By Patricia Campbell, ContributorCONGRATULATIONS! NOW that you're engaged, and thinking about your wedding, you may be thinking about the designer dress you'd like to wear, the colour flowers to order, the number of levels for your cake, and a host of other details.
Financial matters may be the last thing on your mind. However, research has shown that the one thing couples argue about most before and after the wedding is money. Here are some tips to consider before saying 'I do' that will help to make 'that day' and 'life after that day' special:
Discuss finances beforehand: Be honest with each other about how much you can afford and are willing to spend on a wedding before getting caught up in the whirlwind. You will be better prepared to begin your future together.
Talk about your credit history: It's important to know your combined debt before you are ready to make a large purchase together - like a home or a car.
Talk about your goals, dreams and objectives: You have decided to build a financial future together so you must ensure that you both want the same things from life.
Get help with your financial strategy: Talk to a licenced financial advisor, who will help you to establish a strategy. Make a conscious effort to stick to this plan.
Having done all these things, now it's time to plan the wedding. Contrary to what you might have heard, you don't have to spend a fortune to make the day wonderful and memorable. Begin with a realistic budget based on the amount you have agreed to spend on the wedding. Here are some strategies for making your wedding live on in memory and not through unpaid bills:
Prioritise: What is MOST important? Is it wearing a designer dress and accessories, or is it having the reception at the restaurant where you had your first date? Compare notes, and compromise where necessary.
Bridal registry: Sometimes you end up with items that you already own, don't want or more than one of the same thing. Save yourself the headache and open an account at an investment bank to which guests can deposit funds. These funds can be used to offset some of the wedding costs, as well as to start working towards your medium and long term goals.
Cut down on the number of guests: Most costs associated with the wedding (food, rental of chairs, souvenirs) are per-person, so there is a significant difference between 50 and 100 guests. Besides, why should you invite persons who you haven't spoken to since high school?
Choose a more casual wedding style: Morning weddings are more informal and will cost less in terms of food (which can be one of the biggest expenses), reception location, clothing and flowers. Instead of a multi-course dinner, consider a buffet luncheon.
Location: Look around for a low-cost location. Some hotels offer all inclusive packages that include the wedding, reception, and even the honeymoon. (These are even less expensive during the off-season.) Or, maybe you can find a no-cost location. A friend or family member may have an exquisite garden that would be ideal.
Wedding attire: Consider buying your dress at a discount bridal store or renting it. An even better idea is to borrow one from a relative or friend. Chances are, it has only been worn once.
Flowers: Look for a location that is already somewhat decorated. If you need additional flowers, choose those that are in season. If you have your ceremony in a church, have someone take the same flowers to the reception after the ceremony.
Get yourself and your loved ones involved: You can cut cost on some things by doing it yourself - making your own invitations and wedding programmes, having a relative or friend bake the cake and maybe even catering the wedding. Also, ask for help in performing music and photography. You may even know someone who will make an excellent videographer.
Remember, you can plan a wonderful wedding without suffering tremendous stress, having horrible fights with your future spouse and, best of all, without starting a future filled with debt.
Don't lose sight of the real reason you're doing this.
Patricia Campbell is DB&G's Portmore, St. Catherine Branch Manager.
