SierraNevadaWeddings.com

Posted on: March 15, 2007

Let the Spending Begin

Filet mignon and Cristal might make your wedding day lavish, but financial expert Suze Orman says a few simple steps keep it both special and cost-effective

By Timothy R. Schulte
CTW Features

Forget about the “average” wedding, this is your wedding. And while you certainly could have the average $27,000 wedding you read about in the magazines, you certainly could have one that costs a lot less, too. But before any planning of your un-average wedding begins, you need to set up your budget.

Whether there are contributions from your parents or you’re handling it all yourselves, you need to figure how much money you and your future spouse will have to make your dream day happen.

Wedding expenses are going anywhere but down. According to the Condé Nast Bridal group, nearly every wedding expense has increased more than 20 percent since 2002. Wedding attire – 30 percent. Wedding bands – 60 percent. You get the point. So to make your big day as memorable as you’ve always dreamed, put you money in what means most.

If you want a big blowout reception, focus your finances on the entertainment. If you want to wow your guests’ palates, put some extra bread (dollars, not loaves) into the dinner. Whatever your heart desires, you can make it happen. That’s what your budget is all about – planning out where your money will go. Not just so it’s wise in the financial department but in the memory department, as well.

5 for the Money

M just doesn’t stand for marriage, says personal finance expert Suze Orman, it also stands for money. Your wedding will be your first expense in a long life of shared finances, so you want to make sure that as a couple you’re on the same ledger page. Orman, author of “Women and Money” (Speigel & Grau, 2007) points out five money issues each couple should discuss before taking the plunge.

1. “You should both check all three of your FICO scores together,” says Orman of the major credit-reporting agencies: Experian, Equifax and Trans Union. If there’s anything below the 700 area – scores run from 300 to 850 – you should look into what’s going on. One person’s bad credit may hurt the couple’s financial future.

2. Decide up front how bills will be split – 50/50 or will they be skewed to reflect the percentages of income?

3. Do you have the same financial goals? You may have differing opinions on dinners out, vacations, etc. Are you savers or spenders?

4. Be clear on your own personal financial goals, whatever they may be.

5. If you’re brining money into the marriage, such as an inheritance, “keep it separate with nobody’s name but your own,” says Orman. “You never know what the future will hold. Even though you say it’s till death do you part, it’s really till debt do you part.”

Dollars & Sense: Budget

If it seems like your wedding budget is more pauper than princess, a few money-wise tips can help you make you dollar go a little further. Finance expert Suze Orman offers these tips to help you get married without mortgaging your future.

• If your nuptials are taking place in a low season for weddings (February, for example), you probably will be able to save money on all your vendors – entertainment, catering, photography, location – as they’ll be less booked. Requirements, such as a minimum number of guests, may be lifted for a non-primetime wedding.

• Limiting the hours of the bar by an hour – from 5 hours to 4, for example – will save a tremendous sum of money, says Orman, Also, going beer-and-wine only or having a signature cocktail rather than a full bar will make a serious cut in costs.

• If your wedding is taking place at a house of worship, use the same flowers from the ceremony for the reception.

• Try to keep the headcount to a minimum. Children often are counted the same adults, despite not eating or drinking the same, so don’t be scared to bypass the bambinos. Also, chicken dishes usually are less expensive than beef or fish.