Marriage Archives

How to Plan a Wedding on a Budget

canstockphoto17336704Planning a wedding can be fun, but it can also be very expensive. Staying on budget is challenging, especially when trends change as well as making last minute purchases. Getting married doesn’t have to break the bank if you are living on a budget to begin with. Here are 5 Tips on How to Plan a Wedding on a Budget.

 

Do It Yourself

If you are creative, many aspects of your wedding will be easier and less expensive if you put your talent to good use. For example, designing and printing your own wedding invitations is a great way to cut back on the expenses.

Many wedding invitations are expensive while the cheaper ones tend to lack quality. You should get your family and friends to help you create the wedding invitations and other things such as the programs, escort cards and table numbers. You can easily save yourself hundreds of dollars by doing it yourself. Other items that can be done using your creativity are decorations such as the tables and flower arrangements.

 

Prepare a Strict Budget For Things That You Can’t Do Yourself

It’s obvious that you can’t be the jack of all trades at your wedding. If you are planning to provide some entertainment for your guest at the wedding reception, consider hiring caterers and a live band .When it comes to these services, do some comparison shopping. If you can’t afford to hire a caterer, ask your friends and family if they can prepare a dish. Instead of hiring a live band, get a deejay to keep your guest entertained since it’s often much cheaper. Keep in mind that you should never skimp on quality for the price. There’s an old saying “You get what you pay for.”

 

Find a Cheap High Quality Wedding Dress

Purchasing your wedding dress from a bridal shop is often cheaper than hiring a designer. If the mother of the bride still have her wedding dress that’s in great condition and is willing to allow the bride to keep or borrow the dress, this can also cut down on the expenses. You can also save money by purchasing a pre-owned wedding dress instead of buying a new one.

 

Find a Location to Have Your Wedding that Doesn’t Break the Bank

Besides having your family and friends around to celebrate your big day, the most important part of your wedding is the location. Almost any location can be made to create the perfect spot for your wedding ceremony. If you have a beautiful backyard, it can be the perfect place to have your wedding and the reception. Renting a couple of tents and placing covers and sashes over the chairs will add elegance to the décor.

Some banquet halls offer discounts if you plan your wedding on certain days of the week. Off- season weddings are typically offered at a lower rate as well.

 

Limit the Time Your Guest Spend at The Open Bar

One of the major expenses of a wedding comes from having an open bar, especially if you have friends and family that drink a lot. There are ways to cut down on these expenses. You should consider having an open bar for only the last hour. There is also an option to have an cash bar, but it is not recommended. The guest should not have to purchase their own drinks. You can easily save money by offering cheaper cocktails instead of the premium or purchase your own drinks instead.

 

Planning a wedding without going over the budget can be stressful if you don’t know what to do. However, if you plan ahead and use the above tips to your advantage, you can make the dreams of your special day a reality without going broke.

 

canstockphoto4510251You are so excited about your upcoming wedding. There are a list of things to do such as the catering, fitting of the wedding dress, tuxedo, rehearsals, invitations and so on. When you are planning for your wedding, the last thing you would like to think about is what should happen in case of a divorce.

As people are going into marriages these days with almost the same income levels, it is best to be honest with one another and have a discussion on how they would like their financial situation to be in case they decide to get a divorce.

Marriage is often the most significant financial decision to make. There may be some major changes depending on how the bills will be split and the assets that you will build together. Of course, the topic of Prenuptial Agreements is scary for both parties. However, if you’ve accumulated assets prior to the marriage, you should consider protecting what you worked so hard for.

Negotiating a Prenuptial Agreement  is the most common way for a couple to make a decision on how they would want to proceed financially in the event of a divorce. A Prenup is a legally binding contract that’s signed by both parties. It is always a good idea for each future spouse to have their own attorney to represent their best interests when the contract is drawn up.

