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Financing Your Wedding and Your Married Life
For most couples, the time between getting engaged and celebrating the big day is a whirlwind filled with
a myriad of details that need lots of personal attention: booking the wedding location, recruiting
members of the wedding party, organizing the reception - the list goes on and on.
In all the excitement and activity, one thing that may get overlooked is discussing who is paying for
everything and how it will be financed. Despite the fact that more and more couples are reaping
considerable savings by shopping for their wedding on the Internet at sites like Town and Country
Shopping Bargains, the typical wedding costs between $20,000 and $25,000.
"Most people won't be paying for their weddings entirely with cash," says Maxine Sweet a well-known
financial expert who specializes in providing clients with products and resources to help them
understand, manage, and protect their personal credit profiles. "Whether the bride and groom are
paying for the wedding themselves, or their families are picking up the tab, chances are at least some of
the wedding expenses will be put on a credit card." There may be the need to spread the expense over
time, or it could simply be because of the convenience of using credit for phone orders or remote
contracts.
Figuring out how to pay for the wedding gives couples
an opportunity to discuss their feelings toward money
in general and more specifically, how they feel about
using credit. These are issues that may not have come
up previously, since each individual was handling their
own money. A good way for couples to start dialogue on
these issues is by looking at their credit reports.
A number of web sites now give you quick and easy
access to your credit report and credit score to learn
what positive and negative factors are affecting your
credit. Each of you should obtain a copy of your credit
report and then spend scheduled time reviewing them
with your spouse-to-be.
Check pertinent information such as your name,
previous and current addresses, Social Security
number and account details. If you find any
inconsistencies in your report, you need to report
them and correct the information. Once you've
covered these basics, review your partner's credit
report for clues on how they deal with money and credit.
For example, if your significant other has a history of late payments, that could indicate a problem
managing money or that they're overextended. Or it could simply highlight a devil-may-care attitude
toward paying interest and late fees. Either way, it is important for both of you to agree on using and
handling credit, because your access to new credit and to better interest rates very likely will be affected
by your spouse's credit behavior and vice versa.
You'll also discover whether your partner prefers to pay credit card debt off in full each month or pay
only the minimum fee. You'll want to commit to staying well below the limits to demonstrate strong credit
management skills. If a large portion of your income each month is already committed to paying off other
debt, future lenders may wonder if you will have trouble paying back an additional loan. You want to
protect the privilege of using credit for all the benefits it brings, including monthly statements that make
it easier for the two of you to monitor all your transactions every month and manage your expenses.
Before you justify using your credit cards to finance the perfect wedding, keep in mind that those
pending balances could be with you for a long time. While you may not want to settle for a less
expensive wedding gown, or a less exotic honeymoon trip, just remember it will be even more expensive
when you tack on the interest charges that will add up before you pay it off. Have a definite plan for how
and when all of it will be paid. "If at all possible, you don't want to begin your married life burdened by
debt and arguing about money," says Sweet.
Taking control of your spending now will also make it easier to save for your future - new furniture, a
special trip for your 10th anniversary or (gulp) college tuition for your kids. And having your credit report
up-to-date and in order means that when you need to apply for a car loan or a mortgage, you'll know
that your credit history is in good shape.
For most couples, the time between getting engaged and celebrating the big day is a whirlwind filled with
a myriad of details that need lots of personal attention: booking the wedding location, recruiting
members of the wedding party, organizing the reception - the list goes on and on.
In all the excitement and activity, one thing that may get overlooked is discussing who is paying for
everything and how it will be financed. Despite the fact that more and more couples are reaping
considerable savings by shopping for their wedding on the Internet at sites like Town and Country
Shopping Bargains, the typical wedding costs between $20,000 and $25,000.
"Most people won't be paying for their weddings entirely with cash," says Maxine Sweet a well-known
financial expert who specializes in providing clients with products and resources to help them
understand, manage, and protect their personal credit profiles. "Whether the bride and groom are
paying for the wedding themselves, or their families are picking up the tab, chances are at least some of
the wedding expenses will be put on a credit card." There may be the need to spread the expense over
time, or it could simply be because of the convenience of using credit for phone orders or remote
contracts.
Figuring out how to pay for the wedding gives couples
an opportunity to discuss their feelings toward money
in general and more specifically, how they feel about
using credit. These are issues that may not have come
up previously, since each individual was handling their
own money. A good way for couples to start dialogue on
these issues is by looking at their credit reports.
A number of web sites now give you quick and easy
access to your credit report and credit score to learn
what positive and negative factors are affecting your
credit. Each of you should obtain a copy of your credit
report and then spend scheduled time reviewing them
with your spouse-to-be.
Check pertinent information such as your name,
previous and current addresses, Social Security
number and account details. If you find any
inconsistencies in your report, you need to report
them and correct the information. Once you've
covered these basics, review your partner's credit
report for clues on how they deal with money and credit.
For example, if your significant other has a history of late payments, that could indicate a problem
managing money or that they're overextended. Or it could simply highlight a devil-may-care attitude
toward paying interest and late fees. Either way, it is important for both of you to agree on using and
handling credit, because your access to new credit and to better interest rates very likely will be affected
by your spouse's credit behavior and vice versa.
You'll also discover whether your partner prefers to pay credit card debt off in full each month or pay
only the minimum fee. You'll want to commit to staying well below the limits to demonstrate strong credit
management skills. If a large portion of your income each month is already committed to paying off other
debt, future lenders may wonder if you will have trouble paying back an additional loan. You want to
protect the privilege of using credit for all the benefits it brings, including monthly statements that make
it easier for the two of you to monitor all your transactions every month and manage your expenses.
Before you justify using your credit cards to finance the perfect wedding, keep in mind that those
pending balances could be with you for a long time. While you may not want to settle for a less
expensive wedding gown, or a less exotic honeymoon trip, just remember it will be even more expensive
when you tack on the interest charges that will add up before you pay it off. Have a definite plan for how
and when all of it will be paid. "If at all possible, you don't want to begin your married life burdened by
debt and arguing about money," says Sweet.
Taking control of your spending now will also make it easier to save for your future - new furniture, a
special trip for your 10th anniversary or (gulp) college tuition for your kids. And having your credit report
up-to-date and in order means that when you need to apply for a car loan or a mortgage, you'll know
that your credit history is in good shape.
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wedding cameras beach wedding favors place card holders personalized wedding favors
personalized candle tins favor boxes wedding favor packaging edible wedding favors
bridal party favors guest book and pen sets placecard holders silver wedding favors
wedding favor ideas sand and sea favors
Check out the latest daily wedding news!
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