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December 2010 - Lavish wedding could leave you broke.

Lavish wedding could leave you broke.

☳ by Adam Aspilla

There are many causes of a financial problem: unemployment, low income, death of a breadwinner, financial mismanagement (spending more than you earn) to name a few. 

Another cause of a financial problem which is often ignored is lavish or costly wedding. Many people prepare their wedding a year or years ahead of time. They plan ahead in details like: the type wedding gown a bride wears and a kind of suit a bridegroom wears (which are often very expensive),  a place of the wedding (hotel or a resort), how many people or guest are invited (often in hundreds), what type of food to serve, where to go for the honeymoon.

An elaborate wedding like above mentioned would cost a fortune. As a consequence, many newly married couples are loaded with debt right after their marriage for some of the money they spent for the wedding were borrowed from their credit cards, line of credit or a loan from a bank or from friends and relatives.

Common reason for a costly marriage is “a wedding only happens once in a life time”. This kind of reasoning does not make sense anymore for in Canada, divorce is allowed. In fact, one of the major causes of divorce is a financial problem. Couples are always arguing about money when they do not have enough to pay their bills.

Some couples who spent so much in their marriage would carry their debts for years because their payments (if it is only a minimum) would be applied only to the interest and not to the principal.

Basic requirements for marriage are the meeting of minds (agreement) of the parties to be married, no legal impediments (singles or legally divorced) of parties to be married, a married license, two witnesses, and authorized person to perform marriage. Having a costly marriage is not a requirement to make it valid.

While it is enjoyable to have an elaborate wedding, but if the money you spent is borrowed, your happiness would be only for a day and you carry a burden of paying your debts maybe for years.

It is unfortunate that many couples are planning their weddings for years and yet they do not have time to plan for their life after the wedding. No wonder many couples filed for divorce after few years of their marriage. 

The money spent for a lavish marriage would be better spent if it would be used for a down payment to buy a house instead of renting.

If you are planning to get married it would be prudent to avoid a lavish wedding for it would lead you to a financial trouble.
 

 

 

Adam Aspilla is a Senior Financial Counselor of the Debt Clinic of Canada Inc. and the author of the book, You Can Negotiate All Your Debts. He also writes a biweekly column, “What Matters In Life” in “Taliba Newspaper. For free initial, professional and confidential consultation, please call 905-306-7572.