THE PLANNER

14104 58th Street North Clearwater, FL 33760 1.800.352.8984 www.nfdm.org Congratulations on taking this important step to a brighter financial Saying, “I do” Anytime Soon? future. National Foundation for Debt Management (NFDM) has been helping Americans across the country solve their credit and Getting engaged and having a wedding are very expensive events. debt problems for almost 20 years. Once you have made the commitment, it is time to think MONEY.

Our education team has created many publications to help you Over 2.4 million happy couples tied the knot last year. The improve your personal finances. By logging into www.nfdm.org average bill was in the ballpark of $25,000. That is a great deal you can access all of our publications free of charge. We have the of money to be dishing out when you are just starting your tools to help you become debt free, use your money wisely, plan life together, but we hope to make the ride less scary and more for the future & to build wealth. The topics NFDM addresses range fun - without tossing out all your green. Follow our from identity theft to building a better credit rating; from how to buy straightforward financial plan and we pledge that your wedding a home to paying for college. On our web site you can also find will not only be beautiful, but it won’t max out every credit card additional tools to help you more effectively manage your money. you own, either. Discuss your financial situation and figure out who is going to pay for what. Sit down and figure out how much everyone can afford We are dedicated to personal financial literacy and providing to donate to your wedding. It is usually a good idea to speak with a debt-free life for Americans. If you are overburdened by high each family separately, or it might be a good idea for the interest rate credit card debt, then I invite you to speak with one of and groom to speak with their own families first. It’s not going to our certified counselors at 1-800-352-8984. We also partner with be the easiest conversation in the world, but it’s crucial to know groups, business & communities to hold financial workshops and what kind of budget you’re working with from the start. receive free money management guides and workbooks like the one you are reading now. Please call 1-877-751-8080 if you would It is becoming very common for couples to pick up at least a like to discuss pursuing a personal financial literacy program. portion of the tab, so you should come to the table with an estimate of what you can contribute, based on what you have Sincerely, saved and how much more you can put aside between now and the wedding day. Strive for saving about 20% of your combined monthly take home pay, if you can afford it. If you can’t afford it, consider having a smaller wedding or seeing if other close relatives would be able to pitch in. No matter who is footing the bill - your Judy Sorensen parents or yourself - you have to set up a wedding budget to keep President costs within reason. National Foundation for Debt Management Cash Is King When You’re Ready With The Ring

Consumer Credit & Budget Counseling, doing business as National Foundation for Debt Putting 20% of your income away each month may sound like a Management, is a HUD approved housing counseling agency and a 501(c)(3) non-profit lot, but if you cut out extra costs you’ll be surprised how easy financial education organization. saving can be. For example, over the next year, if you brown-

2 bagged it three days a week, saving about $15, you’d be $860 CEREMONY ACCESSORIES richer. Another way to save is to set a stringent entertainment (CHUPPAH, CANDLES,ETC.) $115.00 budget for your year. Limit yourself to one movie a Subtotal $515.00 month – renting movies is a lot cheaper – and have your friends over instead of going out. RECEPTION VENUE/RENTALS (TENT, TABLES, TOILETS, ETC.) $1,500.00 If you already have a couple thousand or more put away to FOOD & SERVICE FOR 125 PEOPLE $5,750.00 pay for your wedding, don’t just leave it in a standard savings BEVERAGES & BARTENDER FOR 125 PEOPLE $1,500.00 account, earning you 3% interest or less. Instead, try to put CAKE & CUTTING FEE $550.00 your money in Certificates of Deposit that are available at all banks. CDs are short-term investments, normally one-month to Subtotal $9,300.00 one-year, which means you put down a certain sum, usually a minimum of $1,000 and the bank will tell you just how much you’ll WEDDING RINGS $400.00 earn after the CD matures. Shop around because CD interest THE & ALTERATIONS $1,400.00 rates vary widely. HEADPIECE OR VEIL $100.00 BRIDE’S ACCESSORIES CD rates vary with how long you’re investing the money. The (LINGERIE, SHOES, GLOVES, longer you leave your funds in, the higher the interest rate. There BAG, JEWELRY, ETC.) $160.00 are two disadvantages with CDs, you can’t add funds to them as HAIR & MAKEUP $110.00 you save more and you’re penalized if you dip into the money PRE-WEDDING PAMPERING $195.00 before the maturation date. For someone starting off with $3,000 GROOM’S ATTIRE $115.00 or more though, this may be a good option, since you can lock GROOM’S ACCESSORIES $2,000 away for the bill-paying month before the wedding and (SHOES, TIE, CUFFLINKS, ETC.) $50.00 keep $1,000 in your bank account as an emergency fund. Subtotal $2,530.00 Another option is a money market account. Rates are better than savings accounts and you get to write checks! Shop around BRIDE’S BOUQUET $200.00 as rates vary widely, as do restrictions. For example, the number BOUQUETS FOR THREE $180.00 of checks you are allowed to write each month and minimum GROOM AND GROOMSMEN balance requirements. BOUTONNIERES FOR THREE $30.00 ’S FLOWERS $25.00 Estimated Wedding Item Costs for 125 Guests RECEPTION DÉCOR & CENTERPIECES Taken From a Cross Section of the United States FOR 10 TABLES SEATING 12 GUESTS $525.00 CEREMONY SITE DECORATIONS $115.00 CEREMONY Subtotal $1,075.00 CEREMONY LOCATION FEE $200.00 OFFICIANT FEE/DONATION $200.00 CEREMONY MUSICIANS $200.00

