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

That $30,000 Wedding Really Costs You $130,000 Or More.

May 12, 2016 at 12:00 AM

The average cost of a wedding is now more than $30,000. As I have explained in How to Budget for a Wedding, spending even $3,000 on a wedding is a bad move if you have credit card debt, have yet to build a large emergency fund, or aren’t on pace with your retirement savings.

But for those of you who are thinking about spending for a blow-out wedding, I want you to seriously think through the long-term cost of your decision. Money you spend today you won’t have for tomorrow. Sounds obvious. But I don’t think you’ve carefully thought through what that really means. If you spend $30,000 on a wedding today that is $30,000 you don’t have to put toward other long-term goals.

Invest $30,000 for 18 years and earn a 5% annualized return and you could have nearly $75,000. Why 18 years? Well, I’m thinking maybe you and your honey are going to start a family. That $75,000 is going to go a long way to covering a chunk of college costs. (Even after accounting for inflation, annual tuition and fees at a public university for an in-state student might run about $20,000 a year in 18 years.)

Or let’s talk about retirement. Maybe you and your honey have spent your single years paying off student loans, or perhaps working off some expensive credit card debt from those days before you got financially on top of things. That’s okay. But please don’t spend big money on a wedding if you haven’t been paying attention to your retirement. The five-figure wedding cost of today is a potential way to turbo charge your retirement fund into six-figures. Investing the $30,000 for retirement and earning a 5% annualized return would leave you with about $165,000 in 35 years.

I can’t stress this enough: A big wedding is a want, not a need. And please don’t tell me you (or your daughter, or son) deserve a big wedding. Really? I think they deserve a financially secure future. I think they deserve knowing their parents are not short-changing their own future to pay for an expensive wedding.

You can still have a fantastic, wonderful, meaningful and joyous wedding. All that takes is creativity and focusing on what really matters. Spending money you don’t have for a party you can’t afford doesn’t sound like a joyous act to me.

