Getting Married
With planning, great weddings don't have to cost a bundle
Kristeen Malher, 30, learned the hard
way that even a small wedding can generate enormous bills. Malher and her husband,
who live on Long Island in New York, paid for their wedding instead of relying on
their parents to foot the bill. Determined to stay within a budget, they decided to hold the reception in her parents' backyard and limit the guest list to 85 people.
But once Malher got out her credit cards, "The whole
budget flew out the window," she says. Her wedding dress cost more than expected.
So did the food for the reception. Their wedding day in
May 2002 was cold and windy,
forcing the couple to rent sturdy tents and heaters for their outdoor reception.
By the time the wedding was over, Malher's credit
card debt was up to $24,000 and she was able to make only minimum payments on her
cards.
About 43% of couples spend more on their wedding
than they originally planned, according to Condé Nast, publisher of Bride's and
Modern Bride magazines. And in many cases, that overspending results in big credit
card debts, says Howard Dvorkin, president of Consolidated Credit Counseling Services
in Fort Lauderdale.
"Unfortunately, sometimes the debt lasts longer
than the marriage," he says.
Cutting costs
All couples want their wedding day to
be special. But you can have a memorable wedding without running up huge debts.
How to keep wedding costs under control:
.Make a budget.
It's easy to lose track of costs, especially
when you put them on your credit cards, Mahler says. "You don't think of spending an extra $200 here or there, because you're not paying for it right then," she says.
Consolidated Credit offers a wedding calculator
on its Internet site, www.consolidatedcredit.org. If you don't have enough to pay
for the wedding of your dreams, scale back your plans or get a part-time job to
help cover the costs, Dvorkin says.
Creating a budget will also help you set priorities,
says Millie Martini Bratten, editor-in-chief of Bride's magazine. For example, if
you really want live music at the reception, you may decide to buy fewer flower
arrangements.
"You really have to find out what your own wish
list is and work your budget around it," she says.
.Don't assume your wedding will pay
for itself.
Sure, you'll probably get some checks.
But you'll also receive salad bowls and soup tureens. The chances you'll receive
enough in cash to pay for your wedding "are slim to none, unless you have parents
or grandparents who write a big check," Dvorkin says.
Malher agrees. She knows a couple who received about
$20,000 in cash gifts. Trouble was, their wedding cost $40,000.
.