There are a few things you should keep in mind if you’re considering a Prenup. The first thing to do is to make sure that all financial assets and property be disclosed and addressed in the agreement. There have been many cases where the courts refused to enforce a Prenuptial Agreement because one party failed to list a major asset.

Furthermore, the agreement can’t be entirely one-sided or unreasonable. For instance, there have been examples where a court decided to dismiss it on the grounds that the contract was unfair to one of the parties in the marriage. If the arrangement in the Prenuptial Agreement will leave one spouse empty handed after the divorce, then there is a good chance that it won’t be upheld in a court of law.

Some issues are not in the contract. Custody and visitation rights of children that were born during the marriage cannot be decided by a Prenup.  A Family Court judge will make a decision based on which party should get custody based on the best interest of the children.

Getting a Prenuptial Agreement has it’s pros and cons:

 

Pros:

-It can help each party maintain any financial assets that was accrued before the marriage.

-The spouse who becomes a full-time homemaker is entitled to alimony to rebuild his or her life once the divorce is final.

-It can make the divorce process go much quickly and reduce the emotional toll on both spouses.

 

Cons:

-It can be uncomfortable to bring up the topic in the months leading up to the wedding.

-Having this discussion could create animosity and distrust between the future spouses.

 

It is difficult to discuss the topic of a Prenuptial Agreement right in the middle of planning your wedding. You should keep in mind that unexpected issues may come up in your marriage that’s beyond your control that sometimes will lead to a divorce. It shouldn’t be viewed as a solution that will cover every issue that may arise during the divorce proceeding. In many cases, it can be a great way to protect both parties in case the unthinkable should happen.

 

 

Money Management Lesson For Newlyweds

canstockphoto14516096Congratulations on finding that special person that you want to spend your life with. Now that the honeymoon is over, it’s time for you to learn how to adjust to your new life together. It’s time to set yourselves up for a long and successful marriage. Unfortunately, being lovey dovey isn’t enough to keep a marriage together. Having a financial plan should be your top priority when starting your lives together. After all, money problems are the number one cause of divorce for many couples. There are steps you can take to avoid financial conflicts.

Below are some Money Management Tips to get you on track:

 

Set Up a Budget

Sit down together and list all of your household bills along with your weekly expenses. This will give you an idea of where your money is going and things you will need to cut back on. You can write all of this on a sheet of paper or use budgeting software programs such as Quicken Organize Your Money and Quicken Deluxe. There are even budget planners available that will help you stay on top of your finances. If you accumulated debt prior to getting married, you may want to consolidate this debt and pay it off as quickly as possible.

 

Avoid Using Credit Cards

Many people fall into the trap of using their credit cards for nearly everything right down to their morning latte. Although, credit cards are a convenient way to pay bills and everyday purchases, it can also put you in a lot of debt if you are not careful. You should avoid using credit cards since the interest will be charged to your card each month. Keep the card with the lowest interest rate in your wallet to be used in case of an emergency.

 

Open a Savings Account

Opening a savings account should be a top priority on your to do list. This will get you both in the habit of putting money away for vacations, making large purchases and saving up for your retirement. If you are currently in debt, start placing a small amount of money in your account each pay period until it’s paid in full. This will create your nest egg, which will allow you to buy a house, start a family and to pay for activities that you enjoy as a couple. A savings account will also prevent you from accumulating credit card debt.

 

Pay For Your Purchases In Cash

Paying for your purchases in cash will do two things for you:  First, you will find out how far your money really goes. Secondly, you will more than likely avoid making unnecessary purchases. When you are out shopping, carry just enough cash in your wallet for items that you plan to purchase. The less cash you take with you, the less money you will be able to spend. This will allow you to add more to your savings and retirement account.

 

It is common to have some financial difficulties, especially in the beginning of your marriage. By having a budget plan in place and utilizing the Money Management tips above, this will avoid financial conflicts down the road. Living debt free will allow to you enjoy fun things together and grow your nest egg much sooner than you imagined.