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

responsiblecredit managementfraudulent returnstudent loan repayment estimatorcollege graduatereal estate mistakesbe true to yourselfsetup automatic savings withdraw3 savings buckets financial argumentspercentage of women widowed 75-84PBS SpecialcommitCivil Rightsmanage student loansjanuary billscredit report2015 financial roadmapTeach4 Must Have Documents not gender specific 8 Rulesno fee transferget the most out of social security escrowOverspendingVital Documentsdo not pay allowance for good behaviorlowest cost fund optionsecure creditAmy Lacyetraising mortgage rates home loan credit score below 740 bad decisionsplanIRA contribution gifted moneyback-to-school budgetEmployer Matched Contributionmental healthidentity theftlearn good financial choicesFICO at least 720Suze is my biggest mentoroverspend on gifts20% down paymentletter to suzemax benefit coveredETF'shome buying mistakesteach your child good money habitskeep a scheduledangerous retirement planrefinancepaid in fulltelevision hostidentity fraudSandy Hook Elementary Schoolsavings pleasurelow credit scoresocial securitybetter termspay 100% cashpush yourself to save more for retirementFinancial Power of Attorneyno interestmobile appeliminate credit card debtincentives for health care wellness screeningcommunity collegeLoveUS Tax Codegrandparent IRA contribution gift up to 14,000public service loan forgiveness programbe kind to yourselfis it necessary?student loan repaymentSpendingHigh Credit Scorepercentage men widowed 75-84Suze approvedFederal PLUS loanrising home pricesraise deductiblesFICO ScoreaffordabilityJose Rodriguezborrowing plan home buying seasongift grandchild IRA contributiontaxeslong-term care raise insurance deductibleHow To Build Creditchildren under 18best interest ratesBill and PennyHDHP'straditional vs roth 401(k)get credit cardbig results debtborrow each year, capitalization is going to pile up comparison shopping50 over 50verify retirement plan with HR or plan sponsorkids schedule paymentsoverspend on dining out15-year refinance dealno apologyFederal ReserveCredit Card Interest Ratewomen outlive menavoid burn outFinancial Awarenessautomate student loan paymentsretirement planCNBCteach importance of helping othersis it kind?Fixed Rate MortgageRoth 401(k)highest possible benefitMoneycredit utilization rateStudent LoanFRAlower overall drug costprotect your familybad retirement planninghousing marketAARPlet them have 50% controlinitial tax break responsible with moneyUrbana-Champaignraising interest rateshealthy gumsroth iramax employer matched 401(k) contributionengaged in financesfamily save at least $100 monthlyget health insuranceUniversity of IllinoisSelfishConventional loan PMIteensleave a legacy30 year mortgage Giftsbecome member Free Debt EliminatorFederal Funds Ratestudent loan repayment planorigination feesclosing costs 2% of loanbuying car 2016meet monthly is it true? at worst still pay 75% benefitco-sign budgetInfluential Celebrityuniversal college accessfull retirement agewives should be involved in retirement2015 record year car salesdoctor no longer in networkdental discount planFinancialpermanent life insurance20 to 25 times annual incomefederal student loan deferment better loan ratescredit unionloved ones dependent on incomeincrease retirement savingsRetirement Incomeno negativityFinancial Gift Cliffhealthy you!00% tuition paidRichaccelerate dental workcompare monthly expensesBaby Boomerswomen live longerstudent loan debtAuto Savings get over life insurance phobiavalentines dayclosing feesdepreciating asset don't cover cosmetic dentistryemergency fund Money Marketcommissionsrent vs buyno life insurance financially irresponsibleRevocable Trusthealthy retirement weight6 month waiting periodno retirement funds for down paymentgift not loanreferrals file asapconsider roth 401(k)low-cost index mutual fundretain separate credit cardswomen long term careSelectQuote.comretirment savingsTelepicturesSatisfyingtitle insurancemonthly benefit paying for collegesecured cardpay off debtFHA loan feessuccesspurely financial standpointfiduciarycreate new truthfocus on new truth adult childrenVeterinary SchoolLong Term Care shoppingdon't charge a pennyfinancial aidknow before you oweexercise reguarlysame-sex marriageThe Suze Orman Showfour steps to retirement savings 40% toward financial goalFiscal ResponsibilityCiti Simplicity Card Gay RightsSuze changed my lifeMust Have DocumentsLong Term Care premiumsschedule vacationopen enrollment review money-aware childnew carlong term goalMinor Children adjust allocations pay down student loan debtadvice for college graduatesMother10 year repayment plan costly insurance mistake20 year level term buy homeswitch to spouse coveragebest interest of investormarriage inequalitylive below your means3 step financial road mapbuy down only offered while employed Sandy Hook PromiseretirementForbes Top 10Holiday20% down payment avoid feescollege studentbalance transfer face your financial fearNew York Lifesummer job match income protect loved ones Post-Divorcefinancial independencereal estate markethome related tax break bonus Interestcontribute household expenses repay student loansFinancial Solutions For Youfinancial concernprotect dependent Holiday Seasonlong-term care premiumsworst financial mistakeOne Wallet At A Timewould you decline a bonusshop online guaranteed level term policyemergency fund savingsfile taxes quicklyhealthy teethallowanceHSA tax savingsemployer offered life insurancerollovernear historic lowsAmericans don't use all paid vacation timevalue moneyclosing disclosureInfluentials15 year mortgagehigher insurance deductibledon't defer interest paymentsterm life insuranceincrease emergency savingsdebit cardFinancial AdviceLong Term Care Insurance home ownershipearn