Tag Cloud

too expensive schoolbad decisionsRichFederal Stafford loanhome buying mistakesitemized deductionswitch to roth 401(k)stretch out haircut appointmentsprotect dependent IRA contribution gifted moneyChanging LivesretirementHolidaygrandparent IRA contribution keep a scheduletax ID theftfinancial concernexercise reguarlyteach importance of helping othersavoid burn outWillno negativitypush yourself to save more for retirementno interestresponsibledon't defer interest paymentspaid in fullopen enrollment review 15-year refinance dealchildren under 18approved medical 100% tax-freeno sneaking in feesLong Term Care Insurance Money-Savingwomen live longermake saving a pleasureloan necessityhealthy teethno tax on withdrawlsRetirement Savingsemployer funding HSAdepreciating asset bad retirement planningBankno late fee focus on new truth Most Influential Celebrities ListLTC shoppingOverspendingHDHP's are good for youshop online guaranteed level term policysecure credit15 year mortgagequick closingannual cost of living adjustmentbuying car 2016lower ratecouple financeswould you decline a bonusSuze changed my lifePost-Divorceinsurance mistakemortgage disclosureSelfishgift grandchild IRA contributionFree Debt Eliminatorcar buying mistakessave moneyoverspend on nights outnew carrepay student loansbe true to yourselfprescription tierno retirement funds for down paymentconfident of solutionproperty taxRoth 401(k)LTCFinancial SystemSuze Orman spouse Kathy Traviscommunity collegeETF'sloan no longer than 36monthscredit unionno private loanallowance taskcompare monthly expensesphysical healthraising interest ratesreduce interest rateFinancial AdviceTeachsetup automatic savings withdrawunsubsidized Stafford loanAccuQuote.comspring summer peace of mind8 RulesHeartbudgetNew York Liferesponsible with moneyholiday spending3% debt transferred value moneyemotional stakesadd teenstandard deduction 401(k) ContributionsVital Documentsdo you need life insuranceget the most out of social security long-term care monthly benefit leave a legacyBankruptcyno private loansreal estate mistakeswomen long term careincrease retirement contribution rateidentity theftbalance transfer insurance10% donate to charitydon't derail retirement savingsbe good exampleCommencementovercome financial fearscan you afford itoverspend on dining outwives should be involved in retirement3 bucket approachadult childrenfour steps to retirement savings president Obamaorigination feesterm life insuranceborrow each year, capitalization is going to pile up AARP Social security calculatorcar loan20 year level term co-sign student loan debteight month living expense graduation20% equityFinancial Power of Attorneyincentives for health care wellness screeningLTCi ASAPfraudulent returncollege graduateVeterinary SchoolSpendingFinancial Awareness Video FestivalCOLAsuccessdon't charge a pennyhealthy retirement weightbetter loan dealsaffordable premiumis it necessary?rolloverSatisfyinginitial tax break no apologydangerous money seasonmoney-aware childbuy down secured cardprotect loved ones long term careMoney Marketno fee transferunder 18 financial giftsocial security not going broke20% down paymentdangerous retirement planstudentcompare provider pricingstudent loan repayment estimatorFederal PLUS loanonly offered while employed Minor Children no life insurance financially irresponsibleLong Term Care shoppingfinancial argumentsfinancing car get health insuranceoverspend on giftspercentage men widowed 75-84waive home inspection bidCPI-Winterest on student loansInfluential Celebritydeath benefit needs for familyretirment savingsdon't buy wantsbreakdown projected monthly housing costpremiumSandy Hook PromiserefinanceFHA loan feeshealthy aging meet monthly Staffords this year have a fixed 6.8% interest ratehome budget after tax costclosing costs 2% of loanfinancial fearsloan big picture plandon't spend low-cost index mutual fundGay RightsCNBC20 to 25 times annual incomereduce monthly paymentPrime Rate Increase3 step financial road mapSuze approvedPrime Rate Rise 2015kids schedule paymentsHDHP's are not badinterest capitalizationhome buying budgetStudent Debthome loan credit score below 740 How To Build CreditFinal Goodbyeget credit cardbest loan deal Influentialscharges on credit cardnegotiate points with bank or sellerfile taxes quicklyreplace permanent life insurance with termenjoy saving roth iradon't use allowance as bribeForbes Top 10automatic paymentAdequate Auto and Home Insurancefinancial aid8 month emergency fundprovider of financial supportemergency fund savings pleasurefamily save at least $100 monthlyMust Have Documentsretain separate credit cardsDurable Power of Attorney for Health Caredon't ignore open enrollmentfederal student loan deferment higher insurance deductiblemobile appARMMarlo Thomasdental insurance Swap Older Annuities or Life Insurance PBS Specialsmall changes credit managementmax benefit coveredincrease retirement savingsCollege of Veterinary MedicineJose RodriguezNew american Dream lower premiumExhibitionheartacheFinancial CliffMortgage Credit Availability Indexlow credit scoreDeath Benefitpaid vacationlong-term care premiumsRevocable Trusthigh down paymentrequire chore in exchange for allowanceface your financial fearultimate compounding giftlearn good financial choicestax refund fraudstandard ratelife insurancelife insurance name trust as beneficiarypay 100% cashcut monthly cellular billemergency fund savingsback door Roth IRAclosing disclosuremax employee match401Kautomate student loan paymentsdream schooldoctors in networkallowancesocial securityHDHP Emergency Savingsfile asapaccelerate dental workverify retirement plan with HR or plan sponsorFinancialteenscredit cardEmployer Matched Contributionvalentines dayiffy incomefinancial