“Couples who found themselves going into debt for the ‘perfect wedding’ were more likely to consider divorce due to money: 47% vs the 9% of those who did not incur wedding debt”
Congrats on your engagement!
Sorry for your bank account?
In a 2017 survey of 25,000 participants, 74% of the couples had gone into debt to pay for their wedding (Kirkham, 2018). According to LendEDU, an average couple borrowed $11,737 through credit cards, personal loans and home equity debt.
The financial implications of overspending, not sticking to a budget or not planning contributed to 36% of couples saying money was the biggest stressor in their marriage (Zinn, 2019).
52% of couples push back their wedding due to financial concerns
— The Knot
Do not fear…your fairy financial guru godmother is here:
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Start Early
Not engaged? No reason to not save.
People save up for college before they start, so there is no shame in saving for your future either! With the power of compounding interest, you can forgo backyard compromise for the castle of your dreams.
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Be Realistic
If you have student debt or other outstanding obligations, maybe a large black tie wedding isn’t the best for your future. Nuptials are one day, loans last a lot longer. The “rule of thumb” for engagement rings (3 months salary), can also apply to weddings (we suggest no more than 6-8 months).
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Stick to your budget
Do not go over your budget. Do your research on where you want to splurge and save. At the end of the day, it’s ONE day. Don’t blow your budget.
Just don’t even think about it. We are here to help you though!
