YOUR 3 CENTS: Is a big wedding worth going into debt?
There was an article recently in the Washington Post that said couples and/or their parents were going into debt to pay for their weddings. Well, this didn’t sit well with me, and I wanted to get Your 3 Cents. Is it okay to go into debt to pay for a wedding?
Cherie said, “No. I think money is better spent on the first home and honeymoon. You can have a nice wedding without paying for it for years.”
Christiana said, “I think funerals are the same. Use your church and keep it simple.”
Heather unloaded. She said, “For one, at this point in my life, marriage is more about long-term than a big, fat, ostentatious party. Two, taking out a loan is terribly irresponsible and starting a marriage in debt is asking for certain marital strife. I’d rather have a house?”
Martha agreed. She said, “Don’t go into marriage with debt from a wedding. Save it for a house.”
Jeff said, “Great idea! Start your life in debt so you have something to argue about.”
Point taken, Jeff. Every list in the world of “why people get divorced” has finances as one of the reasons near or at the top.
Kathy says, “Nope. Paid for it little by little in the months leading up to the big day."
And Danielle said, “Totally bad idea!! “...because new research found that spending more than $20,000 on a wedding and between $2,000 to $4,000 on an engagement ring increases the risk of that marriage ending in an early divorce.”
My 3 Cents? Danielle was citing an article from the Miami Herald, and I totally agree.
First. There is nothing wrong with a big wedding if you can truly afford it. But, typically people that OVERSPEND on a wedding have priorities a little out of alignment, and are wanting to do the big wedding more to impress or not be embarrassed. That reveals a self-centeredness that can be harmful on all levels of your marriage. It was when my wife and I decided to stop trying to “keep up with the Jones’s” that our marriage also started clicking a lot better. And this goes for parents, too. I know you want your kid to have the wedding of their dreams, but in the long run you going into debt to pay for their wedding is just not worth it, and you will likely regret it.
That’s my 3 Cents. If you have something on your mind, a rant OR a rave, I want to hear about it! Give me a call at 423-643-9722 and give me your 3 cents.