Wedding debt is not a part of wedded bliss. Money problems often lead to divorce. Without a proper budget, you’re likely to spend beyond your means and get stuck paying for your wedding past your fifth or even tenth anniversary.
Fort Lauderdale, FL (Vocus) May 14, 2010
Planning a wedding can be costly, time-consuming and complicated. For an average wedding with 125 guests, ConsolidatedCredit.org’s Wedding Planner estimates that couples will spend more than $17,500 on their big day. That’s nearly $140 per person.
Wedding planning can put excess financial stress on couples. While traditionally a bride’s parents footed the bill for wedding expenses, it’s becoming more common for the groom’s parents to chip in and nearly 40% of brides and grooms plan to contribute financially to their own weddings.
“It’s important to create a budget and stick to it,” says Howard Dvorkin, found of Consolidated Credit Counseling Services, Inc. and author of Credit Hell: How to Dig Out of Debt. “Wedding debt is not a part of wedded bliss. Money problems often lead to divorce. Without a proper budget, you’re likely to spend beyond your means and get stuck paying for your wedding past your fifth or even tenth anniversary.”
Tips from ConsolidatedCredit.org for planning a successful wedding budget:
- Determine how much each party is willing to contribute for the ceremony and reception. This will give the couple their starting point of how much money they have to work with before planning begins.
- Make a list of must-haves and a wish list, keeping in mind that depending on the predetermined budget you may not be able to afford everything on those lists.
- Decide on what aspects of the wedding are most important to you. If you are determined to have a four-star meal, your guest list might need to be reduced to meet your budget.
- Asking for help from friends or family isn’t shameful. Have a get-together to make reception centerpieces, favors, and decorations with friends and save money on store-bought ones.
“You have to choose the items that are most important to you, and then cut back on the rest,” says Dvorkin, “It’s easy to get carried away,” continued Dvorkin. Consolidated Credit Counseling Services, Inc. is now offering a free updated Wedding Planner Guide to help happy couples with their special day without adding financial stress. The Wedding Planner is available at http://www.ConsolidatedCredit.org and It offers advice on ways to cut back and save, and exposes hidden costs that couples may not account for.
About Consolidated Credit Counseling Services, Inc. – Incorporated in 1993, Consolidated Credit Counseling Services has provided educational assistance, budget planning, as well as credit and debt management plans throughout the United States. Consolidated Credit is ISO 9001 registered and accepted worldwide. For more information about Consolidated Credit Counseling Services, Inc., go to http://www.ConsolidatedCredit.org.