Planning for a Wedding?

Planning for a Wedding this Valentine's Day?

Weddings are one of the biggest days in your life and skimping on what you’ve always wanted isn’t an option, although the dream wedding often comes with a high price tag. The average U.S. wedding costs $29,858, excluding the honeymoon, according to the annual Real Weddings Study by TheKnot.com. The average number of wedding guests is 138, while the average bridal party numbers between eight and 10 members. The average length of engagement for Americans is 14 months.

Shockingly, very few couples plan in advance for this life-changing event. Less than 28 percent of respondents said they had funds set aside for the big day, while 72 percent have none, according to the Ohio Credit Union League’s 2014 Mid-Year Consumer Survey. The survey also found about 33 percent of those who saved wedding funds did so for six months or less, while 66 percent saved for at least a year. Most indicated they paid for the wedding out of savings, while more than 7 percent relied on contributions from friends and family. Other payment methods included loans and credit cards.

Despite the best financial planning, a wedding will cost more than you anticipate, so start preparing early with these tips.

• Over budget. Plan on paying the top cost for each expense and then add 10 percent to that. Any left over money can be put towards extras or set aside in savings for the bride and groom’s new life together.
• Prioritize. Being organized can help save money. Since the reception is often a major expense, prioritizing the guest list and food choices early is important and it’s a way to rein in excessive spending.
• Start saving early. Consider opening a special savings account specifically for the big day. Unforeseen expenses will arise and you will want to be ready.
• Look to a credit union for help. Credit unions offer many avenues to help people afford big expenses. Most offer personal and special purpose loans, as well as low-interest options.

As credit unions continue “Helping People Afford Life,” they strive to assist you in preparing for that special day. To learn more about how a credit union can help you, visit www.asmarterchoice.org or stop in and see us!

Happy Valentine's Day!