SavvySugar

Talking About Money As an Engaged Couple

SavvySugar — Fri, 04 Apr 2008 15:17:08 -0700

For many couples, handling a wedding budget is the first big money conversation of the relationship. Sure, a lot of couples live together pre-engagement and have household expenses to pay, but there's a big difference between splitting the cable bill and considering both yours and his priorities in terms of shared money. He wants to arrive in the stretch Hummer with his boys, but you want the wedding day Jimmy Choos and your wedding budget can't handle both - these are just smaller versions of what you'll have to tackle together financially in the near future. To see which money topics you should cover before saying "I Do" just read more.

Whether you plan on waiting until you're married to combine bank accounts, get a joint credit card, or if you intend on keeping all income separate, these issues needs to be addressed before the wedding. These topics aren't always easy to discuss, especially if the two of you have differing opinions, or if one of you has a much higher income, but this is one conversation that can't wait until you're a Mrs. Because whether or not you'll be combining funds, at least to some extent, you'll definitely be making financial decisions together throughout your marriage. Step one is figuring out how to organize the money that will be used in these decisions.

Talk about the state of your money. You owe it to your fiancé to be honest about any outstanding debt and he has the same responsibility to you. Figure out where you stand creditwise as a couple and make a plan to pay off the debt. It's especially important to decide how you'll handle any debt that you've acquired before marriage - will you pay it off together or should you keep enough in a separate account to make your own personal debt payments?

The third topic to cover before walking down the aisle is setting expectations for the future. While for some couples this may be common sense, for others it seems like it doesn't need to be talked about because the answers are simply understood. But assumptions can be very wrong, so you need to have an open discussion about where both of you see yourselves careerwise and if one of you wants to stay home with any future children. Get this stuff out of the way now and your newlywed selves will start off on the right feet.

To see all of our wedding coverage, check out IDoSugar.com.

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Should the Bride's Family Be Responsible For the Wedding Bill?

SavvySugar — Fri, 04 Apr 2008 09:33:13 -0700

Some wedding traditions are still in place more for the sake of tradition than the actual meaning - like the bride wearing virtuous white, for example. Another, more conflicting one is the bride's family paying for the wedding while the groom's family pays for the less elaborate rehearsal dinner. The responsibility of the wedding bill has fallen on the bride's family for everyone I know who has recently gotten married or is currently engaged - and believe me, it's a big number of brides.

While it's obvious to me that this is still the norm for most first marriages, I'm wondering if you think the tradition is a fair one.

To see all of our wedding coverage, check out IDoSugar.com.

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Ten Money Saving Tips For Your Wedding

SavvySugar — Fri, 04 Apr 2008 04:06:51 -0700

Because everything you need for your perfect wedding can add up quickly, it's important that you come up with ways to save in some areas so that you stay within budget. It's really amazing how many small details go into making a wedding memorable for everyone attending, from the bridesmaids' luncheon to the aisle decor and dessert, every aspect of the event requires thoughtful attention. Creating a wedding that makes all of your guests comfortable and happy to be there is the goal, not to mention throwing a fabulous party in honor of your new marriage! I've gathered a list of party tricks that will help you save money on the big day, and you'd be surprised how cutting back here and there can save big in the end. Find out useful ways to save when you read more

The Bridal Guide published a list of their top 75 tips for saving money in their May /June issue, but that's a ton of tips to sort through. Big lists like this usually lend themselves to skimming because processing all of the ideas at once can be a little overwhelming, but I've chosen what I think are the best saving tips from their list. Hopefully you can use a few that will save you more than a few bucks.

Book one location for your ceremony and reception to avoid multiple site fees and having to provide transportation between venues.
Cut out the champagne and let guests toast with whatever drink is in their hand.
If you're a stickler for tradition and can't live without a wedding cake, choose buttercream or cream cheese instead of expensive fondant.
To save on flowers, use lush greenery in your centerpieces.
Buy in-season flowers wholesale and then pay a florist to do simple arrangements (or you're crafty, then you could DIY!).
Hire a student quartet from a local music school to play during cocktail hour or during your ceremony.
Instead of paying extra for your invitations to arrive assembled, gather friends and set up an assembly line.
If a photographer whose work you love is out of budget, ask if you can wait until after the wedding to order proofs and albums. Save up, or use some of your gift money later.
If fancy wheels are a must have for you, a limousine will be cheaper than a stretch SUV. And if you don't mind taking your own ride you could hire a private chauffeur to drive your car, which would be much cheaper than hiring a limo.
Do you have a relative who never puts his video camera away at family occasions? See if a professional videographer will edit amateur footage - it will cost a fraction of the price for having the professional shoot the wedding.

