Steve Pybrum has been hailed by the media as a fountain of knowledge and endless source of financial information. Read his best-selling books, “Money and Marriage – Making it Work Together” and “Money and Marriage – For Engaged Couples”, which are the first of its kind.
Numerous reports and surveys confirm what I have long suspected: that trouble over money is a reliable predictor of divorce. However, marriage isn’t necessarily the only time such troubles can happen. In fact, even before a couple can tie the knot, trouble may already be brewing in paradise, specifically during the wedding!
According to a report found in Forbes, the national average of wedding costs in the country was around $35,329 last year, or around 8% higher than the previous year’s. While it’s understandable for engaged couples to want to shell out a few extra thousand dollars for the big day, there are cases when such decisions make poor financial sense.
For one, taking on a ridiculous debt to finance a fairytale wedding is a recipe for financial disaster, even before the bride and groom can say their “I do’s.” It’s even worse if the couple in question cannot lay out a plan and timeline for paying it off. This is not to say that you have to scrimp on your wedding. In the same way financial planning can set you on the right path, sound wedding planning can help reveal areas where you can save or find affordable alternatives.
For example, you and your fiancé can do the invitations yourselves, which can shave off a few hundred dollars from the bottom line. You can also ask friends to provide music and entertainment for the big day, or better yet, tell family and loved ones to fund your honeymoon as a wedding gift, instead of getting you something you may have no real need for.
For more money and relationship advice from Steve Pybrum, visit this blog soon.