Have you noticed recently that your social media news feed is morphing from vacation pictures and pets to engagement stories, wedding pictures and adorable babies? I’ve noticed because I am right in the midst of planning my wedding this April. As a financial advisor I am acutely aware that not only has my social media news feed been changing, but so have the long-held social customs of planning a wedding. Today the average age of a first marriage in the United States is 27 years for women and 29 years for men. A big change from 1990 when the average age for women was 23 and for men, 26.
Another big change is the tradition of the bride’s parents paying for the majority of the wedding expenses. As couples marry at an older age, after completing their education and establishing a career, they may have the assets to pay for their own 'special day' and want to enjoy the freedom to create their perfect wedding independent of past traditions.
It is becoming more common for couples to share the expenses of their wedding. Just like any other big financial goal, it’s important to have a wedding plan with a realistic time-line to save and budget expenses. Most people are shocked to learn that the average cost of a wedding today is $26,000. Whether you want to marry at City Hall or host a 1,000 person wedding gala, I want to share with you three tips that we are using to help keep our finances in check while we plan our wedding:
1. A wedding is a special day to share your love with your family and friends.
2. Create a wedding financial plan and give yourself time to save and budget.
3. Don’t spend all of your money. You and your future spouse will be anxious to start a life together: to travel, buy a home, start a family, and more.
By Kaytlin Hall
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor. No strategy assures success or protects against loss.
Gerber Kawasaki, 2716 Ocean Park Blvd. #2022 Santa Monica, CA 90405. Contact us at (310) 441-9393.