Latest Posts

Are You Financially Ready To Say “I Do”

Getting married is a big step in your life, both relationship wise and financially. Most people, I assume, marry for love – which is a great thing. But what they don’t know is that financial issues are responsible for more divorces than any other factor in a marriage.

So before you say “I Do”, make sure you not only look into whether or not you can afford marriage, also look at how financially compatible both of you are. Here’s how to do that.

The Cost of Marriage

First of all, note that the title says the cost of marriage, not the cost of wedding. Sure, a wedding is a big part of the cost of marriage (which I will talk about too) but it’s certainly not the only cost. Here are some additional costs you need to consider:

1. The opportunity cost. Opportunity cost is defined as the cost of any activity measured in terms of the value of the best alternative that is not chosen. In other words, what are you missing out by getting married, financially speaking?
Some of you may need to spend time cleaning up after your partner (for both genders) so you may not be able to earn as much as you could. Others may need to set aside time to spend with their spouse – and that time must be suitable for both of you. If your spouse were to fall sick, would you be the one to stay home and take care of him/her?

Of course, there is absolutely nothing wrong with these things. But that doesn’t mean you don’t need to know them. There is nothing worse than to jump into a marriage before knowing all the facts.

2. First of all, I am not a tax accountant nor do I play one. Having said that, make sure that you look into the tax implications of marriage. Married couples in the U.S suffer from the Marriage Tax Penalty – that is a married couple pay more in tax than two single individuals who earn the same amount of money would. It doesn’t even matter if you choose to file your tax jointly or separately. That penalty will still be there.

Can you afford that? Many couple are shocked to find out that they have to pay more tax at the end of the financial year just because they are married – and worse part is, they needed the tax returns to pay off their wedding debt

3. Many people just don’t realize how important insurance is – and your potential partner maybe one of them. Sure, you have health insurance, life insurance, home insurance, etc but what happens when it’s your partner that needs help? As a result, couples often have to upgrade to insurance plans that cover two people instead of one, which of course cost almost double what you pay now.

4. Many couples choose to make big purchases under a joint name after a marriage like buying a house – but what many people don’t know is that your spouse’s credit rating will affect your application. If you a stellar record, you maybe able to get a few percentage points lower in interests if you apply alone rather than if you apply together – and that small percentage points can translate to thousands of dollars over a year for big loans like mortgages

The Real Cost of a Wedding

You probably don’t need me to tell you the cost of a wedding. Let’s just say it’s huge. Some surveys found that the average cost of a wedding is a whopping $30,000. Meanwhile, the amount of money people save for rainy days are falling – precipitously.

So where did these people get the money to pay for their weddings? That’s right – debt. And debt comes at a cost and that cost is called interests. At a modest 10% (assuming you’re not paying fees and missing repayments), that’s still $3000 a year. And that doesn’t include paying down the capital.

So the price of the wedding for most people really is not just $30,000. It’s $30,000 plus the interest over the life of that debt.

But what if you don’t take out a loan? What if you paid for your wedding outright? Well, you’ll still need to consider your opportunity cost. If you saved that $30,000 into a high interest savings account, you could be earning significant amount of money risk-free. Invest that in some kind of fund and you may see some nice returns.

Am I saying everyone should not spend a dime on their weddings? Of course not. But I do believe you have to be fully aware of what is really happening.

Financial Compatibility

This is one of the biggest marriage killers out there. And one of the most common issues is in the difference of values. Both of your finacee and you may love frugality but both may not place it in the same level of importance.

For example, you may place frugality at the top of your list. As a result, you’re always budgeting and you prefer to stay at home. Your fiancée, however, may also like frugality, but he places fitness to be more important than money. As a result, he/she may spend more money than you like on supplements and health checks. Imagine these little quarrels drag out for years into your marriage.

Can it survive?

Latest Posts

Table Centerpiece Idea #1 Citrus Vase and Flower Combo

A visually pleasing centerpiece can be as simple a combination of citrus fruits, a clear glass vase and flowers. It is simple to achieve a stunning look. You have the option of using slices of the citrus fruits for your wedding centerpiece or whole citrus fruits as shown in the photo.

Method 1: Sliced Citrus Fruit Wedding Centerpiece

Step One: Cut up slices of citrus fruits. Lemons and orange work well.
Step Two: Place the slices inside the vase. Try to arrange the fruits so that the slices are facing outwards.
Step Three: Place some flowers into the vase fill with water and voila your centerpieces are ready.

Method 2. Whole Citrus Fruit Wedding Centerpiece

Step One: Use a selection of limes and lemons to fill a vase as shown in the photo on right. Experiment with different positions, such as using a yellow base of lemons.

Step Two: Place and arrange flowers into the vase.

step Three: Just add water.

photo source: http://www.hopeinthekitchen.blogspot.com

Latest Posts

Consider Your Wedding Guests

When choosing a wedding reception, do spare a thought for your guests too.

Are the facilities adequate? If you have guests with disabilities will they be taken care of? Is there a disabled bathroom available? If the reception or ceremony is on an upper level, is their wheelchair access (this is not always the case)

Is there adequate seating for the elderly who cannot stand for long periods?
If you are inviting kids or parents with young babies, are their parent rooms nearby?

You may not be able to accommodate all your guests requirements, but you need to be aware of them.

Hot Wedding Topics

Am I invited to your wedding? Rude, isn’t it? Yet there are people who may very well ask you this question, so it is a good idea to have a response handy. If you are 100% sure that this person is invited, there is no harm in saying yes. However, if there is a chance that they won’t make the guest list, it is best to say something along the lines... [Read more of this review]

Some couples are now choosing to hold their wedding reception in the hotel in which they will be spending their wedding night.   The benefits of this being, is that the couple will be checked into their honey moon suite early on in the day, and do not need to worry about missing the check in deadline after the reception.Ideally, you should be able... [Read more of this review]

Saving money on wedding reception venues can be achieved with a little planning. Are you looking for tips to reduce the cost of your reception venue? For many engaged couples planning a wedding, choosing the reception venue will be one of the biggest decisions that they will need to make, as for most couples the  wedding reception venue is also responsible... [Read more of this review]

These days there are so many marriage celebrants to choose from that picking just one can seem like a daunting task. By asking the right questions and a doing a little research, you should have no trouble in finding the perfect marriage celebrant for you and your fiance. Ideally, you should meet with any potential marriage celebrants with both you... [Read more of this review]

Planning a honeymoon online can save you big dollars Planning your honeymoon doesn’t have to break your budget. With a little planning you can easily save money on your honeymoon whilst still having a great honeymoon. When booking honeymoon accommodation, look outside travel packages labeled as ‘Honeymoon.’ These packages are designed to play... [Read more of this review]

Thrifty I often get emails from soon-to-be brides asking me all sorts of wedding questions. One of the most reoccurring questions is whether or not one should buy a wedding dress from eBay. Let me just start right off by saying there is no right or wrong answer to this question. To help you make up your own mind, we will go through some pros and cons... [Read more of this review]

Let your wedding guests know the dress code. When planning a wedding, try to remember that your wedding guests may be having a hard time trying to figure out what to wear to your wedding. They may also  be having difficulty determining the dress code. Different types of wedding call for different levels of dress. Many factors influence what the... [Read more of this review]