EP080 Weddings on a Budget

With summer approaching, many people are planning their weddings. Wedding planning can be stressful, particularly in terms of creating a wedding celebration on a realistic budget. If you are planning a wedding soon, then the expenses should also have you thinking about how these costs will affect your future financial goals.

 

Today, I share everything you need to consider when planning your wedding budget. I discuss the key questions you should ask yourself and your significant other before tying the knot, why you should consider how your wedding costs might affect your future goals and the importance of creating a contingency plan for things you may have overlooked early-on. I also explain what a prenuptial arrangement is and why you should consider talking with your partner about entering into one.

“Before you start setting a wedding budget, it’s important to consider what other financial commitments you may have on the horizon based on your goals.” – Tracey Bissett

 

This Week on Young Money:

 

• The importance of identifying who pays for the wedding and the non-negotiables you and your family want for your big day.
• Identifying your future financial commitments and goals, for yourself and your partner.
• Determining how much you can afford to spend on your memorable day.
• Creating a contingency plan for things that unexpectedly ‘pop up’ while planning your wedding.
• Considering how your financials will look after the wedding and how that will make you feel.
• Determining whether you should enter into a prenuptial arrangement.

 

5 Financial Questions to Ask When Planning for your Wedding:

 

1. Why are you getting married and who will pay for it?
2. What are you and your partner’s life goals?
3. How much can you afford to spend?
4. How do you want to feel financially after the wedding?
5. Should you and your partner be entering into a prenuptial arrangement?

 

Resources Mentioned:

 

• EP015 I Love My Dog Rosie but She is Expensive! Find Out the Financial Realities of Having a Beloved Pet with Ellen Wright!
• EP027 What is a Mortgage Broker with Leanne Myles
• EP031 True Cost of Being a Wedding Guest
• EP037 – Cohabitate in a Financially Fit Way
• EP062 What is your Money Mindset?
• EP070 RRSP Withdrawal Programs – What Are They & How Do They Work?
• EP079 Burn Your Mortgage with Sean Cooper

 

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