7 "Grown-Up" Behaviors That Are Wasting Your Money | The Financial Diet



7 things that cause wedding debt and how to avoid it

mindy project weddingMany couples go into debt to pay for their wedding. Universal Television

You want your wedding day to be perfect. But is one single day worth going into debt for? For many couples, it may be. A recent survey from Student Loan Hero study found that 74 percent of American couples will go into debt to pay for their wedding. But they probably shouldn't.

Douglas A. Boneparth, a certified financial planner and president of Bone Fide Wealth, told INSIDER that it's generally not a good idea for couples to go into the red for a single day of festivities.

Boneparth said he hasn't had any clients who went into debt for their weddings, but he has heard stories from clients about their friends who did.

"They 100 percent regretted it and found that they were stressing more about that then their big day," he said. "It really backfired on them. It's what convinced some of my clients not to borrow to pay for their own weddings."

Wedding planners agree that taking on debt for a wedding isn't smart or necessary.

"I personally don't think it's ever a good idea to go into debt for your wedding," Leah Weinberg, owner of Color Pop Events, told INSIDER. "I totally understand how crushing it can be to not be able to afford the wedding you really want, but it's not worth starting off a marriage by adding to the debt you have as a couple."

As crushing as it may be, Weinberg added that couples can have a "financially appropriate" wedding for now and "throw an incredible anniversary party or vow renewal" in the future, provided they can afford it.

Here are some of the ways you could risk going into debt for your big day — and how you can avoid it.

1. You don't set a realistic budget.

To avoid overspending and racking up debt, you and your fiancé should be honest with yourselves about what you can afford —beforeyou start spending any money.

"Couples can definitely avoid spending beyond their means for their wedding," Weinberg said. "The best way to do this is to set a maximum spend for the wedding and then collect quotes from venues and vendors before booking anything."

That way, couples can make sure they are booking a space and vendors that fall within that budget, she said.

It's important to figure how much you can spend before you spend it. Pexels

Carly Witzburg, founder of Milk Glass Productions, told INSIDER that it's crucial to plan out your budget at the very beginning of the wedding planning process.

"By taking the time to do this, you can prioritize what is most important and then assign percentages so you know exactly how much of your budget to allocate to everything you want and need," she said. "If you do end up going over on something, you have to ask yourself what you're willing to sacrifice to stay within your budget."

2. You invite too many people.

"More guests (even just one) mean more food, more alcohol, more rentals and more decor (for those extra tables),"Weinberg said.

To keep from going overspending in this area, Weinberg recommends setting a strict limit for the number of people to invite.

"When doing a budget for the wedding, couples should be sure to determine the maximum guest count that they can afford, and then don't go over it," she said.

3. You book a venue that doesn't come with anything.

If you and your betrothed are on a tight budget, you should avoid booking a "raw" space where you have to bring everything in, Weinberg said.

All those individual elements add up over time.

Barns, warehouses, and galleries are popular choices for wedding venues, but they can be unexpectedly costly if you have to completely transform it into a party space.

"Instead, find an all-inclusive venue that takes care of food, alcohol, staffing, and rentals in-house," she said.

4. You splurge on one specific part of the wedding.

A common trap couples fall into is spending way more than necessary on one particular aspect of the wedding, which limits their budget for everything else.

"Sometimes they will splurge on attire for the wedding day — something that people have to remember they will probably only wear once," Weinberg said. "Other times they get wrapped up in the decor and end up overextending their budget when it comes to flowers. And sometimes the idea of hiring the most in-demand photographer will make couples forget their monetary limits."

Again, setting a specific and realistic budget for each individual wedding expense is key.

5. You get caught up in having a Pinterest-worthy wedding.

It might be hard to give up on certain ideas for your dream wedding, especially when you're bombarded by images of seemingly perfect nuptials on Pinterest, TV shows, wedding blogs and Instagram.

But if you are on a budget, you're going to have to make some sacrifices when it comes to planning your celebration, Witzburg said.

"Don't focus on Pinterest or your friend's wedding," she said. "Who cares about the donut wall? Make it your own, come up with ideas that have to do with you and your fiancé and your love story, of course!"

6. You don't hire a wedding planner.

It may sound counterintuitive to spend more money to hire a wedding planner, but they can help keep you on track for your spending and make your dream wedding a reality, no matter your budget.

A wedding planner can help you stick to a realistic budget. Columbia Pictures

"If you have room in your budget for a planner, hire one," Weinberg said. "A great planner is going to help you set a realistic budget and then keep you from blowing said budget."

7. You forget what the wedding is really about.

"You do not have to spend a ton of money to create a beautiful and memorable day," Witzburg said. "If your guests leave knowing more about you as a couple and your love story, then you planned the perfect celebration. Serve chicken parm because that's what you had on your first date!"

Your wedding does not have to break the bank, she added.

"Make it personal and remember to make it about the love," she said.






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Date: 19.12.2018, 07:25 / Views: 42261