Many people dream of what their wedding will look like for years, or even decades, before the big day arrives. And, while planning a wedding is exciting, it can also be incredibly overwhelming. As a result, it’s not uncommon for some details to get overlooked. However, there’s one area you can’t afford to ignore: the cost.
Funding a dream wedding, whether for yourself or one of your kids, can easily cost tens of thousands of dollars. In a recent episode of the UBS On-Air Podcast, Total Wealth Strategist Ainsley Carbone from the UBS Chief Investment Office shared important insights into how to best prepare your budget for the big day.
- Planning your wedding may feel overwhelming, but it’s important not to overlook cost.
- In 2017, the average cost of an American wedding was $33,391, according to The Knot. Expect to pay five figures for your wedding.
- Setting your budget before getting too deep into the planning process can help you avoid going into debt, says UBS Total Wealth Strategist Ainsley Carbone.
Weddings are a five-figure event
According to The Knot, the average cost of a wedding across the US was $33,391 in 2017. “What’s happening is that a lot of people are caring about the experience people have when they come as a guest to their wedding. They want to make sure they’re having a good time,” she continued.
While the guests’ experiences are important, brides, grooms and their families would be wise to keep in mind how quickly a wedding unfolds. Carbone recommends that, while it’s easy to get caught up in what’s going to happen on your big day, it’s important not to overlook the financial ramifications extravagant weddings can have on your balance sheet in the long run.
Set your budget in advance
“It’s really important to lock down your budget in advance. You need to how much you can afford to spend on your wedding without having to go into debt,” Carbone explained. “That should really be a last resort.”
Weddings themselves are expensive, but adding on the cost of credit card interest or other surplus fees can add strain to a new marriage. That’s why it’s essential to talk to your future spouse about the budget before getting too deep into the planning process.
Find out exactly how to set your wedding budget
In the recent UBS On-Air interview, Carbone explained how to figure out what you can spend as well as how to approach the budget conversation with your family and/or future spouse. Listen to the episode to learn more, and then subscribe to the UBS On-Air podcast to get a steady stream of wealth management insights.