes Citi Simplicity Card Beautyjanuary billsresponsible with moneyHDHP'sExhibitioninsurance mistakeprotect and provide for minor child be kind to yourselfbreakdown projected monthly housing costPay Off Debt Before RetirementAdequate Auto and Home Insurancelow credit scoreLegal Guardiancollege studentdoctors in networkARM CautionSave Us Moneyoverspend on dining outno sneaking in feesconsider roth 401(k)referrals costly legal refinanceinsuranceOverspendingFederal Funds Ratebuying car 2016death benefit 20 to 25 times annual incomemarriage inequalitysetup automatic savings withdrawlife insurance name trust as beneficiarysecured cardhome buying seasonRichtitle insuranceprovider of financial supportRevocable Living Trustpay more than minimumWashingtonFinancial Power of Attorneybuy home you can affordburn outverify retirement plan with HR or plan sponsormax employee matchHoliday Seasonhome loan credit score below 740 contribute household expenses one credit cardhome buying budgetFederal ReserveFinancialcalculate dependents annual income needsretirementmultiple lendershealthy teethearn allowanceswitch to roth 401(k)push yourself to save more for retirementritual schedulepreexisting condition not covered401KFederal PLUS loancredit unionadd teensavingsonly refinance if it paysstudent loan repaymentdon't do five year car loantelevision hostborrow each year, capitalization is going to pile up quick closingpurely financial standpointretirement planwomen longer life spanback-to-school budgetsidelinedonly offered while employed escrowhealthy youNew american Dream ignore 6 month grace period 8 month emergency fundsecure creditloan big picture 20% equityForeclosureCNBCearn more on savingsbuy homehealthy aging low-cost index mutual fund20 to 25 times annual incomelower overall drug costBankARMlong-term care long-term care premiums30 year mortgage dangerous retirement planorigination feeswould you decline a bonusHSA tax savingsno private loanUS Tax Codeultimate compounding giftMotherhome related tax break bonus cost of capitalization calculatorbuy down Combo Insurance Productsfocus on needsVital Documentsschedule vacationcredit cardcreate new trutheight month living expense IRA contribution gifted moneyshop online guaranteed level term policysocial workCPI-W2015 financial roadmapfinancial fearsis it necessary?increase retirement savingsMust Have Documentsbest interest ratesEric Dodge teens and moneychildren under 18prescription tierStaffords this year have a fixed 6.8% interest ratemental healthbudgetMoney Markethigh deductible health care planprofessional advisorEasy Life Insurance make saving a pleasureno negativityone annual feeitemized deductionSuze is my biggest mentoris it true? financial argumentsoverspend on giftsBankruptcyYoung Adult letter to suzeETF'snot gender specific Gay Couplesfinancial goal phraselive below your meansAmy Lacyetopen enrollment review at worst still pay 75% benefitdon't buy wantsdream schoolSelectQuote.comdon't derail retirement savingshigh down paymentemotional stakesbad decisionsbe true to yourselfmortgage disclosuredo you need life insuranceno private loansFinancial Adviceaffordable premiumAuto Savings dangerous money seasonpremiumGiftsbalance transfer low mileage discountLifestyleFinancial Educatorfinancing car taxespay 100% cashdon't extend mortgage costly insurance mistakecut monthly cellular billbetter loan ratesoverspend on nights outgrandparent IRA contribution teach importance of helping othersschool closing disclosureno tax on withdrawlsprotect dependent debtwomen live longerdon't use allowance as bribeSuze Orman Scholarshipdon't charge a penny20 year level term holiday spendingbecome member life insuranceLTCi ASAPleave a legacyrising home pricesdon't blow tax refundPersonal Financenon conventional routeloan no longer than 36months2017 Taxesincentives for health care wellness screeningcommunity banklower interest rateStudent Loan15 year mortgageStudent Debtraise your deductibleresponsibleCredit scoreSuze Orman's Money Warsidentity fraudno splurge buying a carreal estate marketcomparison shoppinglower mortgage interesthigh premiumstake actionstandard ratepercentage of women widowed 75-84mortgageinterest capitalizationterm insuranceannual cost of living adjustmentFinancial Awareness Video Festivalsocial securitydental discount planGay Rightspercentage men widowed 75-84point cost offset by savingshousing marketLong Term Care premiumsPhyllis Shelton expert long-term careHigh FICO Score = Better RateDurable Power of Attorney for Health Caregrandchild summer job IRA contributionspring summer positiveuniversal college accessswitch to spouse coveragerolloverFree Debt EliminatorNew York LifeSuze Ormanfile taxes quicklyprotect loved ones Sandy Hook Promiseterm life insuranceFRA8 Rulesstore credit cardsapproved medical 100% tax-freethree year car loanFundsEmployer Matched Contributionfinancial independencedebit cardstaycationsavings pleasureworkaholicInflation Benefitrent vs buy2016 adjust estimated taxbetter termsnot enough life insuranceUrbana-Champaigntax refund fraudget credit card3% debt transferred The Suze Orman Showreduce withholdingget the most out of social security same-sex marriagepay high rate off firstdeath benefit needs for familyLong Term Care Insurance focus on new truth higher monthly paymenthealthy gumsadult childrenwrite new goalsuccessDeath Benefitincrease emergency savings40% toward financial goalHoliday ShoppingCredit Card Interest Ratereal estate mistakesFinancial Cliffteensknow before you owePost-DivorceHigh Credit Scoreeliminate credit card debtkeep a schedulemoney-aware childgift not loanno late fee teach your child good money