Don’t let your wedding be the end of your relationship.
Is there financial benefits to getting married?
This is a fair question that can come up when people are considering tying the knot. Would a formal union benefit us financially, allowing us some more financial freedom?
It is common to hear people say that marriage can result in big tax breaks for families. But this is not always the case. This kind of tax break theory is based on several different factors such as:
- What each does for a living.
- How much money each makes.
- How many kids in the household.
- Student loans situations.
- Credit scores.
- Investment strategies
All these things can weigh in when the government decides how much tax your family owes at the end of the year. Getting married isn’t a sure way to secure some tax breaks. In many cases it will cost you more money in fact.
If you were considering hitching up for a tax benefit it would be wise to consult a good accountant and or financial advisor and get the real story on how marriage would affect your unique scenario.
Talk about money
It is a good thing if the tax benefit conversation comes to light as that will branch off into other topics involving money, which is just important as anything else in a relationship.
Obviously compatibility in other areas is important as well, but financially compatibility is huge for potential marriage situations. They may be the love of your life, but will they be the love of your life if they have a compulsive spending problem and are consistently in a debt emergency?
Hopefully the answer to that question is no. Financial woes are one of the main issues in many relationships. There is billions of fish in the sea so don’t be afraid to let one go if it might cause you some financial stress.
Have the conversations about money, and financial goals. If you both have different goals, then maybe its not the right fit.
How much does it cost to get married?
Not only do we have to think about how getting married might affect our tax brackets or total household tax, but just the wedding itself can add up to a pretty large bill in a hurry.
The average cost of a wedding can be around $12,000 to $14,000. The range is pretty wide, could be 10 grand, could be 100 grand.
Lets break down a couple of average costs for weddings that could end up on your list of things to plan for:
- Wedding planner: $2,500
- Venue: $5,000-$20,000
- The cake: $500
- The dress: $2,500
- Hair and make-up: $500
- Rings: $2,000
- Those great DJs: $1,500
- Decorations and florist: $2,500
- Official to wed the two: $400
- Marriage license: $100
- Photographer: $3,500
- Transportation: $500
- Wedding night get-away: $500
Weddings might seem like a nice idea until the bill shows up
The numbers above would almost be considered modest in some cases. Having that fairy tale wedding might not be the greatest idea if it is going to jeopardize your relationship after the wedding due to financial strain.
Some people will always “sell the farm” to fund their wedding, or come from money and have the whole show paid for by a wealthy relative.
For those of us who are footing the bill for our own weddings, there are some better options that aren’t going to leave you completely ruined financially for just hosting what isn’t much more than a family reunion.
There are far better things that a person could spend some money on. If there are people that are willing to donate cash to your new family being created, just flat out use it for something else.
If someone is planning on kicking in $1,500 for your wedding, talk to them about possibly allocating that cash to instead renovate your bathroom. $10,000? Renovate your kitchen. $50,000? Put a down payment on another home!
Use your donations prior to the wedding towards things that will actually have a positive and long-lasting effect on your life.
The list above, which is modest, shows that weddings are nothing more than everyone’s chance to capitalize off of you. These businesses specialize in making sure that you have “the best wedding possible”, also known as “the bigger the bills the better”.
As long as the food is decent most people don’t much care where a wedding is or what is there. People don’t even mind toonie bars anymore, instead of the family kicking $5,000 to the curb just so a few people can never remember the wedding.
The costs are ludicrous!
Family and friends are there to see you, meet and greet the other family involved, have a good time, and probably take their chance to make fun of you and you embarrassing childhood photos in front of 100-200 people.
And those things do not cost a lot of money to do if you don’t want them to. Enlist your family members and friends to help you out with the event in terms of set-up/take-down, bartending, photography, and whatever other things most people pay an absolute fortune for.
If you are stressing about the potential financial burden of your wedding, then shed some costs and focus on more important things. You marriage will be better off if you can spend time with your spouse after the wedding rather than both of your working overtime for the next few years just to pay for it.