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?

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Ally is part of the team that manages several personal finance sites in Sydney, Australia, which feature tips on how to save money fast . Before joining the team, she was a Media Planner in McCann Worldgroup Philippines, Inc., with award-winning executions, including the Levi’s 501 “Live Unbuttoned” global campaign.

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.

Wedding Stationery Options

Do you hear that? The faint sound of wedding bells can be heard in your not-so-distant future. It’s time to start getting things in order and figuring out all the wedding details. There are so many things to keep track of, so many options to consider, it can be quite overwhelming. So before you go any further, take a deep breath. Now take another. Alright, now it’s time to get down to business. You’ve got the important details figured out already: the venue, date, and your spouse-to-be. Now you need to find the right stationery to announce your engagement and invite guests to various parties, including the wedding itself.

In order to let friends and family members know about an engagement and upcoming wedding, many couples choose to send out save the dates. They can be made from simple wedding stationery that matches the wedding invitations that will be sent later on. Or a popular trend is to send small, printed magnet save the dates containing the wedding date and a picture of the engaged couple. There are several parties that can be thrown before the wedding takes place including an engagement party, bridal shower, bachelorette party, and bachelor party. The invitations for each party do not need to match wedding invites and can be either formal or informal. Other pieces of stationery to consider include escort cards, programs, and menu cards for your wedding, which should match your wedding invitations.

The style of wedding invitations a couple chooses will give guests a glimpse of what to expect on the wedding day, including the overall vibe and level of formality. You should choose invites that incorporate any specific color combos or themes your wedding may have. It is important to search for invitations that suit the personality of both you and your fiancé. Traditional and simple designs are becoming a style of the past, making way for new modern and creative options. There is no shortage of design options to choose from. From those inspired by nature to hip, contemporary designs or a bit of vintage flair, you will surely be able to find something that is exactly what you envision.

Once you have found the perfect style, it’s time to make final choices regarding paper and ink options. If you are leaning toward a dark background, opt for a light colored ink, and vice versa. It is important to choose colors that do not require deciphering; you need guests to be able to clearly read wedding details. If your wedding is outdoors or incorporates natural elements, recycled paper invitations or seed-embedded invites printed with soy-based ink are great options to consider. Traditional cardstock invitations are slowly being replaced by new, more interesting options. Metallic/foil inks, varied weight cardstock, and embossed invitations are becoming more popular. There are numerous ways to customize your wedding invites to perfectly suit you. Retailers like Storkie offer unique ways to make your wedding invitations your own.

When it comes to invitation etiquette, many people do not even know where to start. Ideally wedding invitations should be sent out about six weeks before the wedding date and a deadline for RSVPs should be two weeks before the wedding. If you feel like you should invite someone who lives a great distance from the wedding venue, do it. Even if you are positive they will not be able to make it, they will appreciate the gesture. Be sure to have a return address on each envelope in case you get a guest’s address incorrect, that way the post office can return the invitation. If you have an engagement party or other pre-wedding gathering be sure to only invite guests that you will be inviting to the wedding, otherwise you may have hurt feelings later on.

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Olivia Nicholas is a writer and blogger. She has been writing wedding related articles and blogging for over 10 years.

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Elegant favors: Get a wow from your guest

Wedding favors are usually given at the end of any wedding reception to applaud the attendance of the guest present in the party. While selecting any gift, you can showcase your guests with a feeling of being considerate to them with these elegant favors. You are often remembered for the elegant favor you gifted your guest at your wedding. However, despite all the importance it has in any wedding reception, it is considered to be the most neglected one to be seen in any wedding. If you have a wedding at your place and if you are perplexed about what favor should you consider, this article would be of a great help. Try these elegant options.

Stemless personalized 9-oz wine glasses: You will be certainly blown off having a drink in these stemless glasses. These can be personalized with your chosen design, wherein you can put your name and wedding date with eight different rich colors. Therefore, what you get is a different elegant favor wherein you can have your favorite beverage for the guests to enjoy.

