Strategies for Budgeting Your Child's Matrimonial Celebration Expenses
In the world of weddings, tradition is giving way to collaboration, as more and more engaged couples are receiving financial support from both families. According to Zola.com, a staggering 66% of couples this year are getting support from both families, compared to just 30% for whom the bride's family is solely responsible.
This shift away from the traditional split of wedding costs, with the bride's family covering the ceremony and reception, and the groom's family handling the rehearsal dinner, is a reflection of the changing dynamics of modern families.
Kris Maksimovich, president of Global Wealth Advisors, advocates for a more structured approach to wedding finances. He suggests setting a fixed budget before committing to any amount with the couple, and using a financial adviser or a money-management tool like Monarch Money or YNAB to help determine a fixed dollar amount for wedding contributions.
Maksimovich also warns against promising more than can be delivered or sacrificing personal finances to throw a big party. He advises against giving a blank check for wedding costs, as they can easily balloon out of control.
Jessica Bishop, founder of TheBudgetSavvyBride.com, echoes this sentiment. She notes that it's common for everyone (including the couple, both sets of parents, and sometimes grandparents) to chip in where they can. Bishop also emphasises the importance of having an open discussion with the couple about the amount that will be contributed to the wedding, to avoid assumptions and potential tension.
Trimming the guest list is another effective budget hack, as every guest adds to catering, rentals, invitations, and space needs. Bishop suggests considering an intimate formal wedding for immediate family and close friends only, followed by a big party later.
Other cost-saving measures include hosting the wedding during the off-season (e.g., January or February), on a weekday, or during the day instead of an evening event. Limiting fresh flowers can also help reduce wedding costs.
The average cost of a wedding is $36,000, according to recent statistics. However, with these budget-friendly tips and a collaborative approach from both families, the financial burden of weddings can be significantly lessened.
Interestingly, The Knot reports that 32% of weddings now take place in September and October, compared to 12% in June. This shift could be due to a variety of factors, including weather, availability, and cost.
Bishop also reminds parents not to dip into their retirement savings for wedding contributions. Instead, she suggests subscribing to Kiplinger Personal Finance Magazine for advice and guidance on making more money and keeping more of the money you make.
In conclusion, the landscape of wedding finances is evolving, with a growing trend towards collaboration and a focus on budget-friendly solutions. By working together, families can ensure a memorable wedding without breaking the bank.
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