goal phraseInvest for savings growthnon conventional routeunexpected expenseFinancial Gift Cliffcar leasingcommitlower mortgage interesttraditional vs roth 401(k)Amy LacyetHoliday SeasonHDHP/HSAgift up to 14,000Beautysocial security never insolventARM Cautionknow before you owepermanent life insurancemental healthhome insurancesidelinedHoliday Shoppingteach your child good money habitswomen longer life spandoctor no longer in networkmortgage interest tax deduction2016 adjust withholdingWarner Bros Television Groupprotect your familySuze Orman's Money Warsdear suzeshort term goal lowest cost fund optionalways use all paid time offlow down paymentMoneydebt freedental discount planrefund20% down payment avoid feespay more than minimumtitle insurancetaxes2016 adjust estimated taxcontribute household expenses Phyllis Shelton expert long-term carehigher monthly paymentage appropriate chorePersonal Financeconsider roth 401(k)Ashley Springerone annual feemarriage financial responsibilityadvice for college graduatesfull retirement agecredit utilization rateat worst still pay 75% benefitsave Long Term Care premiumsHSA tax savingsTelepictures2015 financial roadmapworst financial mistaketerm insuranceloved ones dependent on incomeaffordabilitypay down car loancollege studentlong term goalFICO credit score credit card mortgagehigh FICO scoreGoodbyeFinancial Educatorstore credit cardslow mileage discountreduce withholdinggay marriage ban end Florida AARPmonthly dental insurance premiumpay down student loan debtverify wellness screening and programsbuy home you can affordFinancial Awarenessstay positiveearn more on savingsgift not loanpay credit debt ASAPLifestyleGay CouplesUS Tax Codecommunity bankraise deductiblescost of capitalization calculatorOne Wallet At A Timeincrease emergency savingsget over life insurance phobiahealthy youstrained relationshiponly refinance if it paysstaycationgrandchild summer job IRA contributionEasy Life Insurance costly insurance mistakeSandy Hook Elementary Schoolmarriage inequality19 years cash flow problemCory BookerCredit Card Rate Increasedo not pay allowance for good behaviorAlarm Clockdebit cardGiftcreate new truthSelectQuote.comNewtownhome ownershiplower overall drug costreal estate marketconfidentloan is giftlet them have 50% controlFederal Funds RateEric Dodge universal college accessFinancial Solutions For Youchildren's bookConventional loan PMIsame-sex marriagelive below your meanscostly legal high premiumsbest interest ratescnbc alarm clockSuze is my biggest mentorstudent loan repayment planis it kind?powerful50 over 50Young Adult lower interest rate2015 record year car salesbig results Mass Mutualalternative FICO scoredon't cover cosmetic dentistrydon't extend mortgage one credit cardCredit Card Interest Ratekid borrow firstLegal GuardiandebtCiti Simplicity Card social workSuze Orman Scholarshipwrite new goalCombo Insurance ProductsForeclosurehealthy gumsFiscal ResponsibilityMotherFederal Reservehome buying seasonCD'sCommunication Skills buying a carsavingsCredit scoreback-to-school budgetmortgageretirement accountsdental savings planLoveHigh FICO Score = Better RateAuto Savings juggle multiple financial goalsFixed Rate Mortgagebuy homeincreased auto insurance premiumjanuary bills!00% tuition paidUniversity of Illinoispoint cost offset by savingspay high rate off first3 savings buckets women outlive meninsurance yearly reviewWashingtonswitch to spouse coveragehigh deductible health care plancut monthly cable billRevocable Living Trustpositivebetter termsdeath benefit 20 to 25 times annual incomeidentity fraudearn allowanceretirement planrising home priceshealthy retirement blood pressureFICO Scorecredit reportworkaholicrent vs buydon't do five year car loanletter to suzeUniversity of Floridaprotect and provide for minor child 10 year repayment plan public service career student loan repayment not gender specific max employer matched 401(k) contribution2017 Taxesage appropriate goalsmaintain standard of livingStudent Loannear historic lowsInflation Benefitadjust allocations raise your deductible6 month waiting periodyours, mine & oursspeak new goalschedule vacationclosing fees30 year mortgage special saving accountderailed planpaying for collegeritual scheduleSave Us Money4 Must Have Documents 8 month safety netmoney vowsPay Off Debt Before Retirementthree year car loanlousy investmentrequired disclosureanticipated salarySuze Ormanschool focus on needsWall Streetbetter loan ratesFundsautomatic withdraw to savings not enough life insurancezero rate transfer dealspay interest while in schoolignore 6 month grace period is it necessaryraise insurance deductibleburn outdon't blow tax refundHDHP'scontribution same sex marriage band end Floridamultiple lendersCivil RightsHigh Credit Scorehighest possible benefitemployer offered life insuranceGraceThe Suze Orman Showbe kind to yourselfno waiting periodBill and Pennyfinancial independenceAmericans don't use all paid vacation timeescrowStudent Debt Crisis40% toward financial goalpurely financial standpointStock Investmentscalculate dependents annual income needspercentage of women widowed 75-84home related tax break bonus teens and moneySchool of Social Workborrowing plan FICO at least 720student loan repaymenthigh credit score discounthousing marketpay off debtUrbana-ChampaignGiftsreferrals bill paying prioritiescomparison shoppingmortgage brokerpublic service loan forgiveness programInterestBaby Boomerstake actionno splurge FRAbecome member Retirement Incomeshorter payback periodsummer job match income is it true? manage student loanseliminate credit card debttelevision host740 credit scorepreexisting condition not coveredForbesraising mortgage rates


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