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home › Life Events & Financial Decisions › Major Life Events › Marriage › Wedding Planning

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Wedding Planning AND YOUR FINANCES

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  • Right after getting engaged, sit down with your fiancé and make a list of things that are important for you to have at your wedding. For some people, having good food for guests is more important than musicians playing at the ceremony. If you're having a hard time with this, think back to what you remember from other weddings you've been to. If you don't remember an aspect of a wedding, it probably isn't important to you.
  • Decide on the size of the reception — this will dictate a lot. If you want a huge wedding, you might have to compromise on location or date. It's generally less expensive to get married outside of the summer months and not in an urban area.
  • Use “The Rule of Three” to compare at least three providers of every wedding product or service (dress,  caterer, cake bakery, photographer, reception hall, honeymoon). Bridal shows can be an efficient way to shop around. Check online wedding forums in your area for vendor recommendations.
  • Try not to put wedding expenses on a credit card unless you plan to repay the balance quickly. Otherwise, you’ll be paying for your wedding for decades. For example, if you incur $10,000 in expenses and pay back 2 percent (of the outstanding balance) minimum payments on an 18 percent credit card, it will take you more than 50 years to repay this debt. You'll end up paying more than $28,000 in interest charges.
 
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