THE WEDDING 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 bride 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 engagement 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 DRESS & 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 BRIDESMAID 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 FLOWER GIRL’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 bridesmaids instead of ten.