The division of expenses depends on the financial ability of the bride, groom, and their respective families. Sit down and discuss the type of wedding you want to have and use the following list of items so participants can choose what they would like to pay for. Remember that the reception can sometimes amount to 50% or more of your total expenses. If your costs need to be reduced, you may want to change to a less formal reception.

The bride and her family's expenses traditionally include:

• the wedding gown and accessories
• invitations and personal stationery
• flowers for the church, reception, and wedding attendants
• photographs
• video
• reception, including room charge, food, beverages, wedding cake and food servers
• music
• transportation for wedding attendants to church and reception
• gifts for bridesmaids
• accommodations for bridesmaids, if necessary

The groom and his family's expenses are normally:

• groom's wedding attire
• the clergy or judge's fees
• the marriage license
• all honeymoon expenses
• bride's bouquet and going-away corsage and both mothers' corsages
• boutonnieres for groomsmen
• groomsmen gifts
• rehearsal dinner
• accommodations for attendants, if necessary

The wedding attendants' expenses are:

• wedding attire
• traveling expenses
• wedding gift

Labels: finances

Keep a list of all assets as well as your properties' estimated worth. This should include but is not limited to your home, car, jewelry, checking and savings accounts, antiques and other valuable possessions. Remember, when you decided on an insurance plan, the more items you include in the same plan, the better rate and discount you will receive. Also consider a life insurance policy for added security.

Also keep a list of all debts and outstanding credit card balances and loans before the wedding. Know ahead of time what money you need to set aside to pay off bills so you can budget your wedding expenses accordingly. Then make a conscious effort to pay off what is known as "bad debt" first such as credit card debt. If you have student loans or a mortgage, make the minimum payment each month and do it on time, but try to pay more than the minimum amount each month for your credit cards.

Start paying yourself first. Even if you are not married this is an important tip. Start early with a retirement plan such as a 401(k) or an IRA. If the company you work for offers this benefit, take advantage of it and put whatever amount you are able to into your account each month.
Seek advice. Don't expect yourself or your partner to know all the answers when combining assets or planning for your future. Talk to your bank or a financial expert who can offer you the advice you need on how to start planning for your future today.

Plan for the future early. If you are planning on buying a home, starting a family or investing, consider all of your options before making any rash decisions. Always seek expert advice and do your homework before investing any money. The more planning you do from the start, the less stress you'll put on your marriage later.

Labels: finances