#weddings #homebuying #coronavirus #COVID19 #FlattenTheCurve #choices
If you’ve found the love of your life, and you both decided you would get married, your first decision after agreeing to marriage might be: do we spend what we have on a big wedding, or use it for a down payment on a house?
Netflix has a series out titled “Marriage or Mortgage,” which explores that question.
Consumer finance columnist Michelle Singletary discussed the series in a March 5, 2021 column for the Washington Post.
Obviously, she would recommend the couple buy the house, rather than splurge on a big wedding.
The choice comes down to an emotional decision vs. a practical one.
Let’s break down the choices. Sure, it’s great to have a wedding in which your families and friends could celebrate your big day with you.
In the days of COVID-19, big weddings have been a no-no. Many couples are either postponing weddings, or getting married but postponing the reception/party to a later date.
But the coronavirus has made the choice more difficult. Is one day of happiness and celebration worth more than a lifetime roof over your head that, by the way, could increase in value over time? (As a separate calculation, you could figure in the gifts you might receive from a wedding, but they won’t matter in this case.)
People spend way too much on a wedding, Singletary would argue. Among flowers, photos, over-the-top bridal gowns, lots of food and open bars, that one day of celebration could cost a couple tens of thousands of dollars easily.
And the next day, the celebration is over, albeit some couples opt for multiple-day-long weddings). Certainly, you’ll have a lifetime of memories, but was it worth dumping all that cash, or, worse, going into debt, to have the big wedding?
What if you could have a much smaller, intimate wedding, minus the expensive trappings, and have enough left over to buy your house?
Singletary writes that she thought about throwing her shoe at her TV watching the choices some couples made.
It’s understandable to think that one may NEVER have a big party like that ever again. But, are the memories it will produce worth the regret you may later have when it becomes difficult, or impossible, to afford a house?
Certainly, it’s entirely possible the couple may never want to own a house, and that’s OK, too. But what if you could invest the money you put into that big wedding into something that will give you a nest egg for retirement, when that day comes?
It comes down to this: it might be better to treat yourself later as you invest now.
Of course, there are many programs out there that could allow you to do anything you want, eventually. These programs require a minimal investment in time and money, but could, if you work at them diligently over time, pay for your wedding, house and/or retirement nest egg.
To learn about one of the best such programs, message me.
Meanwhile, the pandemic has made financial survival difficult for some. We all should begin to rethink some of our spending choices. We can celebrate achievements or life changes, but we should remember that frugal fun is still fun.
The Netflix series is wrongly titled. The marriage is still happening. The wedding, or mortgage, is the real choice. When faced with such a choice, choose wisely.
Peter