Blog

FEBRUARY IS NATIONAL WEDDINGS MONTH

February Is National Weddings Month

FEBRUARY IS NATIONAL WEDDINGS MONTH

If a wedding is in your future, say “I do” to planning ahead.

February is a month filled with heart-felt celebrations—Valentine’s Day, American Heart Month, and National Weddings Month. Some people, though, may think it’s odd to have National Weddings Month in February, given that it is a relatively slow, cold season for walking down the aisle. But a lot of couples become engaged during the Christmas holidays, or on New Year’s Eve, New Year’s Day, or Valentine’s Day, hoping to have a wedding during the summer or fall—and February is a great time to start planning ahead!

The average cost of a wedding—and what’s changed

According to the 2021 Behind the Wedding Budget Study, couples budget an average of $22,500 for their wedding day ceremony and reception, and 40% of them start saving once they get engaged. In their article How to Save for a Wedding, U.S. News & World Report noted that the average cost of a wedding dropped from $28,000 in 2019 to $19,000 in 2020—a decline it attributed to couples downsizing or cancelling large weddings during the pandemic.

The Behind the Wedding Budget Study published by WeddingWire also details the struggles couples face to meet their wedding budget goals, broken down by age ranges. “The reality of the situation is that most couples are juggling multiple financial goals,
including saving for a house (60%) or retirement (52%), all while also saving for a wedding,” the report said. “Additionally, Gen Z (ages 18-24) is more likely to be paying off student loans (64%), while younger millennials (ages 25-29) are more likely to be paying off credit card debt (44%) as they save for their wedding.”

Advice for planning for the big day

Working out the details of a wedding—including event locations, timing, invitation list, attire, flowers, and a long list of costs—can be daunting. There’s often some confusion, too, about who pays for what.

The wedding-planning website The Knot has a financial planning timeline, a free wedding budgeter, and other useful tools for planning weddings. The Brides website also has useful ideas and advice, including the article How to Avoid Going Into Debt for Your Wedding.

Whether you are part of a lucky couple planning your future—or the parent of one—this may be a good time to consult with a financial professional to help work out some options. It’s also important to have “the money talk” to make sure everyone involved is on the same page. As the Brides website states, “Weddings should create lasting memories, not debt.”

Here are some tips:
ƒ Determine what you can afford—and set a wedding budget.
ƒ Reduce your guest list, if possible.
ƒ Be open to new, creative ideas that might help you save money.
ƒ Don’t be afraid to negotiate costs.
ƒ Bundle services, if possible.
ƒ Consider using an experienced wedding planner because they typically know how and where to get the best deals.

While it’s important to save money when you can, remember it’s also important to create and save memories. For example, don’t settle for an amateur photographer—even a friend— when a professional can help you preserve and share this important day. Do what you can to plan and prepare so that you and your loved ones can make the most of this special day.

 

Thanks for checking out the blog. 

Joe Breslin , CFP®

 

 



This material is for general information only and is not intended to provide specific advice or recommendations for any
individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive
outcomes. Investing involves risks including possible loss of principal.

This material was prepared by LPL Financial.   Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and
broker-dealer (member FINRA/SIPC). 
Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL Financial affiliate, please note LPL Financial makes no representation with respect to such entity.

 

Securities and insurance offered through LPL or its affiliates are:

 

Share This Article

Facebook
Twitter
LinkedIn

You May Also Like

A/D Juicebox Hello Spring: Planting Seeds for Future Wealth! – April 9th

W​​​​​​​e are happy to present our A/D JuiceBox Webinar Series. JuiceBox will provide current events, financial planning strategies, taxes, investments, and general business updates.

We have a special guest, Margo Steinlage from Steinlage Insurance Agency, who will join us to discuss Medicare.

Join us as Autumn fills the air, and the time is quiet and mellow to discuss things in the financial planning world.

Read More »

Tax Planning for Annuities

Favorable tax treatment is one of the main reasons for buying an annuity. But what exactly are the tax benefits? And are there any drawbacks? It’s important to know the answers to these questions before deciding whether to purchase an annuity.

Read More »

Private Foundations

Private foundations are tax-exempt entities, just like hospitals or universities. What makes them different from organizations that are known as public charities is that private foundations are set up, funded, and controlled by a single individual, family, or corporation. By contrast, public charities derive a significant percentage of their revenue from the general public and cannot be under the control of any one individual or family.

Read More »

Tax Benefits of Home Ownership

Home improvements and repairs are generally nondeductible. Improvements, though, can increase the tax basis of your home (which in turn can lower your tax bite when you sell your home). Improvements add value to your home, prolong its life, or adapt it to a new use.

Read More »

Choosing an Income Tax Filing Status

Selecting a filing status is one of the first decisions you’ll make when you fill out your federal income tax return, so it’s important to know the rules. And because you may have more than one option, you need to know the advantages and disadvantages of each. Making the right decision about your filing status can save money and prevent problems with the IRS down the road.

Read More »

Taxation of Investments

It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?

Read More »

Don't Miss Anything

Stay up to date with our monthly newsletter.