This week, I asked my daughter Allison if she would share her perspective on the plans Michael and I made to help her when her wedding day arrived. Did it work – or not? Here is what she had to say:

Susan Beacham is a nationally recognized children’s financial literacy expert and co-founder with my dad of Money Savvy Generation – and she’s my mom. So it will likely be no surprise to you, that she was putting a plan into action for (potential) future wedding costs way back when we were in our freshman year of high school. More importantly, she shared these plans with my sister and I many times over the years whenever weddings and cost came up in conversation.

In the past year, my sister and I have had back-to-back weddings. Sticking to their plan, my parents gave us each a check for an amount they had saved towards the cost of a wedding. And no more. It was up to us to manage the money. Last week in Steve Rosen’s Kids & Money column, I shared how I have creatively managed costs to stay within a budget my fiancé and I set for our wedding. While we have added to the money my parents gave us, we were able to plan a wedding that was within our own budget and allowed us to continue to save for a down payment on a new home. My sister did not need to add to the money mom and dad gave her. She had a small, family-only wedding. Point is, we both got what we wanted – a wedding that was our dream and no family drama.

This week was mom’s turn to share with Steve Rosen what my parents did – and why – to plan for our future wedding costs. My lesson from this whole experience – always, always have a plan.

Here’s this week’s Kids & Money column by Steve Rosen: A savings plan to avoid pricey weddings

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Written by Susan Beacham
Susan Beacham founded Money Savvy Generation in 1999 after almost two decades in private banking and investment management complemented by considerable time teaching at the elementary level.

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