Deciding to spend your life with someone is a big deal, both emotionally and financially. After all, tying the knot means you will likely pool your incomes to create shared finances.
If that’s the case for you, it might be worth thinking about the costs associated with getting married together. Engagement rings can be expensive, for example, so if you’re planning to get hitched, have a conversation about what budget is right for you as a couple.
Once you’re engaged, the real planning begins. Maybe you’re getting help from your families in paying for your wedding. But there are hidden costs that are easily overlooked, such as rehearsal dinners, bachelor or bachelorette parties, and tips for staff at the end of the big day.
So how much does a wedding cost on average? Half of the people asked in a SoFi survey said they spent less than $10,000 on their ceremony and reception. Overspending on the big day was also the number one regret, with 15% of survey respondents wishing they had spent less.
What’s More Romantic Than Budgeting Together?
Coming up with a budget of how much you want to spend in total early in the planning phase can help you start married life off on the right foot.
Budgeting might not sound like the most romantic thing to do, but it actually kind of is: You’re taking each other’s financial needs and wants into account, and that will never stop being important in your life together.
Saving for your big day can be easier if you automate monthly transfers to a separate account to collect wedding funds. And if you pick a high-yield savings account, your money can make money for you while you continue to plan and save.
If you’re thinking about financing your wedding in other ways, be sure to weigh the pros and cons, and thoroughly check out all of your options, which may range from credit cards to personal loans.
Check out SoFi’s high-yield savings account if you’re saving for your wedding, or SoFi’s personal loans if you need a little more help to get there.
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