Planning a Wedding on a Budget? CBC Radio Interview with Maili Wong
Often our clients are asked to help cover the costs of their children’s weddings. With the average Canadian wedding cost rising each year, (to nearly $25,000 according to the Globe and Mail and WeddingBells survey) the question becomes, how much should one spend on a wedding?
This week, Maili was interviewed on CBC Radio for her expert opinion and she shared the following tips:
- Initiate a “money talk” as a couple to set realistic goals and budget for the wedding. According to a CIBC Survey, over 40% of young couples state that financial stress weighs on their relationship. Minimize the stress, and stick within a realistic budget.
- Be creative about saving money on wedding expenses that have little long-term impact!
- Consider the alternative uses for the money – i.e. saving in a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Account (RRSP) or towards a down payment on a home. For example, $25k invested at 5% can double to more than $50k within 15 years.
- Save and invest the money for high-priority uses in the future, like moving expenses or higher education costs.
- Listen to the full interview here (skip ahead to 27 minutes and 40 seconds for this segment).
