What any couple, and their families should be asking is: Can we afford to spend money on a wedding?
And that comes down to some straightforward questions for anyone who is contemplating contributing to paying for a wedding:
- Do you pay all your credit cards in full, each month?
- Do you have an eight-month emergency savings fund?
- Are you on pace to pay back your student loans within 10 years? (Or are you on pace with payments to qualify you for public service loan forgiveness?)
- Are you contributing at least 10% of your salary to retirement savings?
- Can you afford to pay for the wedding and stay on track with all your other savings goals and debt-repayment?
If you answered no to any of those questions; You have no business spending money on a wedding.
– Suze Orman