3 4 COCKTAIL HOUR MUSICIANS $200.00 Like anything else, you should only plan to buy what you can afford when RECEPTION BAND/DISC JOCKEY $1,200.00 it comes to your wedding. If you’re working with a $10,000 budget, don’t PHOTOGRAPHER’S FEE $1,000.00 plan a $100,000 affair. “My poor husband had no idea what anything VIDEOGRAPHER’S FEE & really cost because I didn’t want him to say, ‘Oh we can’t do that.’” ADDITIONAL PRINTS/VIDEOS $600.00 COMMUNICATION MATERIALS “I wish I just listened to him,”she sighed. “Then I thought to myself FOR 75 ADDRESSES $400.00 – we will make it all back at the wedding. Well we didn’t, and in the (ANNOUNCEMENTS, INVITATIONS, REPLY end, my wedding cost around $13,000 dollars. We received about CARDS,MAPS, OTHER INSERTS, CALLIGRAPHY $4,000 in gifts.” said Kristeen. COSTS, THANK YOU NOTES) Subtotal $3,600.00 The average wedding cost $19,000 and is based on 125 guests. If you can pare your guest list down to 65, you’ll already have shaved LIMOS, CAR RENTALS, GUEST SHUTTLE, a hefty 50% off you reception/catering bill. VALET PARKING $190.00 HOTEL ROOMS AND LODGING As for Kristeen, once she started to think about their future PRICE INCLUDES THE BRIDE AND GROOMS she realized what a mess she had made by charging up her SUITE WITH TAX AND GRATUITY $200.00 credit cards for a fleeting moment. “All in all, I am almost 30 yrs ATTENDANT GIFTS FOR SIX old and $27,000 in debt, I had no plan and no way to pay off the & RECEPTION FAVORS FOR 125 PEOPLE $150.00 debt until I joined National Foundation for Debt Management.” Subtotal $540.00 Currently Kristeen and her husband are members of National Foundation for Debt Management and are on their way to a debt- free life. One Woman Charges Items Rather Than Seek Alternatives Money Saving Wedding Ways.

When planning your wedding try not to get too carried away. Give Yourself Enough Time. Set a wedding date that will allow you Don’t do what Kristeen did and whip out the credit cards to and your family time to save up funds for wedding-related expenses. make up for the difference of what she wanted and what she could afford. “My husband and I decided we wanted a small wedding; a Work more. If money isn’t readily available, consider getting a second traditional church service followed by a small reception in my job to supplement the wedding budget. Or, simply cut the budget. parents’ backyard. A small wedding was not cheap. I decided, without my husband knowing, to use my credit cards to help with Set Limits. Invite 100 guests instead of 150. Set a limit first and the costs.” Kristeen explained. then create a list that falls within those guidelines. For example, first cousins may be invited, but second cousins are not. Have two instead of ten. Serve three courses instead of five.

