My boyfriend and I are getting married this fall. Between my fiancé’s student loans and wanting to buy a house in a few years, we’re already pretty stressed. At the same time, I’m feeling a lot of pressure to have an “Instagrammable” wedding. Any suggestions for how we can do this without busting our budget? —A Reader Dear Reader, Thank you for this timely and thoughtful question. According to forecasts I’ve read, you’re in great company. A recent Wedding Report predicts there will be 2.5 million weddings in 2022, the most since 1984! This is happy news for all the couples who are starting their lives together (many of whom waited for the pandemic to subside), but unfortunately not such great news for everyone’s budgets. When you combine the current rate of inflation with the added price pressure from competition for wedding locations, vendors and materials, weddings have become more expensive than ever. And as you mention, adding to this financial stress is the pressure to make everything look great on social media. Take a step-by-step approach So as tempting as it may be to spend lavishly on your wedding, I commend you for not losing sight of your other financial goals. And the good news is that you don’t have to. Despite all of the pricing and social pressures, you can still have a memorable and beautiful wedding without breaking the bank. Let’s take a look at some ways you can make this happen. Your wedding is for you, and no one else A budget is essential, but planning a wedding is part head and part heart. Money aside, only you and your fiancé can envision the type of wedding that will be most meaningful to you. Don’t let yourself get caught up in someone else’s expectations or the image you feel is expected by social media. Your wedding should be a lasting memory for you, not an exercise in impressing anyone else. Take care of your money, long-term For many couples, planning a wedding is the first time they deal with financial issues together. So use this opportunity to flex your communication muscles and build your relationship. Listen to each other’s perspectives and be willing to make compromises. Once you’ve taken the time to think about, plan and budget your wedding in the context of all your goals and your life together as a married couple, I believe you’ll feel great about whatever type of wedding you choose—whether that’s a backyard barbeque or a lavish party. Congratulations and best wishes for a long and happy marriage! Have a personal finance question? Email us ataskcarrie@schwab.com. Carrie cannot respond to questions directly, but your topic may be considered for a future article. For Schwab account questions and general inquiries,contact Schwab. Disclosures: The Charles Schwab Foundation is a 501(c)(3) nonprofit, private foundation that is not part of Charles Schwab & Co., Inc., or its parent company, The Charles Schwab Corporation. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed. Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve. COPYRIGHT 2022 CHARLES SCHWAB & CO., INC. MEMBER SIPC. (#0622-2CZU)
