It’s here – summer and the “peak wedding” season. In this podcast, we asked kids how much they think a wedding costs and who they think should pay for it. Their answers may surprise you!
Discussing the costs of a wedding, who pays for what and how much to spend can be an awkward and an emotional conversation after the engagement happens. (Saying “no” to your daughter standing in front of you in the dress of her dreams is a gut-wrenching moment for any parent or guardian.) But painful conversations and disappointed expectations between the bride and groom-to-be and their families can be avoided. The key – start well before the couple are ready to head down the aisle – way before (earlier than you might think). In this podcast I offer for some ideas to help your family with that conversation. Here are a few highlights:
- Talk with your child early on about what you as parents are willing to contribute to their wedding.
- Set an agreed amount of money for you both and then put it in “their hands” when the time comes. (Your child may want to buy a $10,000 dress when you’ve never purchased anything beyond TJ Maxx for over $30.)
- It all comes down to a budget.
- Setting limits and expectations early helps everyone to plan
- Include any caveats to that future commitment (recession, loss of job, poor health, etc.) to avoid missed commitments.
Have you ever talked with your kids about how much they think a wedding costs?
Do they know how much you are willing to help pay for their wedding when the time comes? (Do you know?)
For more smart money strategies for women, visit the Seven Figures Podcast with Sandy Waters.