Discussing wedding expenses before getting engaged might seem backward. However, it can help you and your significant other understand what this step will mean for your combined finances.That’s why it’s important to start talking about paying for a wedding now. It’ll give you a chance to figure out what’s important to each of you and what’s affordable.
1. You Need to Get on the Same Page About Wedding Costs
Start by asking your partner what they would be willing to spend on a wedding and what elements are important to them. The sooner you talk about wedding expenses, the better your chances will be of reaching a happy middle ground.
2. You Need to Work Out a Wedding Budget
You also can start thinking about where the money for your wedding will come from. You might want to discuss how much you each have in savings or what your parents plan to contribute toward wedding costs.
3. You Can Time Your Engagement and Wedding Perfectly
Discuss financial goals and priorities with your partner and consider whether there are any reasons a wedding might need to wait. That way, you can find the right time for both of you to focus on paying for a wedding.
4. You Can Start Saving for a Wedding Sooner
Some couples might agree to match contributions — each saving $200 per month in a wedding fund, for example. Or perhaps you and your partner have unequal incomes and decide to contribute according to your pay. If you make 50 percent more, for instance, you might put in $240 per month while your partner saves $160.
5. You Have Time to Consider Wedding Loans as an Option
If you know you’ll probably borrow to pay for some wedding costs, planning ahead is key. It’ll give you time to shop around for a low-interest wedding loan instead of charging wedding costs to a high-interest credit card. You also can calculate personal loan payments to make sure what you plan to borrow now will be affordable after the wedding.
Planning and paying for a wedding is the first of many financial adventures you and your partner will have together. As you come up with a plan of action to cover wedding expenses, you’ll get a firsthand look at what it’s like to work together to achieve shared goals and build a strong financial foundation for your marriage.