habitshome buying mistakesPBS SpecialInfluentialsraising mortgage rates required disclosureCommunication Skills healthy retirement weightpublic service loan forgiveness programincreased auto insurance premiumgay marriage ban end Florida WillInterestFixed Rate Mortgageget health insuranceexercise reguarlypaid in fullmeet monthly can you afford itFinancial Gift CliffStock InvestmentsForbes Top 10long term carepowerfulMortgage Credit Availability Indexcollege graduatebe good examplecontribution Forbesautomate student loan paymentsCOLAdon't cover cosmetic dentistrytax ID theftAshley Springerloan necessityGiftMoneyinitial tax break automatic withdraw to savings 6 month waiting periodalternative FICO scoreGraceAARPdental savings planFederal Stafford loanpermanent life insurancerequire chore in exchange for allowancebest interest of investor401(k) Contributions10 year repayment plan Financial Awarenessbad retirement planningpay credit debt ASAP20% down paymentinsurance yearly reviewemergency fund face your financial fearwaive home inspection bidMarlo Thomaspay down student loan debtroth irahigher insurance deductibleconfidentcharges on credit cardLTC shoppingraise insurance deductibleSuze changed my lifeSandy Hook Elementary SchoolWarner Bros Television Group2015 record year car salescredit utilization rateUniversity of IllinoisChanging Livescar leasingincrease retirement contribution rateHDHP/HSArepay student loansretirement accountsback door Roth IRAheartachelong term goalCommencement740 credit scorepublic service career student loan repayment Veterinary Schoolemployer funding HSA50 over 50refundhome ownershipdental insurance worst financial mistakedoctor no longer in networkLong Term Care shoppingsave money20% down payment avoid feesmortgage interest tax deductiondepreciating asset allowance taskallowancecouple financesstudentstudent loan repayment estimatorBaby Boomerslower rateFICO credit score credit card mortgagehighest possible benefitmarriage financial responsibilityfull retirement ageFiscal Responsibilityno life insurance financially irresponsiblefour steps to retirement savings 10% donate to charityPrime Rate Rise 2015credit reportgift grandchild IRA contribution3 step financial road mapfinancial concernavoid burn outwives should be involved in retirementSchool of Social WorkAccuQuote.comconfident of solutionHDHP's are not badRevocable Trust3 bucket approachcompare provider pricinghigh FICO scoreengaged in financesnegotiate points with bank or sellerCredit Card Rate Increasewomen outlive menHDHP's are good for youcommunity collegeLovesummer job match income max benefit coveredno retirement funds for down paymentNewtownFICO at least 720home insuranceunder 18 financial giftaccelerate dental workphysical healthbig results identity theftsocial security never insolventStudent Debt Crisissame sex marriage band end FloridaBill and Pennylowest cost fund optionkids schedule paymentsproperty taxage appropriate chorecompare monthly expensesunexpected expenseFHA loan feesMass MutualRoth 401(k)graduationno interestcommitmobile appraise deductiblesJose RodriguezMost Influential Celebrities Listgift up to 14,000Invest for savings growthhome budget after tax costSatisfyingiffy income15-year refinance deal2016 adjust withholdingno waiting periodclosing feespay down car loanTelepicturesdon't defer interest paymentsstandard deduction Money-Savinganticipated salaryco-sign better loan dealsdebt freeConventional loan PMIsuitabletraditional vs roth 401(k)monthly benefit Swap Older Annuities or Life Insurance mortgage brokerSelfishEmergency Savingsraising interest rates!00% tuition paidmax employer matched 401(k) contributionFinancial Solutions For YouCivil Rights8 month safety netborrowing plan protect your familyverify wellness screening and programssocial security not going brokeno apologyfinancial aidbest loan deal Teachunsubsidized Stafford loancut monthly cable billcar loandear suzeinterest on student loansalways use all paid time offderailed planspecial saving accountreplace permanent life insurance with termFinancial Systemovercome financial fearsHeartOne Wallet At A Timefiduciarynew carLTCis it necessaryreduce interest rateCory Bookermanage student loansfederal student loan deferment reduce monthly paymentAARP Social security calculatorloan is giftMinor Children University of Floridasave zero rate transfer dealsstrained relationshipcommissions4 Must Have Documents 3 savings buckets Suze Orman spouse Kathy TravisAlarm Clockemployer offered life insuranceretirment savingsvalentines dayjuggle multiple financial goalsmaintain standard of livingSuze approvedbill paying prioritiespaid vacationcar buying mistakesage appropriate goalsRetirement Savingschildren's bookInfluential CelebrityCollege of Veterinary Medicineshort term goal fraudulent returnpaying for collegedo not pay allowance for good behavioradjust allocations file asapmoney vowshealthy retirement blood pressureloved ones dependent on incomeWall Streetyours, mine & oursstay positiveHDHP emergency fund savingswomen long term carefamily save at least $100 monthlyFICO Scorecredit management19 years cash flow problemno fee transfercnbc alarm clockRetirement Incomeis it kind?learn good financial choicesGoodbyepeace of mindstretch out haircut appointmentsspeak new goalvalue moneyshorter payback periodstudent loan repayment plankid borrow firsthigh credit score discountclosing costs 2% of loandon't ignore open enrollmentretain separate credit cardspresident ObamaHow To Build Creditadvice for college graduatesplanpay interest while in schoolstudent loan debtdon't spend enjoy saving

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