My wife and I make good money, and our daughter's college education is pretty much paid for through pre-paid tuition and scholarships. We just started your plan to get out of debt and take better control of our finances. When we get to Baby Step 5, which is saving for college, can we substitute that with saving for a wedding? — Bob
That would be fine. I'm glad you're thinking ahead. It's always a good idea to save toward a wedding if you have the financial resources to do so, because weddings are real and they're coming.
The average wedding in America today runs around $35,000. Of course, you don't have to pay anywhere near that amount to make it a beautiful occasion. Your household income, debt, savings and other factors will all play into how much you can afford.
Just remember to pay cash for the wedding, Bob. If you have to go into debt to make it happen, then you're talking about too much money. It's as simple as that. Crunch the numbers with your wife, and see what you two can handle.
And remember, there's absolutely no correlation between the cost of a wedding and the success of the relationship! — Dave