5 6 Other Inserts $ $ Do It Yourself. Enlist the creative talents of relatives and Calligraphy Costs $ $ friends who can help you make your wedding gown, create floral Thank You Notes $ $ arrangements or even bake your for you. Coordinate the alcohol, make the favors, and address your own envelopes. Ceremony Costs Envisioned Cost Actual Cost Loosen Up. The less formal the affair, the more affordable. Location Fee Place of Worship, Instead of a sit-down dinner, go for a casual brunch or barbecue. Historic or Public Property, $ $ Get rental cars in lieu of limos. Choose a morning or afternoon Garden, Hotel wedding, they’re less expensive than evening affairs. Officiant Fee or Donation to the Minister, Spiritual Leader, Captain, $ $ Justice of the Peace Pick And Choose. Indulge in a designer dress, but go barefoot. Flowers & Décor $ $ Ditch the hors dóeuvres and spend your money on exquisite Ceremony Accessories Candles, $ $ entrees. Serve a great cake and skip the dessert table. Chuppah, etc.

Put It Off. Get silver wedding bands now and upgrade to Wedding Attire platinum on your first anniversary. Envisioned Cost Actual Cost Bride’s Wedding Band $ $ Coordinate With Others. If another wedding is being held Groom’s Wedding Band $ $ within a few hours of yours in the same location, perhaps you may Wedding Gown $ $ be able to share some of the costs of flowers and decorations. Alterations $ $ Veil $ $ No Holidays. Holiday are more expensive because you Headpiece or Hat $ $ are competing for catering services, wedding and reception sites, Shoes $ $ D.J.’s, limousines, photographers and more. During holidays, these Gloves $ $ types of services tend to be more expensive. Hand Bag $ $ Lingerie $ $ Wedding Guide Budget Planner Jewelry $ $ Other Bridal Attire $ $ Invitations and Stationary Groom’s Tuxedo or $ $ Envisioned Cost Actual Cost Shoes $ $ Engagement Announcement $ $ Cufflinks $ $ Invitations $ $ Other Accessories for the Groom $ $ Reply Cards $ $ Tie, Clip, Socks, Undergarments Map to Wedding & Reception Sites $ $