allowanceExhibitionAdequate Auto and Home InsuranceMortgage Credit Availability IndexWillyours, mine & oursAshley SpringersuitableLTC shoppingmaintain standard of livingcostly legal high FICO scorederailed planFinancial Educatorwrite new goalSchool of Social Work2016 adjust withholdingtax ID theftcost of capitalization calculatorholiday spendingschool be good exampledon't blow tax refundquick closingLTCbreakdown projected monthly housing costcut monthly cellular billpresident ObamaSwap Older Annuities or Life Insurance no sneaking in feeshome budget after tax costSuze Orman spouse Kathy Travisdental insurance one credit cardmortgage interest tax deductioncan you afford itGiftEasy Life Insurance Suze Orman's Money Wars401Kburn outCollege of Veterinary MedicineHoliday Shoppingdental savings planUniversity of Floridaprovider of financial supportbest loan deal term insurancehigher monthly paymentincrease retirement contribution ratespecial saving accountritual schedulealternative FICO scoreheartachedo you need life insurancepay credit debt ASAPrequired disclosurestandard deduction pay interest while in schooldon't extend mortgage mortgageno waiting periodPersonal FinanceAARP Social security calculatorcontribution dream schoolPrime Rate IncreaseHDHP Save Us Moneyage appropriate choredeath benefit needs for familyLegal GuardianInvest for savings growthfinancing car Commencementsave Inflation Benefitdoctors in networkwaive home inspection bidForbesjuggle multiple financial goalsmax employee matchhigh credit score discount401(k) ContributionsWarner Bros Television Groupspring summer charges on credit cardsave moneyzero rate transfer dealscar loanpositiveloan big picture public service career student loan repayment Emergency Savingsno private loansDeath BenefitAlarm ClockWall Streetlousy investmentCPI-WPhyllis Shelton expert long-term carehealthy aging New american Dream multiple lenderscnbc alarm clock10% donate to charity19 years cash flow problemtax refund fraudcalculate dependents annual income needsCommunication Skills same sex marriage band end Floridacar leasingWashingtonBankruptcydon't ignore open enrollmentconfidentadd teenemployer funding HSAStaffords this year have a fixed 6.8% interest rateprotect and provide for minor child non conventional routeage appropriate goalsARMno private loanignore 6 month grace period Gracepoint cost offset by savingsshort term goal unsubsidized Stafford loanloan is giftphysical healthloan necessitystrained relationshipaffordable premiumunexpected expensereduce interest rateCD'sNewtownraise your deductiblebill paying prioritieseight month living expense switch to roth 401(k)don't do five year car loanRevocable Living Trusthigh down paymentmoney vowsapproved medical 100% tax-freebetter loan dealsdebt freeback door Roth IRAultimate compounding giftFinancial SystemHDHP's are not badno splurge Federal Stafford loanreplace permanent life insurance with term8 month emergency fundhealthy retirement blood pressureannual cost of living adjustmentstay positiveBeautyhigh deductible health care planCredit Card Rate IncreaseSuze Orman ScholarshipPrime Rate Rise 2015automatic withdraw to savings dear suzecouple financesemotional stakesMost Influential Celebrities Listthree year car loanChanging Livesteens and moneystudentnot enough life insurancelower premium2017 TaxesPay Off Debt Before Retirementno late fee AccuQuote.comallowance task740 credit scorepay high rate off firstYoung Adult monthly dental insurance premiumfinancial fearsMoney-Savingdon't derail retirement savingscommunity bankFinal GoodbyeHeartnegotiate points with bank or sellermake saving a pleasureCombo Insurance ProductsStudent Debt8 month safety netCory Bookerpowerfulearn more on savingsRetirement SavingsBankcut monthly cable billLifestyleovercome financial fearsdangerous money seasoninsurance yearly reviewreduce withholdingno tax on withdrawlsmortgage brokerHDHP/HSArefundsavingsprescription tierbuying a carrequire chore in exchange for allowancekid borrow firstlife insurance name trust as beneficiaryone annual feeGay Couplesiffy incomepremiumprofessional advisorhome insuranceCredit scoreoverspend on nights outlong term careDurable Power of Attorney for Health CareStudent Debt Crisiscompare provider pricingdon't buy wantsMass MutualMarlo Thomasstandard rate3% debt transferred lower rate3 bucket approachinsurancesmall changes COLAonly refinance if it paysloan no longer than 36monthsEric Dodge paid vacationFundsstaycationlower mortgage interestHDHP's are good for youfocus on needsverify wellness screening and programsautomatic payment2016 adjust estimated taxinsurance mistakealways use all paid time offpay more than minimumbuy home you can affordconfident of solutionpreexisting condition not coveredForeclosure20% equitylife insuranceLTCi ASAPsocial security never insolventlower interest ratepeace of mindenjoy saving graduationchildren's booksocial workunder 18 financial giftpay down car loandon't use allowance as bribeproperty taxinterest on student loansARM Cautionis it necessaryhome buying budgetincreased auto insurance premiumfinancial goal phrasedon't spend credit cardstore credit cardsgrandchild summer job IRA contributiontake actionretirement accountsinterest capitalizationFinancial Awareness Video Festivalwomen longer life spanshorter payback periodcar buying mistakeslow down paymentHigh FICO Score = Better Ratedeath benefit 20 to 25 times annual incomestretch out haircut appointmentsFinancial Cliffspeak new goalmarriage financial responsibilityitemized deductionmortgage disclosureFICO credit score credit card mortgageanticipated salaryStock Investmentshigh premiumslow mileage discountworkaholicSuze OrmanGoodbyesocial security not going broketoo expensive schoolgay marriage ban end Florida sidelinedreduce monthly payment


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