Are Wedding Plans Part of Your Financial Plan?
There’s going to be a wedding! In the midst of all the congratulations, the thought of how much it is going to cost crosses your mind. Will you be able to afford everything that will make this day so special?
While many people have a dream wedding in mind, it’s also important to be creative when it comes to managing the associated costs. From the venue to the clothing and the rings to the honeymoon, it’s important to take financial planning into consideration before you spend your hard-earned money on the big day.
While weddings are certainly a cause for celebration, there are a few key considerations when it comes to managing costs – including skillful financial planning.
1. Talk To Your Financial Advisor – If you have a wedding date on the calendar, talking with someone who can help with financial planning in advance will give you clear goals. This way your budget and wedding finances don’t constantly battle with one another.
2. Establish Priorities – Knowing which elements of the wedding are most important will help you gauge how much money to spend, and on which items. By having a list of things that are “must-haves” (rather than prioritizing everything), the wedding day can be special without breaking the bank.
3. Set Your Budget & Stick To It – Knowing that the dress, rings and honeymoon are the three most expensive items may help you determine the best course of action when it comes to financial planning. Once you’ve determined the most feasible numbers, set your budget and stick to it.
4. Determine Who Pays for What – Knowing there is a wedding date coming up and knowing how to pay for it are two different things. Having a candid conversation with the betrothed and family members on both sides can help spread costs more equitably.
5. Alternative Solutions – If you are in the midst of financial planning and finding the funds for a wedding just doesn’t seem to be working, it may be time to discuss whether there are alternatives. An all-inclusive resort, alternative dates, and asking for help with preparation and organization can all be factors that help you achieve your goals for the big day.
At BlueRock Wealth Management, we can help you with your financial planning and long-range goals, as well as help you manage wedding day costs in Collingwood, Ontario. Contact us today to speak with an advisor who can help you make your wedding plans as stress-free as possible.