For better or for worse, the days of parents picking up the entire tab for a wedding are, in many cases, a thing of the past. Nowadays, it’s much more common to find couples planning and paying for some – or even all – of their own weddings. And let’s face it, there is a silver lining in that. Want to get married on a mountainside or jumping out of an airplane? Go for it! When you’re footing the bill, you can make your wedding just what you want it to be.
If you’ve ever done any wedding shopping, you’ve probably suffered some sticker shock. But with a bit of planning, you may be able to lessen the pain and make your money go further.
Save for the big day
It doesn’t matter when your wedding is – the sooner you start saving for it, the more you’ll thank yourself later. If the date is still in the distant future, it may help to place your money in investments like stocks or mutual funds that may potentially earn a higher return. If you’re within a few months of your wedding date, a money market fund – which usually offers a higher interest rate and more flexibility than a traditional savings account – may be a good option. The most important thing is to put some money away for the big day. If that money can earn a respectable return, so much the better.
Don’t overextend yourself
It may be the big day, but it’s probably not worth digging a big financial hole. Consider planning your wedding around what you can realistically afford.
Be willing to compromise
If those elegant flower arrangements and guest party favors are putting you over budget, don’t be afraid to scale them back or ditch them altogether. Remember that your family and friends are there first and foremost to support you as you tie the knot.
Talk to Mom and Dad
Even if your parents aren’t footing the bill, they may want to help in some way. After all, this event is special for them too.
Give us a call.
We’re not wedding planners, but we’re here to help. A Voya Financial Advisors retirement consultant will be more than happy to talk to you about the financial considerations and implications of planning your wedding.
This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.
The information herein is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.
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