Lucky Elephant tea-light holder: You can gift your guest with Indian style wedding favor. The elephant with raised trunks are believed to bring a nice future. Your guests accepting them would certainly enjoy this token of love and appreciation from you. And get them away with a hope for a good fortune to have at their place.

Glass photo frame/place card holder coasters: Known for being rich in aesthetics. Truly an elegant piece in white and black color, the photo frame cum place holder coaster appears an excellent piece for your table. Your guest would be indebted to have such a wonderful favor having rich beauty and a practical choice.

Champagne bucket timer: This can be called an elegant favor where elegance and intelligence culminates. It makes you’re your table rich with its silver toned beauty found over the reception table. Evident with a silver finish, this little glassy miniature steals the show when discovered at any table.

Tea-light holder: Indeed a most gorgeous favor to give away your guests. These cups embarks with attached saucer and the teacup, is the right size to carry a single tea light. Certainly, this piece can be called as mind blowing choice to make.

Final words: Giving away these small and elegant favors are called as token of gratitude and love which you showcase to your guest when they make their presence at your wedding reception. If money is not a problem, you can have whole lot of wedding favors; however, with limited budget too you can embark with inexpensive gifts for your guests. You cannot slash down your budget when you are going having your wedding gown or any other important element of wedding. However, wedding favors are the ones where you adopt the policy of frugality. At this point of time, the above enlisted wedding favors discussed are not only elegant but affordable too. Hope you find them useful, especially when you have your wedding in the coming future.

 

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About the author: Alia is a blogger by profession. She just came from the wedding of her close friends. Beside this she loves travelling and exploring new places. She recently shared an article on must visit honeymoon destinations

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Can I invite guests to just my bridal shower and not the wedding?

Discussing wedding planning today with a newly engaged woman, she asked me if It would be considered rude to invite her co-workers to her bridal shower, but not to the actual wedding. Her justification was that she didn’t consider herself close enough to her co-workers to merit an invitation, however she felt obliged somehow that she needed them to still have a small part in the wedding.

Her intentions may have been good, but her co-workers will read into this that they are not good enough for the wedding and are only good enough for a bridal shower that will require them to bring gifts. Needless to say this will create work tension later on. It is considered bad form to invite guests to a bridal party and NOT the wedding and doing this will undoubtedly cause tension.

If you are adamant on having people at your bridal shower and not your wedding ensure that you are tactful. You can state on the invitation that the wedding is very small and limited to just family, however a bridal shower will give you the opportunity to celebrate with friends.

Some may debate that it is your wedding and you can do what you like, and sure there is truth in this, however some brides use this as an excuse to quite simply practise poor manners. You don’t have to invite all your family, friends and co-workers to your wedding, but you must be tactful and fair.

In the case of this newly engaged woman that inspired this post, she has decided to hold a small pre-wedding brunch with her co-workers and some casual friends and limit the wedding to just family and close childhood friends. She will explain to them that coming from a large family the guest list will be taken up by obligatory invitations of aunts, uncles and cousins (about 45 just on her side) and this brunch will be an opportunity for her to celebrate with her co-workers.

Do You Have a Backup Wedding Photo Location?

It’s always a good idea to be prepared and have a plan B when it comes to the location of your official wedding photos. This is especially true if you have planned to have your wedding photos taken in an outdoor venue.

If possible, have a nearby secondary photo location that you could utilise in case for some reason you cannot use your planned location. For example, your wedding photos might have been scheduled to take place in your favourite. The night before your wedding, it may have rained heavily, making the park grounds muddy and unsuitable for wedding photos. Fortunately for you, you have a second venue in mind and can easily have your photos taken in the new location without a problem.

The Plan B venue should ideally be an undercover location, such as inside old buildings with beautiful interior design, verandas, and hotel foyers. Not so long ago, one bride and groom had their wedding photos taken in an IKEA store as their original location was unsuitable!

