A Savings Goal for the Wedding Budget
As I previously mentioned, the wedding budget has been a sensitive topic for my fiancee and I. She quickly jumped off to the races thinking that we needed to book a reception location immediately and I just as quickly got overwhelmed at the possible expenses.
When it comes to spending large amounts of money, I can't help but get emotional.
This past weekend we had a 2hr+ conversation that I hope made some progress. We took a step back and both described the big events (that would have major financial impacts) we forsee in our lives. I went 1st and described basically the following:
2007-2008 - Wedding/honeymoon
2007-2008 - Sell or convert fiancee's townhome to rental property
2008-2009 - Purchase our main home, convert current home to rental property
2009 - Replace fiancee's car
2009-2011- Replace my car
2008-2010 - Start having kids, fiancee stops working
20?? - Invest in a family vacation home
20?? - Early retirement
My fiancee did the same, highlighting some different priorities, but the net was about the same. While it didn't go quite as I orginally intended, the results were what I was hoping for. It helped us start discussing HOW we were going to pay for everything. We have a lot of major financial events that are going to happen in rapid succession.
With that we started discussing how we were going to save money for several upcoming events - namily a down payment for our primary home, the wedding, my fiancee's replacement car, and our retirement contributions.
In the end we established together that we would save $550/month beginning in October for the wedding. This would give us at least 1 year of savings earmarked for the wedding and a minimum contribution of $6,600. I felt better that our other financial priorities/events weren't being ignored, and my fiancee feels better that we are setting something aside each month for the wedding.
On the downside we really didn't set a budget for the wedding and my fiancee is convinced the wedding will cost $15,000-$20,000. Since we don't know what contributions (if any) our families will make, we won't know what the end result will cost us. However we will cross that bridge when we come to it. I am happy we "drew a line in the sand" that should help my fiancee and I make decisions that have a hope of trying to keep our share of the wedding expenses under $6,600. I hope. I really really hope.......
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