Covering The Tab

Setting a realistic plan for your wedding expenses

You’re engaged – YAY! But once the excitement of the engagement settles down a bit, it’s time to discuss the nuts and bolts of planning the wedding. Instrumental in that discussion is developing a realistic budget for all parties involved with hosting the various events that surround this special occasion. There are a variety of approaches to handling expenses. With no one-size-fits-all, each engaged couple needs to thoughtfully consider what is best in their particular situation.

Traditionally, the parents of the bride pay for the majority of expenses with the parents of the groom contributing only to certain minor expenses. But is that still the case? What is the “new norm” for financing weddings? Considering that the average wedding in the Midwest can cost upwards of $30,000, engaged couples are setting aside the traditional standard in lieu of establishing a budget based on a variety of factors.

SPARKING THE CONVERSATION

The first step in managing the budget is for the engaged couple to have a candid conversation to ensure that they’re on the same page. The traditional arrangements have not been replaced with just one alternative; but rather, couples are taking a more customized approach based on a variety of factors. Considerations include financial resources and capabilities, the age of the couple as well as the family dynamics. If the engaged couple has divorced parents or a blended family, these factors also play a role in the allocation of wedding expenses.

The next step is for the engaged couple to meet together with each of their parents to explore what each parent has in mind to contribute. It will eliminate stress for all involved if the couple comes to those meetings prepared with any high priority must-have items for the wedding. This information will provide a needed point of reference for all parties about an appropriate budget and necessary funding of the wedding.

Following the initial discussion with your parents, you will be able to develop amore specific game plan and thereby allocate financial responsibility for each