To see all of our wedding coverage, check out IDoSugar.com.

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Budgeting For the Big Day, Part III

SavvySugar — Thu, 03 Apr 2008 14:03:55 -0700

So you've come up with a figure for the overall price tag on your wedding, but how will you spend it all? First you need to figure out what your priorities are in terms of each category - if you know that you want a band instead of a DJ then you might need to save in other areas like your dress or the number of courses served at dinner. And if it's important that 300 people can attend your wedding and eat during the festivities, you might need to consider doing a buffet-style rather than sit-down dinner. To find out what else there is to know about buckling down on a budget just read more.

Because every bride has different wedding details that are important to her, and the varied cost of living from city to city, I can't tell you exactly what percent you should expect to pay for everything. Give yourself plenty of time to research the venues in your area and take advantage of all the extensive online resources. Once you've researched your options for the big-ticket items and book your venue, you can start getting more specific in allocating portions of your budget to certain categories.

The general rule is that about half of your budget should go towards venue, food, and beverages, but obviously that wouldn't hold true for all weddings. Create a spreadsheet for yourself with all of the specific categories, right down to the welcome baskets for out-of-town guests. Start by assigning percentages of your budget for each item, and as you check things off your list enter the amount that you actually paid. That way, there won't be any surprises at the end!

To see all of our wedding coverage, check out IDoSugar.com.

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Budgeting For the Big Day, Part II

SavvySugar — Thu, 03 Apr 2008 09:29:02 -0700

After arriving at the magic wedding budget number, you need to consider how many people will be attending your wedding. That means getting three guest lists together - yours, his parents', and your parents'. The number of guests will determine which types of venues are feasible for the event, and if one side has a guest list that rivals a royal engagement then now is the time for editing. How many guests you'll invite weighs on some of the most important factors of your wedding, pressing most heavily on how your budget is allocated.

The same budget for a 350 person wedding may look wildly different from the way that budget is broken down for a 120 person wedding. For example, you can't determine how much of your budget will be used to feed your guests until you have an estimate for how many will be eating. Nothing needs to be set in stone at this very early stage of your wedding, but you'll avoid wasting time (like looking at venues that would fit half your guests) by getting a good idea of what to expect.

To see all of our wedding coverage, check out IDoSugar.com.

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Budgeting For the Big Day, Part I

SavvySugar — Thu, 03 Apr 2008 04:02:14 -0700

Once you've had ample time hanging out on the Engagement Cloud 9 with your new fiancé, you'll need to start focusing a bit on what type of wedding you want and, most importantly, can afford. Before you even discuss where you want to have the ceremony and reception, you need to figure out what kind of budget you're working with. Whether you have $50,000 to spend or $5,000, a budget is necessary so that you don't spend too much on one area and run out of funds. See the first steps to becoming a budget-building-bride-to-be when you read more

The biggest question to ask is who's contributing to the wedding costs and who's responsible for each category. If you and your fiancé will be paying for the entire event out of your own pockets then the two of you need to figure out two things - the maximum amount that you can afford, and how much you actually want to spend. Think you can't avoid going into debt from wedding expenses? Set up a separate wedding savings account in which you and your fiancé deposit a certain amount each month. And if you're set on having a bigger budget than is reasonable within your ideal engagement time-frame, be flexible! You can always push the wedding out another six months to give yourself more time to save.

If you're planning on asking your families for help in financing the wedding, talk to each family about who will pay for what and how much they'll contribute. At that point you'll have a total budget to work with, and you can start digging into the details of your big day.

To see all of our wedding coverage, check out IDoSugar.com.

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How Much the Average Couple Spends on Their Big Day

SavvySugar — Wed, 02 Apr 2008 06:49:14 -0700

The average price tag on weddings in the US is around $30,000 - yikes! Because the cost of living varies greatly from place to place, the cost of the average wedding in San Francisco varies from the average cost of a wedding in Charlotte, and everywhere in between. The one thing you can count on is that most venues and vendors make sticking to a budget very difficult - wedding bells are followed by dollar signs, but if you know what to expect it can make setting up a budget less of a frustrating process. If you won't be eloping to Vegas then you need to be able to grasp all of the price information that's thrown at you, so you don't end up choosing the most expensive everything out of a lack of patience and preparation. Find out how much the average couple in your city spends on one of the most important days of their lives when you read more

Enter the zip code of the city where you plan on getting married in the widget below, and it generates an average cost based on a laundry list of expenses and breaks down the overall cost into smaller categories. It lets you see the average price paid for photographer, honeymoon, decorations, rehearsal dinner, etc. The site makes a great point: "Understanding average wedding costs now can help you with your wedding budget later."
If all of the zeros behind the average cost are making you nervous, stay tuned for some tips on how to budget for your big day!

