The Wedding Indu$try and How to Plan to Remain Debt Free

We got married in August of 2019 and made big decisions along the way in order to continue to live a debt free life as newlyweds.  Weddings are a huge deal but can sometimes result in debt after the honeymoon.  Here are some decisions we made to help us control our spending and decrease money anxiety as we planned our wedding.

Gotta Keep ‘Em Separated

We created a totally separate bank account called the “Wedding Fund.”  If parents or relatives are gifting you money for the wedding, deposit it into this separate account.  Make sure all wedding expenses are paid out of this account.  It’s usually as easy as opening a new savings account using your online banking platform, but if your bank does not give you the ability to do this, ensure you have a detailed list of all wedding expenses separate from normal expenditures – spreadsheets are very useful.  

Talk about Money with your Honey

Once you get engaged, start saving.  Work with your partner on a realistic budget of out of pocket expenses for the wedding.  Divide that amount by the number of months until your wedding and plan on each of you contributing half of that amount to your wedding fund every month.  It feels less stressful to pay for expenses out of an account specifically designed for them, instead of using your credit card or general savings account after the wedding to pay for everything all at once.

Pick Some, Not All

Pick your priorities and communicate with your partner.  For example, we really wanted an open bar with great food and neither of us really cared about flowers.  Alternatively, we have attended a wedding where flowers were the main focus – you do you, boo!  

Pay Now, Save Later

Pay everything up front even if you are allowed to put it off and pay afterwards.  The least fun thing to do after the wedding is spend more on a party that’s over!

Seriously, Do it Yourself

Don’t use an online name changing service if you are opting to change your name.  They are expensive and they can’t actually change your name for you.  The most they can do is collect all of your information and spit out a form to bring into the Social Security office.  In our state (and most others), you cannot get out of appearing in person at the Social Security office and DMV to change your last name.

Decide What’s Important!

We went on a super small honeymoon after our wedding and had an absolute blast.  We both decided that what’s important to us is home ownership and we wanted to get a head start saving for a house instead of spending our savings on a honeymoon abroad.  Plus, neither of us are very experienced travelers and didn’t want to spend the first week of our married lives arguing in the TSA line.  We love to go on smaller trips around the U.S. and focus our energy there as a couple.  

Want to chat about the financial side of planning your wedding?  Call me!