Begin With Financial Planning Before You Start Wedding Planning

When you are embarking on a major endeavor (going to college, buying a house, planning a wedding), doing some financial planning before you start to spend can help you to put costs into perspective and keep you from overspending.

MSN Careers has an interesting look on what some people jokingly refer to as the “wedding industrial complex.” Rather than bemoaning excess or pointing out some of the pricey (and not strictly necessary) ways you could spend a lot on a wedding, MSN Careers asked, “How long will it take to pay off your wedding?“   As more people have gotten salaried work and moved away from hourly pay, our view of what things costs has changed and we don’t necessarily equate cost with work hours.

MSN Careers gathered the average cost of key wedding items from Brides magazine’s 2012 American Wedding Study and paired  that information with statistics on average annual income for various professions as reported by the Bureau of Labor Statistics.

The average cost for things like a wedding dress ($1,355), wedding rings ($1, 594), and a photographer ($2,186) impact different people differently. This can be hard to remember after watching many wedding shows and reading lots of magazines and being primed to feel as if you must have certain things and that these things must be of a certain caliber.

It is important to work within your particular financial constraints and keep that in mind as you plan for major expenditures and as you set daily expenses. No matter what it seems you must have for a wedding or any other event, you need to remember that after it is all over you still need to cover expenses and save for the future. If you need help with this, you can work with a Fee-Only financial planner that will keep your individual financial outlook in mind when setting fees and while working with you to make the most of your resources.

About the author

Claire Emory, MBA, CFA, CFP®

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