Why a No-frills Wedding Can Still Mean Marital Bliss | SunTrust Resource Center

Getting Married

Why a No-frills Wedding Can Still Mean Marital Bliss

Why a No-frills Wedding Can Still Mean Marital Bliss
 

As beaming couples walk down the aisle and into their married life, they probably aren’t thinking they’ll face squabbles over credit card bills and spending habits (or lack thereof). Unfortunately, for many couples, that’s the reality: A 2015 SunTrust Bank survey found that financial concerns were the top stressor in relationships.1 And a separate survey from the Institute for Divorce Financial Analysts2 found that “money issues” was among the top three causes of divorce.

But it’s possible to buck the bummer statistics after you’ve walked down the aisle. The secret might be as easy as sticking to your wedding budget. Researchers at Emory University, for example, found that couples who spent between $1,000 and $5,000 on their wedding were nearly 20 percent less likely to get divorced than the average couple.3 Of course, that doesn’t mean carefully considered splurges (like that ‘90s cover band you’ve both always loved) mean doom and gloom for the bride and groom. But if shelling out for all those extras means you’re starting married life with a ton of debt, well, you may have some friction in your future. 

“Couples who sit down and prioritize what they want to spend for the wedding are setting themselves up for future success,” says Shannah Compton Game, a certified financial planner and millennial money strategist. “That early communication isn’t just about the wedding. It’s about how they value money and what’s important to them.”

Lise Andreana, a certified financial planner and author of “No More Mac ‘n Cheese!: The Real-World Guide to Managing Your Money for 20-Somethings,” agrees that the earlier a couple is on the same page about a budget, for both the wedding day and their married life, the better. “There needs to be agreement, and neither party should feel that they have to cave in for a wedding that’s bigger than they feel comfortable with, especially if it’s going to mean debt,” she says, adding, “It is always a bad idea to borrow in order to fund a wedding.”

In the whirlwind of wedding details—and OMG, there will be So. Many. Details.—both experts agree keeping an eye on the bigger picture is clutch. Maybe that means saving some of the money you’re tempted to spend on Norwegian ice sculptures and sashimi appetizers for a down payment on a home or an emergency fund. Or maybe it means deciding to go for it and spend a little more to treat your guests to the best—and that’s ok!

If you and your other half have a budget and are determined to stick to it, give yourself a giant, till-death-do-us-part pat on the back. Then zero in on your wedding must-have’s and work on finding cool, cheap alternatives for the things you can live without. DJs can be replaced by a carefully curated playlist on iTunes or Spotify; flower arrangements can be seasonal and scaled back; and swapping a traditional reception for something funky like a food truck will draw appreciation from your friends and savings.

“I hired a food truck that came and made gourmet pizzas, and it was a fraction of what it would have cost us to have some boring chicken dinner,” Compton Game says. And sticking to their budget on the big day has indeed contributed to happily ever after.

Your Big Day

Rein in your spending with a checking account that helps you stay on budget.

1 “Love and Money: People Say They Save, Partner Spends, According to SunTrust Survey,” Feb. 4, 2015, SunTrust Bank

2 “Survey: Certified Divorce Financial Analyst® (CDFA®) professionals Reveal the Leading Causes of Divorce,” August 2013, Institute for Divorce Financial Analysts

3 “‘A Diamond is Forever’ and Other Fairy Tales: The Relationship between Wedding Expenses and Marriage Duration,” Sept. 15, 2014, Emory University

This content does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.

Related

Investment and Insurance Products:

Are Not FDIC or any other Government Agency Insured   Are Not Bank Guaranteed  May Lose Value 

© 2018 SunTrust Banks, Inc

equal housing logoSunTrust Bank is an Equal Housing Lender. Member FDIC

equal housing logoEqual Housing Lender. SunTrust Mortgage, Inc

SunTrust, SunTrust Mortgage, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and SunTrust SummitView are federally registered service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.

Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.

SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1-800-634-7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, IL 60601, 1-888-473-4858, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker—NYS Department of Financial Services, and RI: Rhode Island Licensed Lender.

"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.

SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups and GenSpring are marketing names used by SunTrust Bank, SunTrust Banks Trust Company (Cayman) Limited, SunTrust Delaware Trust Company, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.

SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.

SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.