7 8 Memories Father of the Bride & Groom Bou- $ $ Envisioned Cost Actual Cost tonnières Photographer’s Fee $ $ The Flower Girl $ $ Photo Duplication $ $ Bridal Bouquet for the Traditional $ $ Videographer’s Fee $ $ Tossing Video Duplication $ $ Transportation Music Envisioned Cost Actual Cost Envisioned Cost Actual Cost Bride’s Limousine $ $ Site Musicians $ $ Groom’s Limousine $ $ Cocktail Hour Music $ $ The Parent’s Limousine $ $ Valet Parking at the Ceremony and/or Band or Disc Jockey for the Recep- $ $ $ $ tion Reception Site Car Rentals, Guest Shuttle to and from $ $ The Reception Hotel, Ceremony, and Reception Bridal or Suite Envisioned Cost Actual Cost $ $ Number of Days Staying ______The Venue $ $ Hotel or Accommodations for Parents $ $ Food $ $ Hotel or Accommodations for Bridal $ $ Bar $ $ Party Cake & Cutting Fee $ $ Centerpieces $ $ Gifts and Favors Additional Flowers for Site $ $ Envisioned Cost Actual Cost Additional Décor: Table Linens, Wedding Party Gifts $ $ Chair Covers, Columns, Art Work, $ $ etc. Parent Gifts $ $ Additional Rental Costs Table Favors $ $ $ $ Cocktail tables & seating, etc. Other Favors $ $ Grand Total $ $ Flowers Envisioned Cost Actual Cost Another Client Confesses Her Wedding Tale of Charge & Regret. Bride’s Bouquet $ $ Groom’s Boutonnière $ $ I must say that getting into trouble with credit cards can happen Bride’s Maids Bouquets $ $ to anybody. Best Man and Ushers Boutonnières $ $ Mother of the Bride & Groom $ $ I was working toward a degree in elementary education. I had Corsages one or two credit cards that I would use when I really needed something. I didn’t go overboard with them. 9 10 During my last semester in college “huge” changes were occurring Wedding Expense Tally Register in my life. The first change was that I was getting married and wanted a memorable wedding. My parents had offered to pay for some of Each wedding is unique, couples have different priorities, and costs the wedding costs and therefore we went “all out” on everything. vary from state to state. As you make decisions about how to spend your money based on what’s significant to you, enter your Unfortunately, my parents and I had a disagreement, and my costs and tally up how much money is allocated and what you fiancé and I decided to pay for everything ourselves. Because have left to spend. We recommend that you make several copies we had already planned everything (the church, the pictures, of this Budgeting Guide so you can use one for estimates as you and the reception), there was no turning back and we were left shop and a final version. Happy planning! with a pretty hefty bill. We paid for some of the bill with cash, Item Price Variables Your Cost but when it came time to pay for the reception hall and meals, I Ceremony Location Where the wedding $ took out my credit card and the downslide began. Fee is held. The prices will Are you a member of the probably be higher if you congregation or do you are getting married near, So here I was, student-teaching with no time for a job, and have another connection or in, a larger city. Is it a a huge wedding bill to go along with a growing student loan. to a certain site such as publicly owned or private The money I made was never enough to bring down my an alumnus, a club mem- property? ber, or relative? ever-increasing credit card bills. This went on for four or five Officiant Fee/Donation Is the demand and $ months – I was completely lost and needed to do something Are you members of the popularity of the officiant about my situation. I began to search on the internet for a way congregation or have you high? Remember, the cost known the person giving is at the discretion of the to decrease my monthly payments and that’s when I discovered the ceremony a long time? house of worship or the National Foundation for Debt Management. officiant. Ceremony Accessories Whether you get accesso- $ I will have my whopping bill of about $14,000 paid off in about There are items such as ries from your ceremony a Chuppah, Candles, Ring site or purchase them three and a half years. I truly am Pillow, Flower Basket, etc. yourselves. How impor- grateful to Consolidated – this tant are the props to you? You might be able to service has helped me financially borrow these items from as well as mentally. I no longer a relative or from the stress figuring out how to pay facility where you wed. bills, which sure makes my life a Reception Venue/ Demand/popularity of site; $ Rentals time of year and time of whole lot easier. Items such as a tent, day; where the wedding tables, special chairs, is; whether you need to linens, may be extra costs. rent tables, chairs, tent, Find out how much they etc.; whether the place are charging for each does weddings all the time item. These are usually or hardly ever, publicly vs. highly negotiable. If they privately owned; on-site don’t offer any price catering; the size of your breaks, shop party rental guest list, more people, companies more space. 11 12 Item Price Variables Your Cost Item Price Variables Your Cost Cocktail Hour The same rules apply for $ Communication The paper stock, i.e. the $ Musicians the cocktail hour as the Materials weight and type of paper ceremony, except they Announcements, invitations, used, as well as the printing may work for the venue reply cards, maps, other in- technique; number of invites and not the ceremony serts, calligraphy costs, thank and envelopes you need, ex- site. you notes, etc. tra enclosure cards; postage; Reception Music A band is always more $ special designs, professional A band or disc jockey? expensive than a DJ. The calligraphy vs. addressing demand and popularity by hand; rush ordering and of the band or DJ. The one very big cost factor location of your wedding can be where you buy reception - is it hard to your supplies. A stationery, get to and far away? Will department store, online, or the band or DJ have to mail-order catalog will vary spend the night? Also if greatly in price. the wedding is near or in Transportation Limousine size, type, color, $ a large city the prices may Limousine, car rentals, guest how many hours you rent be higher. The number of shuttle, valet parking. it for; and the amenities will musicians, the instruments be factors in the price. Some band members play; the limo companies include sophistication of the DJ’s champagne and others do equipment; professionals not. How many cars you vs. amateurs and how long need for your wedding par- you want them to play will ty? Do you need a shuttle all determine the price. or valet service? You have Photographer The demand and popularity $ to consider how large your of the photographer as well party is, how many hours as if he or she needs an assis- you need the attendants to tant are the primary factors. shuttle guests or be available Also, the hours you hire him/ for valet service. her to work; where the wed- Groom’s Attire Cost can vary greatly from $ ding is and the type of film venue to venue for food and number of sizes of prints and service. The style of you buy or, the package you either the suit or tux the choose will help determine groom wears as well as the the price. Photo treatments exclusivity of designer. Cost may mean extra darkroom factors are also renting vs. work, at an extra fee. buying and whether acces- Video & Price variables for a videog- $ sories like shirt, shoes, etc. Additional Prints rapher are similar to the are bought or rented. photographer, except you need Groom’s Accessories Shoes, tie, cufflinks, etc. If $ to consider the number and you already have some of types of cameras and other these items such as shoes, equipment; length and type of cufflinks, etc. you can save video and the number of tapes some money. Also, consider you buy; special effects that may borrowing some items. mean extra editing room work. 13 14 Item Price Variables Your Cost Item Price Variables Your Cost Bridesmaid Bouquets Style- nosegay, cascade, $ Ceremony Musicians The number of musicians; $ & Flower Girl etc.; size; how many flow- the instruments they play; ers; complexity of the how long they play; profes- arrangements; hand tied vs sionals vs. amateurs or bouquet holder; whether students and whether they a florist arranges them or work for the ceremony site you create your own. will all be price factors. Groom & Groomsmen Type of flowers; how many; $ Boutonnieres whether the flower shop/ florist creates them, com- plete with pins; additional Top Financial Considerations for greenery/baby’s breath. Attendant Gifts & Re- How much time and effort $ 1. From the beginning, save 15-20% of ception Favours have your attendants con- your income. By combining households, tributed to your wedding? Your attendant gifts are you should reduce your expenses a lot always at your discretion. which should allow you to save. You Some couples decide to should save to build your cash reserves, give larger gifts to the maid in your 401k plans and in a mutual fund. of honour and the best man. The costs of your fa- vours depend on whether 2. Rather than simply keeping two or not you are going to get checkbooks like before you were them personalized, if they are from a speciality shop, married, pool your money into one or if you can buy them in checkbook and one savings account or bulk. money market. Reception Décor & The size and complexity $ Centerpieces of arrangements as well as the reputation of the 3. Change all of the beneficiaries on life insurance plans, retirement designer are usually the and other plans at work, and IRAs to your new spouse. major cost factors. The actual material used to 4. Decide how debts accumulated by each individual prior to the make the arrangement; flowers, greenery, vases, marriage (i.e. student loans) will be handled. candelabras, etc. Ceremony Site If the venue is beauti- $ 5. Work together on budgeting and tracking expenditures. Decorations ful as is- use the money towards something more meaningful, like your new 6. Discuss your approaches to handling money -- is one person a joint bank account. The spender and one a saver? Create some ground rules on handling larger the sanctuary, the any differences. more decorations you may need, like floral arches or wreaths, vines and flowers 7. If both incomes are needed to pay expenses, be sure to have on window sills, etc. adequate life insurance. 15 16 8. Be sure to let each other know where important documents Notes are kept. ______9. Consolidate your credit cards to avoid having double the number of credit cards needed. ______10. Make a list of upcoming purchases together and prioritize ______them. You should decide jointly how to spend your money now. ______

