So, you’ve raised your kids, paid for their braces, their piano and ballet lessons, their baseball camps and hockey equipment, and (hopefully) four years of college. They’ve even moved out of your house and have jobs of their own. Now you’re home free, and ready to redecorate your house, buy a new car, start traveling, and do all the things you’ve put off for so many years.
But don’t get too excited. One of your kids just got engaged! Or maybe you thought the love birds would elope or scale down their wedding plans during COVID, but it was not to be. You knew this day was coming and that you would be sharing some of the financial responsibility. But how much will you contribute and how will this impact your financial plan? Weddings are expensive! According to Brides.com, the average cost of a wedding in 2018 was over $44,000! 1. Weddings are also a huge wildcard because there are so many variables that make planning for the expense of a wedding quite difficult. And while costs for weddings decreased over the past year, costs are expected to rise this year with pent up demand and wedding businesses getting up and running again.
Here are some tips that will hopefully reduce some of the financial stress:
While getting married is a momentous occasion and you want the big day to be perfect, it is the actual marriage that will last, not the wedding day. Keeping that in perspective will help get you (and your kids) through the planning process. Try and enjoy the ride. It goes by quickly!
1 “Here’s How Much the Average Wedding in 2018 Cost—and Who Paid,” Brides.com, 5/31/21.
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