Plan The Marriage

From the time a couple announces their wedding engagement, it is quite common for them to become focused on their wedding planning, which is only natural as they can be a great deal to do and the excitement is usually overflowing. However, how much time prior to your wedding day have you planned on your marriage?

Many couples usually avoid the ‘marriage’ talk and prefer to go with then flow and just see how their married life unfolds. However setting the foundation for a good marriage before you actually tie the knot is imperative to a happy union.

Open up the lines of communication early on. You need to discuss things such as whether or not kids are on the agenda, whether you intend to continue working once the baby comes along, family, finances, division of household labour, careers and so much more. These things don’t need to be set in stone, but you need to be able to discuss them openly.

Bridal shower: This is An unusual way to surprise the bride

Bridal shower is a ritual observed in many cultures. The ritual of the shower is to socialize the bride- to-be for the future role of bride as a family cook, homemaker, and sexual partner and the rest is up to you. Chocolaty enough, bridal shower originated in Brussels, Belgium and this ritual was also observed in 16th and 17th century in Netherlands. Bride Ale is a similar custom practiced in medieval England. Yet, another interesting story is that bride’s handmade beer is many times sold to guests at a high price; don’t be surprised, that was to meet the wedding expenses. What is the purpose of wedding shower? The shower includes aspects of nesting, socializing as previously mentioned, spending some time together and applauding her decision. It is also believed that bridal shower started in 1890 in USA, in upper middle class and by 1930s bridal showers spread to rural America.

You should be aware of the etiquettes of bridal shower for the occasion. Bridal shower is a centuries old ritual and you can surely find an etiquette guide. Showers are informal, and guests arrive unannounced to shower the bride-to-be. She has to go through pampering and feeling of inclusion among her friends and that she is taken care off. And you may notice that in the 1950s, themes and games also started in order to enjoy the fun. So your showers are now elaborate and memorable. If you are the bride’s maid, send invitations and arrange the whole function from beginning to the end of the shower. You can call upon her (bride-to-be) friends and work together, to arrange a grand shower. You and the shower group can make wonders, but don’t forget the budgeting. You should also know that family members who wish to host the party can go ahead. It’s likely that, brides receive more than one shower, one from your family and another from your friends, Oh no! Is that a reason for you to get married? Don’t worry it’s much more fun than you would ever expect. You have to arrange a bridal shower 4-6 weeks prior to wedding. You should invite guests to the party and that includes bride’s personal friends, family, and other well wishers. You may not expect a luncheon or dinner; it’s a cheering for the bride. But there is an option; your main focus should be to be gracious to your bride-to-be. Your bride-to-be is entering into family life. So you should treat her like a star. You know it’s the women’s party and all those who are invited to the shower are invited to the wedding also. You are expected to walk in with a gift as a guest if you are invited. Many people have a custom where the couple gets the honor to make the list of the items required. The gifts are delivered at the wedding or at the doorstep. You are sure to see the gifts displayed at the wedding. If you are the bridesmaid, you are supposed to be near the bride-to-be, to help her in a transition until her wedding. Your mission is accomplished once she reaches the Alter.

Conclusion:
Buy gifts according to the taste of the bride-to-be. Or you may buy gifts that you feel are essential for the future. You can buy gift items cherished by women; cuddly items like towels, lingerie, kitchen essentials, linen, bed sheets, candles, chocolates, etc. You as a planner should roll out the red carpet to make the bridal shower a happy, joyous, and merry occasion for the bride, guests and the bride’s maids. So now get together and arrange a bridal shower for your friend or for someone in your family.

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About the author: Alia Haley is a blogger who also happens to be a student of event management. She loves writing for the wedding portal and currently writing on wedding vows.

