Tips for Paying for My Wedding

HOW CAN I PAY FOR MY WEDDING?

Nowadays, the amount a wedding costs makes a college education at an Ivy League school seem reasonable. Unless you are fortunate to possess wealth, any couple planning a wedding is going to experience some sort of monetary stress during the preparation for their big day. It is not easy to put together enough money for the exact party wanted. If you are struggling financially, sticking up a bank is not an option...but a wedding loan is. In addition to utilizing a small loan, there are additional options for getting the money you necessitate that are very feasible. Below are breakdowns of a few. Don't limit yourself to just any one as a means for paying for your party...consider a mixture of several!

Everybody Chips In
That means the bride, groom and both sets of parents all pay. Not necessarily the same amount, but as much as each can afford. Have an open conversation with everyone and find out what each group is comfortable contributing. You should be able to determine at this point how much money you are going to have for your party. It is very important to note that the individuals shelling out the most money DOES NOT have influence in any final decision making. It is OK to get input and opinions but this is your wedding and you and your spouse-to-be call the shots. But it would be a good idea to compromise as much as you can so that everyone is happy.

The easiest method for splitting up expenses is to combine the total cost of the wedding and then divide it as you wish as opposed to doling out certain expenses to people. For instance, asking the bride's parents to cover the cost of the dinner may result in them not inviting as many people as they intended just so they can save a few bucks.

Advantages:
When combining all of your resources, it is very possible that you are going to be able to have enough money for the exact wedding reception you desire; one that you may not have been able to afford if you were paying on your own. And that also means not having to drain your savings account in the process. In addition, with everybody helping out, you are sharing these special times and memories with everyone.

Disadvantages:
When you take money from family, you are opening the door for them to voice their opinions regarding your decisions. You have to be ready listen and offer compromises. For example, suppose your parents agree to pay for the music of the party and express they would prefer a disc jockey. However, you and your spouse-to-be want a band. You can likely find a band that works with a disc jockey. They can split the time up accordingly; i.e. DJ plays while the band takes a break, DJ plays during the cocktail hour, etc..

Bride's Parents Pay
An old school tradition, but yet nowadays still a very common means for satisfying the bill for your wedding.

Advantages:
Not having to pay for your wedding is a beautiful thing. You won't have to touch your savings which will equate to having money...the ability to take a nice honeymoon, maybe for a down payment on a house sooner...to do whatever you want with your money in the future!

Disadvantages:
The bride's parents are going to be entitled to give significant input with your planning. For example, suppose you want a small wedding with 125 guests or less, but your parents want to invite everyone one of their friends under the sun (which means a party of over 200 guests), you will have to compromise and meet them somewhere half way.

When the bride's parents pay for the wedding you aren't touching your savings...but you are hitting theirs. Which can be an issue if they are retired on a fixed income and/or are already financially strapped. You don't want to break their bank and put them in debt at your expense.

You and Your Spouse-To-Be Pay
This is the ideal scenario. Don't lean on anyone for money if you do not have to. This may not be feasible if you are young and just starting out. However, it has become very common for people to get married at a later age in life which means more financial stability. The more secure you are with your finances, the better position you are going to be in to pay for your wedding yourself.

Advantages:
Since you are paying for everything involved with your party, you have 100% complete control over all aspects. You won't have to listen to any opinions from anyone. So, if you want to get married in a Burger King with a heavy metal band playing, that's your choice! People may not be happy about your planning, but they can't say anything because it is not their money.

Disadvantages:
Unless you are very wealthy or are planning a very inexpensive wedding, there is a very strong probability that you are going to drain your savings and even accumulate some debt by the time all of your planning is said and done. And, you may cause some family feuds if you end up turning down financial assistance. How can you avoid insulting anyone trying to help? You can compromise and allow them to pay for an aspect that you don't necessarily have a firm opinion about, i.e. party favors, flowers, etc..

No matter what the situation is, you don't want to shut out any family member that wants to be involved with your planning. There is nothing wrong with listening to the input and opinions of others. That does not mean you have to accept it. The most important thing is that you do lots of communicating with your spouse and both of your parents.

Who Pays for What? - If you the bride and groom's parents are paying, this site will help determine who pays for what!

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