17 18 Notes Notes ______

19 20 Now you can find FREEDOM FROM DEBT!

About National Foundation for Debt Management National Foundation for Debt Management, a nationally recognized non-profit organization, will provide you with professional financial NFDM is a consumer oriented, public education organization. education, counseling and resources. We are an industry leader in providing credit counseling & debt management services throughout the United States. In addition, you can benefit from customized Debt Management Programs, which incorporate a bill consolidation plan to help you regain your financial freedom.

Our mission is to assist individuals & families end financial crises Our professionally trained Certified Financial Counselors and help them solve money management problems through will negotiate directly with your creditors to: education, motivation and professional counseling. • Reduce or even eliminate interest rates! • Eliminate late charges and over-limit fees We are dedicated to empowering consumers through educational programs that will influence them to refrain from overspending • Consolidate debts into one lower payment and abusing credit cards, as well as encourage them to save & • Help you pay off debt faster invest. We sponsor local free seminars that are available to groups • Rebuild your credit rating or organizations that request our educational services. • Save you thousands of dollars • Get you on a plan to be debt free! Our professionally trained counselors have assisted thousands of families across the United States. Regardless of whether your Call today, and take your first step toward financial freedom! financial problems are due to the purchase of a new home, birth of a child, major illness, or any other circumstance, we are here to help. 1-800-352-8984 or visit www.nfdm.org Our organization is funded primarily through voluntary contributions from participating creditors. Our programs are designed to save our clients money and liquidate debts at an affordable rate.

14104 58th Street North, Clearwater, Florida 33760 21 You can be debt free

There is help waiting for you now. • Reduce or eliminate interest charges. • Consolidate credit card bills into one lower monthly payment. • Pay off your debt in half the time. • Save thousands of dollars.

1-800-352-8984 14104 58th Street North, Clearwater, Florida 33760 www.nfdm.org • Email: [email protected] R-051618