1 in 3 Canadian couples go into debt to get married; is that a good idea?

“We were engaged for a year, which allowed us to save and pay for cash for the entire wedding,” explains Skar, an Edmonton-based father, real estate agent and founder of rewrittn. So even though the entire event cost the Skars about $18,000, they started their new life together wedding-debt-free.

“A wedding is a joyous celebration, but it’s also important for couples to keep in mind that they should only spend what they can comfortably afford for the day, rather than begin married life with an extravaganza that puts them in a financial hole,” says Carma Peters, president and CEO of Michigan Legacy Credit Union.

A money coach can cost as little as $75 per hour. A few hours can help you establish realistic spending and saving for your wedding, and help you avoid years of high-interest debt.Article contentWhen planning your wedding, it’s easy to prioritize pleasing others. “Setting a maximum budget for each category and sub-category helps prevent impulsive purchases and helps prioritize your spending,” says Martin.

“The amount of debt was intentional and planned. They chose to set aside $1,000 per month to pay off the interest-free debt within a year.”

The new normal

Weddings themselves are outdated and overrated. It used to signify a joining of families for further commerce for the 2 families, or saving one from ruin. I’m surprised they’re still happening.

Most definitely a NO. So stupid. All that money could go to a house or put aside for future maternity leave support. It’s ridiculous.

Nope! Getting married is a terrible idea!

Going into debt to pay for a party, get your hair done and wear pretty clothes is wise. Have guests many who don’t wish to attend but feel obligated. Realize the wedding industry sells this concept.

Maybe they should lower their wedding day expectations. I would have been fine if we had it at the local Ricky’s! 😆

You can get just as married on $1,000 as you can with $40,000.

Great start❤️

No

No. Its a horrific idea

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1 in 3 Canadian couples go into debt to get married; is that a good idea?Advance planning and a little discipline can keep you out of wedding debt It depends. My wedding was very unmemorable (if that’s a word). Who do you want to attend? Can you or your parents afford a party? What about alcohol? Rehearsal dinners cost too. Personally I’d rather go into debt for a memorable honeymoon. Not a good idea. I’d suggest to put the money towards purchasing a home. Short answer. No.
Source: nationalpost - 🏆 10. / 80 Read more »

1 in 3 Canadian couples go into debt to get married; is that a good idea?Advance planning and a little discipline can keep you out of wedding debt No, no it is not. No Marriage is for simps
Source: nationalpost - 🏆 10. / 80 Read more »