Dave Says: Go Into Debt for a Wedding? Nope!
•1 MinutesDear Dave,
Our daughter’s college education is pretty much paid for already through grants and scholarships, and my wife and I make good money. We just started your plan, so when we get to Baby Step 5, saving for college, can we substitute that with saving for a wedding?
—Benton
Dear Benton,
I’m glad you’re thinking ahead, buddy. And I don’t have a problem with your idea. It’s always a good plan to save for a wedding, if you have the financial resources to do so.
Did you know the average wedding in America this year, according to Zola.com, ran around $29,000? Of course, you don’t have to pay anything close to that amount to make a wedding a beautiful and memorable occasion. Your household income, debt, savings, and other factors will all play a part in how much you can legitimately afford.
Sit down with your wife, crunch some numbers and see what makes sense in your situation. Just remember to pay cash for the wedding. If you have to go into debt to make it happen, you’re spending way too much!
—Dave
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