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Budgeting for your Wedding

shamma Posted: Dec 16, 2002 11:29 PM+

shamma MEMBER SINCE: 10/01 TOTAL POSTS : 19166 WEDDING DATE: Aug 03, 2002

Posted: Dec 16, 2002 11:29 PM

Budgeting for your Wedding

Budgeting for a Wedding

Jason and Jennifer are planning a wedding, but they have very different ideas of what they can afford. Jason worries about creating more bills, while Jennifer says she doesn't mind going further into debt for her big day. Suze Orman shows them how to start thinking within their means and have a dream marriage—not just a dream wedding.

Just one Night
How much combined debt are you and your fiancé bringing to this marriage? Suze says, 'Ask yourselves: Is owing more than you both make in a year for one dreamy, expensive night worth it? Probably not.' Determine what will make you both happy for your wedding, without going over a reasonable, affordable budget.

A Lifetime of Debt
Credit card companies want you to believe that you can charge all of your wedding expenses. If you put $25,000 on your credit card with the average 14 percent interest rate and only pay the minimum payment of 1.5 percent required each month, it will take you 100 years to pay it off! Debt from your wedding could damage your other dreams, like a having a home or a family. Home loans are difficult to obtain with excessive debt. Talk about the details of your future and the costs, or your goals won't be attainable.

Future Planning
Are you getting married? You and your partner need to be on the same page with your budget. Every month, see what you can put aside. If you want to only spend $10,000 on a wedding, see if you can save $800 a month. If you can't save it, you can't spend it.

A Vicious Cycle
Don't think that just because you might make more money in the coming years, you can pay off your wedding. Were you making less money five years ago then you are now? More than likely, and you probably didn't have as much debt! Unfortunately, for most people, the more money you make, the more money you spend—resulting in more debt.

karen32 Posted: Dec 17, 2002 08:47 AM+

karen32 MEMBER SINCE: 8/02 TOTAL POSTS : 4562 WEDDING DATE: Oct 25, 2003

Posted: Dec 17, 2002 08:47 AM

Re: Budgeting for your Wedding

Thanks Shamma!!!! The CPA in me is all over this stuff!!!!!! It's a very important point to keep in mind. Obviously this is one of the most important days in your life - but do you really want to be in debt for the next 10 years for it?? There is a very fine line!

nrvbrd Posted: Dec 17, 2002 11:13 AM+

nrvbrd MEMBER SINCE: 10/02 TOTAL POSTS : 5249 WEDDING DATE: Sep 06, 2003

Posted: Dec 17, 2002 11:13 AM

Re: Budgeting for your Wedding

Thanks Shamma.

Something to think about.

michele31 Posted: Dec 17, 2002 04:53 PM+

michele31 MEMBER SINCE: 6/01 TOTAL POSTS : 10673 WEDDING DATE: Nov 02, 2002 WEDDING LOCATION: Tavern on the Green

Posted: Dec 17, 2002 04:53 PM

Re: Budgeting for your Wedding

thought I would bump this for more girls to read. I saw this show on Oprah. I felt bad for the girl though. She really, really wanted a dream wedding and they cannot afford even 1/4 of what she wanted to do.

SeptemberBride03 Posted: Dec 17, 2002 04:58 PM+

SeptemberBride03 MEMBER SINCE: 8/02 TOTAL POSTS : 3277 WEDDING DATE: Sep 20, 2003

Posted: Dec 17, 2002 04:58 PM

Re: Budgeting for your Wedding

I agree with what Shamma wrote, but I HATE Suze Orman with a passion!! I work for a financial firm and she more times than not gives HORRIBLE advice! My entire firm hates her! Whenever clients mention her name we cringe and then spend twice as much time trying to get them to understand how things really work!

michele31 Posted: Dec 17, 2002 04:59 PM+

michele31 MEMBER SINCE: 6/01 TOTAL POSTS : 10673 WEDDING DATE: Nov 02, 2002 WEDDING LOCATION: Tavern on the Green

Posted: Dec 17, 2002 04:59 PM