Financial Matters: Wedding budgets

PORTSMOUTH, Va (WVBT) - When preparing to tie the knot, the biggest consideration has to be how to pay for everything!   Financial counselor Sylvia Sutherland from BayPort Credit Union helps you plan for the big day.

Some things to consider:

-Couples should start with the end in mind - What kind of wedding? What kind of experience do want it to be for your guest? Are you willing to compromise?

-Develop your Spending Plan (Budget) - decide how as a couple you are willing to spend. Set a range and determine your limit ahead of time. Median wedding cost is $15k - half cost less & half cost more. Stick to your budget.

Decide how you will pay for the wedding - who will pay for what; consider opening separate savings account just for wedding expense; limit debt (credit card/personal loan); $15k @ 10% will pay $692 per month-2yrs.

Some practical ways to reduce speding:

-Plan during off-season (November - April) when vendors are more open to negotiate (photographers, limousine companies, dj). Peak wedding season (May - October)

-Consider a Destination Wedding on a weekday instead of a weekend. Save by having honeymoon at the same time; fewer guests.

-Comparison shop on-line before in person. Use centralized websites as starting point.  Some online examples: weddingchannel.com , TheKnot.com , weddingcoachplus.com

Watch the Financial Matters segment from The Hampton Roads Show and for more information on BayPort Credit Union, visit them online at www.BayPortCU.org .