Planning for a Wedding: Budgeting and Saving for Your Special Day
Marriage is the union of two separate individuals ... and their finances. While talking about money can be a stressful topic for many couples, you’ll want to sit down and discuss how your wedding will impact your financial situation. It involves more than just picking out invitations and deciding whether you should serve chicken or fish at the reception.
Start out by taking stock of each of your respective financial situations and establish an event budget to determine how much you need to spend. Putting pen to paper can help you clearly see how much money you could spend and then set expectation on how much you should spend.
As soon as you know you’re headed to wedded bliss, start setting aside money in a wedding savings account. That also means you may want to cut back on your spending. Sacrificing a nice restaurant dinner or a night at the movies can easily help you save for your dream wedding. And remember through this whole process that communication is key. Talk to your spouse and make sure you both agree on the budget, and if your family plans to help, determine exactly what they will contribute.
Wedding Savings Tip provided by RBFCU Investments Group: Right now, you are probably accustomed to managing your finances in a way that is comfortable for you and you alone. Once you are married, you and your spouse will have to agree on a system for budgeting your money and paying your bills together as a couple. Planning for your wedding is a great time to begin this conversation. Either of you can agree to be in charge of managing the wedding budget, or you can take turns keeping records and paying the bills. If both of you are going to be involved in the budgeting process, make sure that you develop a record-keeping system that both of you understand and agree upon.
RBFCU Investments Group LLC is a wholly-owned subsidiary of RBFCU Services LLC. RBFCU Services LLC is affiliated with Randolph-Brooks Federal Credit Union (RBFCU). Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA / SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. FR-2072740.1-0318-0420
1What to Consider When Making Your Wedding Budget (n.d.). Retrieved February 08, 2018, from https://www.theknot.com/content/average-wedding-cost-2016 Article prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018; February 08, 2018
Article prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2018; February 07, 2018