Wedding Cost by CostofWedding.com

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Announcing Your Engagement at Work

SavvySugar — Tue, 01 Apr 2008 07:59:46 -0700

Your wedding engagement is undoubtedly one of the most meaningful and memorable moments of your life, so it's no surprise that you want to scroll through your address book and call everyone whose number has been saved. In the midst of your dialing marathon pause when you reach a co-worker's name, and exercise care and common sense when it comes to telling them your big news. The extent that you share your personal details with anyone in the office will surely vary depending on the overall tone of your workplace, but there are some general guidelines that should be noted. Find out how to handle announcing your engagement at work when you read more

Work friends: You know who your true work friends are - they're the ones who have met your fiancé and have spent ample time with you outside of a work function. Let them know you're engaged whenever you please! Your work friends will probably be invited to the wedding because your friendship has grown beyond gossiping and venting at the office. If you were to take another job you would miss them and continue to be friends, because you've bonded beyond the work bubble.
Work acquaintances: Your acquaintances probably know that you're in a serious relationship, and your friendly encounters may be daily but are limited to short stops at your desk or in the kitchen. Maybe you have their phone number from some random happy hour, but these aren't people you should call with an engagement announcement. All it takes is a simple test to know if a call would be appropriate: What if the roles were reversed? Would you think it was strange that this person was calling to let you know about a big personal event? They'll surely notice your new left-handed jewelry, and if they're not so observant simply let them know you're engaged when they ask what you did last night or over the weekend.
Your boss: This completely depends on your relationship with your boss, but I've found that it's best to let them know that you're engaged in person. Some bosses are uninterested in knowing any personal details of their employees' lives and have made this much clear. In this case, I think it's alright for the rumorville to do the work for you. However, if you have a boss who is more engaged in her employees try and get to her before the rumors strike. She'll appreciate that you went out of your way to include her in the news.

To see all of our wedding coverage, check out IDoSugar.com.

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Would You Buy Property With a Boyfriend or Partner?

SavvySugar — Thu, 06 Aug 2009 06:30:32 -0700

When it comes to real estate and major financial decisions there's no one right way to do things. Each person's financial needs, abilities, and goals are completely unique. Last week when Reggie Bush and Kim Kardashian split, she noted they were looking at houses together right before the breakup, but that she didn't want to live with someone until she's engaged. Considering she probably doesn't need a co-signer, it's safe to assume Kim's reasoning is largely emotional, moral, or simply because that's what she wants.

The dilemma of buying a home or sharing a mortgage with a partner is one I hear all the time from 20- and 30-something friends who, unlike Kim, don't have the financial resources that will allow them to buy a home solo. Would you (or have you) ever sign a mortgage with someone you weren't married to?

How to Announce Your Engagement at the Office

SavvySugar — Mon, 06 Apr 2009 04:30:44 -0700

Getting engaged to be married gives some girls an automatic tic that causes them to answer any question asking how they are with an explosive, "I'm engaged!" While your skin might be crawling with excitement that's making you burst at the seams, be sure to exercise a bit of cautious control when you're bringing your great news into the office. The majority of engagements occur on weekends when there's plenty of time for romantic celebration, so go into Monday morning with a game plan.

Without interrupting any busy Monday morning phone calls, let your true work friends know about your news by pulling them aside and letting them guess what's different about you (or just explode with the details). It's also just fine to give your work friends a heads up phone call before the work week begins. After all, these are the people who know your fiance and may even be invited to the wedding because you've developed friendships beyond workplace gossip. To see my tips on looping the rest of the office in, read more.

Work acquaintances: Your acquaintances will be genuinely happy for you, but leave the engagement dishing to your daily kitchen run-ins. If you're not sure whether or not it's appropriate to dial them up to share your news, ask yourself if you'd think it were out of place for them to call you with personal news. Your answer to this scenario should dictate how to proceed.
Your boss: Some bosses prefer not to know their employee's personal details, and if this sounds like your boss, simply let office gossip run its course. But if your boss has typically been more involved then do your best to tell her before someone else does - she'll appreciate that you thought to share the good news yourself.

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