Nevertheless, between flowers and smorgasbords, musicians and photographers, wedding costs will run into the multiple thousands of dollars.
How many thousands? That all depends. And believe it or not, it’s something over which you DO have control.
Let me share with you 5 Mindful Money Lessons I learned from our daughter’s June wedding.
5 Mindful Money Lessons
- Know Your Numbers.
You’ve heard it before. And there’s even an online budgeting tool with the same name – you need a budget.
When it comes to weddings, five-hundred-dollar checks slide out of your checkbook faster than omelets off a non-stick pan. A budget gives structure to your spending and boundaries to your cash.
Before you call the hall, the caterer and the band know how much you can afford to spend.
If this is your first wedding, you might need time to collect the costs and figure out how to juggle all the pieces to fit within your budget.
Our recent wedding was the third one we celebrated in the last five years. Since I’m a financial nerd, my existing spreadsheets and historical data provided the information I needed to get going straight away.
- Put Yourself before Your Kids
When I teach live workshops and my online class Smart Women Build Wealth, I caution people not to spend all their money on their children. We love our kids dearly. We’re excited for them and we want to throw a special and joyous celebration. The problem is that if we take care of all of our children’s needs, wants and desires – spending down our financial reserves in the process – we risk our retirement and the financial sustainability of our future.
I’ve seen folks re-mortgage their homes to help marry off and to launch their children into adulthood and financial independence. Make sure you understand the long-term ramifications of your financial choices before you make them. No one is getting out of her rocking chair at age 85 to get a job and pay the mortgage. It just doesn’t work like that.
“Not becoming a burden to our children” is the number one reason my clients come to me to get support for sorting out their finances and growing their wealth. If you share this goal, start now. Don’t break the bank on your child’s wedding.
Related reading: 7 Ways Consumer Psychology Influences your Spending Decisions
- Expect the unexpected.
Life happens. Always. Hiccups and whoopsies are part of every celebration. Let me share with you what happened to us.
My daughter ordered a beautiful dress online from China, which arrived in Israel six weeks before the wedding. We found an experienced seamstress and had plenty of time to alter the dress before the wedding.
But two weeks before the wedding, the seamstress went AWOL.
And I had a stressed out kallah (bride) in my house.
So, I did what any mother would do two weeks before her daughter’s wedding: rent a custom-made dress from a local bridal salon.
That cost a bomb!
Luckily, since I’m a financial nerd, we have an Emergency Fund.
When you prepare the budget for your celebration, leave yourself a financial cushion.
Don’t accept the first price quote you get. Vendors usually quote a high price first, leaving a margin for negotiation. We negotiated the cost of the hall, the music, and the food. You can save money, if you’re willing to haggle.
Since our budget was on its way overboard after the wedding dress episode, I called the caterer and asked how we could reduce the costs. After discussing the options, I chose to simplify the first course.
Lesson learned: even as you near the date of your simcha there may still be wiggle room. While some costs cannot be changed, others might be flexible. Don’t feel ashamed or embarrassed about your need to cut back.
- Have that money conversation.
Get on the same page with your spouse. Make sure your kids know your limits. And clarify with the other side who pays for what. When two families come together in celebration, make the effort to protect your relationship from the start. G-d willing, this won’t be the only joyous event you share. Be straightforward and clear so no one feels like they’re being cheated.
Our new son-in-law’s family lives in the United States. We live and celebrated our children’s wedding in Israel. Understandably, the other side had fewer guests at the wedding than we did. Mistakenly, I quoted them half the catering costs instead of their portion. And they were a bit surprised. Luckily, I caught my mistake quickly, apologized for the oversight and corrected the figures. Everything worked out beautifully and together we celebrated a beautiful simcha. In fact, I think that navigating a sticky money conversation up front brought the two families closer together.
Weddings are wonderful and special occasions. We hope and pray that each newly married couple merits the building of a beautiful home, a bayit ne’eman b’Yisrael. Taking care of your finances helps you rejoice with a full heart. Without paying for the celebration for years and years to come.
For more great ideas on how you can change the way you do your money, sign up for my FREE 5-Day Mini Money Makeover.