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Things to Keep in Mind when Budgeting for a Wedding

We all know that marriage is a long term commitment, but what many people fail to realise is that planning the wedding to get to the marriage takes an investment of time too. There are a number of reasons why wedding planning can take some time:

● A wedding dress will usually take around six to eight months to make.
● Wedding reception venues are usually booked up well in advance.
● You’re waiting for the best chance of getting great weather on your wedding day.
● You’re waiting to save up the money you need to pay for your wedding.

It wouldn’t be surprising if that last point sounded new to you, because in an age of instant messaging, constant Facebook updates, multiple credit cards and store credit, it is hard to imagine waiting to save up for anything anymore. However, what you need to remember is that your wedding is just the beginning of your married life together, and you don’t want to start out that life with a mountain of debt in tow just because you wanted to invite 300 of your closest friends to your wedding.

Now is the time to be realistic about the differences between what you want and what you can afford – and how long you’re willing to wait to be able to afford what you want. That is where the following tips can help you when budgeting, planning and paying for a wedding.

Wedding Budget

So you’re ready to start saving for your wedding – but what are you saving for? Even though you’ve resolved not to go into debt to host your wedding and you plan to save the money you need, you still need to pick an end point, and be conscious of the amount you’re spending. Therefore, start shopping around and comparing prices to get an idea of how much the wedding you have in your mind, will cost to make a reality.

As you’re shopping, keep in mind the following tips to save:

● Avoid save the date cards. Instead of printing, stuffing and posting save the date cards and then having to go through the whole process again in a few months with the invitations, send a save the date notice to your friends and family via email. Sending a bulk email will be much faster and easier, not to mention free, and if you still want to give your guests something pretty to stick on the fridge, create a save the date document on your computer and attach the file to your bulk email so recipients can print it themselves if they choose.

● Grow your own bouquet. From the time you get engaged to the time you walk down the aisle you will have ample opportunity to grow just about any type of flower you want for your floral displays. All you need is some pots or a patch of garden and you can tend to your very personalised wedding decorations. Plus, after the wedding you’ll still have the plants in your garden as a reminder of your special day.

● Avoid wedding magazines. Wedding magazines can be upwards of $15 each, and there are dozens available on the shelves of every newsagent, so which do you choose? Often brides will buy all of the different wedding magazines, but why not save that money and take your wedding planning electronic. Most wedding magazines will publish an electronic version of their magazine on their website, so Google the magazines you’ve been eyeing, and save. Wedding planning isn’t just on the internet either, and can be done on your phone or iPad too with free wedding applications.

● Your bridesmaids can look good, again. The old adage that bridesmaids’ dresses are hideous to make the bride look better has gone out the window as more and more couples get creative in dressing their wedding party. Some will choose a common colour and vary the style of the dresses while others will create a rainbow of colour to make sure the dress suits the girl, not just the wedding. You can also turn this idea to your advantage to save some money by choosing a theme, such as ‘spring’ and having each bridesmaid choose and pay for a dress they like and will wear again.

● Shop around for your dream dress. One of the most fun parts of wedding planning is trying on all of the beautiful gowns, and just because you want to save some money on your wedding it doesn’t mean you can’t go to all of the exclusive bridal boutiques and try on their dresses. This gives you an idea of the styles you like, and which work for your shape, but you don’t have to buy the first dress you like. Instead, shop around for alternatives such as factory outlets who sell the sample dresses at a fraction of the cost.

● Value of wedding gifts. Your guests will want to give you something to commemorate your special day and start your life together, but the truth is if you and your fiancée have been living together for some time, you probably already have a toaster, dinner set, cutlery and towels. Outside of these traditional wedding gifts it can be hard for your guests to know what to buy you, which is why you can use services like Free Gift Registry on freegiftregistry.com.au, which allow you to make up a list of the specific things you need – a tagine, a knife set or a tent – and your guests can log in and buy you the item from any store. Plus, you can add items such as ‘donation to honeymoon’ if your guests want to give cash.

