Your wedding day is a time to celebrate with the love of your life. Hopefully, both of your families can party together and send you off to a great marriage.
The problem with weddings is that they start you off with tons of consumer debt. When you get married, there are many new expenses you need to prioritize in life. These include buying a home, paying off student loans, and having children.
Therefore the goal is to have a great wedding while simultaneously setting yourselves up for financial success in the immediate future.
Passive Income: Royalties vs. Automated Business
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Our story. My wife and I married in 2006 in the lovely city of Helsinki, Finland. We went to the courthouse downtown on a snowy day, and the judge married us.
We may do a “real” wedding on our 20th anniversary, or on the day I retire from the Marine Corps. There were some benefits for us not spending money on a wedding.
We were able to buy a home (although at the top of the market) in 2008. We put down a 20% down payment because we had a nice-sized savings account.
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Although we mainly did everything right financially, we still had $77,000 of debt by 2020. That’s why you must start on the right path with the right mindset.
The right wedding mindset. First, both parties must be on the same page about the wedding. Unfortunately, budget is the top concern because it drives most decisions.
Do you and your future spouse argue over money and finances? I wrote an article titled “Getting Married? The 10 Financial Questions You Should Ask Your Future Spouse,” which may help.
It’s vital that you work out all the details well before the planning begins. When finding a venue or destination wedding, the budget will be a significant factor in the decision-making process.
Should you have a large wedding? Only you can answer that question. I know it’s not worth getting into debt over a wedding.
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Can your parents assist you financially? Do you have student loan debt? Would it be better to pay down student loan debt or put this money towards a down payment on a home?
There is only so much money to go around when you are young, so you must be smart. You have to ask the tough questions upfront. I would rather have a $10,000 wedding and buy a home in that year; than a $50,000 wedding and wait ten years for a home. But that’s me.
A good book for couples to read is “Smart Couples Finish Rich.” Take the time to review the practical applications this book gives you. It will assist you in thinking of the long-term plans of the family.
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When two people can get on the same page financially, the chances of a successful marriage increase dramatically. After 16 years of marriage, I can say this without question.
Saving on the wedding. Although we are not planning on having a wedding (or renewing vows) for a few years, I decided to read a wedding book.
I read the book “Wedding Hacks: 500+ Ways to Stick to Your Budget” by Maddie Eisenhart. I learned a lot about optimizing your wedding planning and execution.
If you are planning a wedding, please take the time to read a book on the process. It is an emotional moment, but financial well-being can make or break your marriage.
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The book had 540 wedding hacks; I will give some of my favorite ones below.
- Create checking and debit card accounts solely for the wedding.
- Plan a Pop-Up Wedding.
- Get married in the off-season.
- Get married on a weekday.
- Have a wedding in the backyard.
- Skip the open bar.
- Downgrade the wedding meal.
- Take wedding portraits AFTER the wedding (don’t need a full-time photographer)
- Use silk flowers (and you can rent them)
The ways to save money are unique. Plus, you can still have the wedding of your dreams. The wedding industry makes money by feeding on your emotions, so the more data you can bring, the better.
Focus on the long term. Marriage is a marathon, not a sprint. Buying a home and having kids can be the two most expensive things in your life.
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As you move towards your wedding, ensure you know your long-term plans. Will one of you stay home once you have children? That question alone can lead to divergent financial choices and career paths. Take your money seriously.
What if you have wedding debt? If you already have wedding or wedding ring debt, it’s time to pay it off now. Dave Ramsey’s books are a great place to start if you don’t know much about money and are risk-averse.
I have read “Baby-Step Millionaires” and “Know Yourself, Know Your Money.” Mr. Ramsey talks about his baby steps; they have worked for thousands of people.
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If you want to accelerate the process of paying off debt (which I recommend), you’ll need to be even more proactive. Becoming a content creator can lead to enormous cash flow over a 2-4 year timeline.
The good part is once you pay down debt, you’ll have a massive income stream to fund your dividend portfolio or buy rental real estate. The sooner you start creating, the faster the power of compounding will work in your favor.
Conclusion. Your wedding will be awe-inspiring. Ensure your marriage is magical by not starting it with massive debt. You can always plan to have more weddings and vow renewals over time.
Is Saving Money Bad?
My wife and I don’t regret not having a wedding. Our families still supported us from the start of our marriage. We were in a position to buy a home early in our marriage.
Please weigh the options of having a large, small, or no wedding. Even eloping can be an option. Don’t worry your parents can also attend.
I hate to see people start a marriage with wedding and wedding ring debt—next comes buying two cars, a home, and children. This is why I wrote, “The American Dream Costs $5 Million.”
Avoid the noise, find a good balance, and have a fantastic wedding. You can do it with the right mindset. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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