By Dave Henderson, CFP, ChFC, CLU
In 2014, the average wedding cost $31,213 – no small sum.
The median cost is lower, but almost any way you slice it, weddings are expensive. And paying for them can be stressful.
Before you contribute any money towards your child’s wedding, read these tips to avoid matrimonial money mayhem. I know they worked for us.
And like great food and drink, these tips pair well together!
1. Don’t wreck your retirement to fund a wedding
Too often people think it’s important to put on a big show or spend a ton of money on a wedding when they’re already behind on their savings. And they’ll pull from retirement accounts, which can be a huge mistake.
Say you paid for an “average” $31,213 wedding. That might have grown to $75,000-100,000 over 15 years or more, if it remained invested.
Ask yourself – will the party be worth 2 or 3 times the amount you withdraw? [Read more…]