SHOULD YOU PAY FOR YOUR KID’S WEDDING?
Jon S., HVAC Technician “My first child is going to Schreiner University. We had never even considered Schreiner before The College Money guys, but it turned out to be an absolute perfect fit for her. If it wasn’t for The College Money Guys, she would have had to go to a community college close to home.” Billy S., Financial VP “It’s been very enlightening. Having four very different kids, I was afraid I’d miss something in the process. I chose The College Money Guys because I wouldn’t know where to start by myself.” Laxman A., Engineer “We have constant communication. We can come and meet the counselor any time we need. I would definitely recommend The College Money Guys to parents to help them have some peace of mind and not have to go through the hassle alone.” Kristen T., Consultant “This is a really important part of your kids’ lives, and it is one of the biggest expenses you will ever have. The whole process kept me calm and kept me clued into the process. It saved me so much time. My oldest Weekends from mid-May to early October are the most popular time of the year to tie the knot, but couples say “I do” all year long. Getting married is a big step in life, and it can be as thrilling for parents as it is for the happy couple. But that thrill may be short-lived when you start to look at the price tag. The Knot 2016 Real Weddings Study determined the average cost of an American wedding is over $35,000! Only 13 percent of couples can pay for their wedding themselves, and many parents might ask, “Do I have to foot the bill?” Historically, a bride’s family was expected to pay for everything, from the engagement party to the ceremony itself. This tradition developed from the concept of the dowry. Back when few women could provide for themselves economically, a bride’s family would pay the groom to become their daughter’s provider. Since women are no longer expected to be dependent on their husbands, the idea of asking the bride’s family to pay for everything today is outdated. Furthermore, not every wedding will have both a bride and a groom. It’s time to take a modern approach to the wedding bill. Today, parents should fully embrace their right to refuse to pay a dime for their child’s wedding. You might feel like the couple should take responsibility and plan a wedding they can afford, or maybe you can’t take on the financial burden yourself. Parents do not have to feel obligated to pay for a wedding. That said, if you want to help cover the costs, make sure you do only what you can afford. If you’re OUR CLIENTS SAY IT BEST
considering taking money from your retirement account to pay for a family wedding, stop right now. It’s wise to set a budget for yourself and the couple. Be clear and communicate how much you are willing to pay, whether that’s a percentage or a set dollar amount. If you want to pay for the honeymoon, that’s great! But if you can arrange to have your photographer friend donate their services, or if you only want to attend the wedding and show your support, that’s just as good. Weddings are wonderful events, but putting yourself in financial strain or stress to pay for the cost isn’t a good wedding gift to your child.
is at NYU, and the tuition is very expensive. However, it’s definitely worth more than what we paid.”
Dangoule A., Manager “Learning the process and having someone as a resource has been invaluable. It’s easy to run ideas by them, and they have so much experience, so they can tell you what works and what doesn’t. From the parent’s side, there are always questions that come up on the financial aid forms and assets, and I think that The College Money Guys is a very good value because it does pay for itself.” C, Store Manager “From a monetary perspective, the scholarships that my son received basically paid for the entire program, so I’m already in the positive side of this thing. Everything that I’m getting for my two kids is basically gravy from a value perspective, and the service is much more valuable to me now. The other, more subjective things that they are helping the kids find who they are, and those types of things are more important. To me, that’s a different value, and it has been very good, because my wife and I have been a little frustrated, but having a teammate to kind of motivate us and our kids and help us stay on track has been very helpful.”
2 • www.thecollegemoneyguys.com
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