Financial Matters: Wedding & Finances

PORTSMOUTH, Va. (WAVY) - You're engaged, now it's time to start planning your wedding and finances are a big part of your big day.

Stephanie Bard from BayPort Credit Union stopped by with some tips on how to manage your finances ahead of your wedding.

• February is the month of love as so many couples become engaged during this month. The bride can become so excited about planning for that big day that she forgets about all of the expenses that can go along with it.
• The key is to start the marriage on a positive footing financially by planning for the wedding so that you don't spend more than you can afford. Finances are usually the number one problem in the first five years of marriage.

Key Points to Consider:

1. Couples should start with the end in mind - kind of wedding; what kind of experience do want it to be for your guest; compromise.
2. Develop your Spending Plan (Budget) - decide how much as a couple you are willing to spend. Set a range and determine your limit ahead of time. Median wedding cost is $15K - half cost less & half cost more. Stick to your budget.
3. Decide how you will pay for the wedding - who will pay for what; consider opening separate savings account just for wedding expense; limit debt (credit card/personal loan); $15k at 10 percent will pay $692 per month for 2 years.
4. Practical Ways to Reduce Expenses:

• Plan during off-season (November - April) when vendors are more open to negotiate (photographers, limousine companies, and DJ). Peak wedding season (May - October).
• Consider a Destination Wedding on a weekday instead of a weekend. Save by having honeymoon at the same time; fewer guests.
• Comparison shop on-line before in person. Use centralized websites as starting point (Everything is negotiable).
• Do it yourself - as much as you can (invitations, party favors). Experts - gown, cake, photographer;

Have the wedding your dream without breaking the bank so that you can live happily ever after.

For more financial management tips, stop by any of the 14 BayPort Credit Union locations across Hampton Roads or click here to visit BayPort's website.