Wedding Credit

You’re likely to spend six months to a year after you get engaged, just shopping around for ideas and suppliers for your wedding. However, when you’re not spending for your wedding you should be saving for your wedding, so that you know the money will be there when you need it.

Start by opening a high interest online savings account. A high interest savings account can be opened and managed online, this is how the banks are able to offer you such high interest rates, and do away with all of the account keeping fees. You can even create sub accounts in many cases, so you can start saving for your wedding, as well as create a sub-account for the honeymoon, another for a house deposit and another for an emergency fund. This may well be the first account you and your fiancée open in joint names and is an exciting and momentous time as you both start planning for a future together. Then set up a direct transfer of funds from your incomes each week, into your savings account. The amount you choose will depend on your budget, and how long you are able to save for before the wedding.

Your savings will grow in no time thanks to your regular contributions and the compounding high interest. When you are close to your wedding budget, start comparing term deposit accounts. A term deposit account is a fixed account, where you deposit your funds for a term of one month to five years. The interest you earn is locked in for the entire term, and compounds over that time. You can’t access the funds until the account matures, so there is no temptation to spend your savings early.

Now, you may be wondering – what is the point of locking away my wedding budget just as I need to start paying deposits? This is where you start comparing credit cards. You are looking for a credit card with a low or 0% interest offer for a limited time. You can then use your credit card for all of your wedding spending, leaving your savings in your term deposit account earning healthy, guaranteed interest.

With a wedding credit card you have all of your wedding spending in one place so you can easily track whether you’ve paid a deposit for the flowers and the venue, and how much you’ve paid off of your dress. Then, as your term deposit matures closer to your wedding day, you can use the money in the account to pay out your wedding credit card in full, and reinvest the left over savings, or put them into one of your other savings accounts for the future.

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Savings Account Finder (http://www.savingsaccountfinder.com.au/) helps you compare online savings and term deposit products in Australia. We blog about useful personal finance matters and general tips to help you achieve financial independence.

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Forget above giving us a wedding gift! Help me instead!

We’ve all heard the stories of wedding couples who have thrown lavish weddings on a budget. How do they do it? Well it’s partly due to clever budgeting and thinking outside the square, yet another big contributing factor is the help they receive from family and friends. Rather than having family and friends buy you wedding gifts, ask them for wedding help instead!

Where do I begin?
You will need 2 lists. In the first list write down all your family and friends who you could approach, and feel comfortable approaching, for help. You might want to jot down anything obvious that they could provide help with for example catering or flowers.

In the second list, write down everything that you need for your wedding. This includes practical items such as tables and chairs, and extends to services like florists.

Now, go through this list and see if there are any obvious matches. You might see that your Uncle Henry owns a vintage car that you could perhaps borrow for your wedding transport. You might also remember that your cousin Lillian is a hairdresser and could possible style your hair for your wedding.

How do I ask for wedding help?
Asking for help can be daunting. Generally the best way to ask your family and friends for help is with honesty, appreciation..and let’s face it a little flattery. Let me explain. Your friend Tom is a great photographer and would make a perfect wedding photographer. When asking if he could help you with your official wedding photography, don’t lead with something along the lines of you and your partner wanting to cut as many corners as you can with scrimping and saving and you remembered that he’s a photographer, which could save you a lot of money. That approach can devalue your friends work. Rather try to phrase it a way that shows that yes you are planning a wedding on a budget, but you are also very fond of Toms work and would genuinely be thrilled if he would consider perhaps being your official wedding photographer if his schedule allows.

Things to Consider

Don’t assume that your family and friend will want to offer you their services. Make sure that they know that it’s okay to say no without their decision having an effect on your friendship.

Ensure that your family and friends know that you consider their contribution as a gift.

Be aware of the financial cost associated with your family and friend’s contribution and consider offering part of the cost. For example, if your Aunty May is baking your wedding cake, offer to pay for the costs of the ingredients. Offering to pay for associated costs would be appreciate and will save you considerably, especially as labour is free.

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