A Colorful Conversation with Trae Bodge of True Trae, a Consumer’s Best Friend
Budgeting and Spending Thoughtfully for Your Wedding
Trae Bodge is a shopping expert with a passion for saving people money. As a regular contributor to national publications like CNBC and Inside Edition as well as monthly “Best Buy” segments on local stations in New York and Washington D.C., Trae lives and breathes finances and budgets.
So who better than Trae to discuss wedding purchasing decisions, wedding budgets, and having difficult conversations about money and finances?
Let’s face it, when planning a wedding, your budget can be blown before you know it. If you and your partner don’t have the same vision for how your money should be spent, or if parents are chipping in and expecting some decision-making or veto powers, you could find yourself creeping into debt.
In this interview, Leah and Trae discuss:
How to have a conversation with your partner about finances,
How to avoid blowing your budget by pleasing and appeasing, and
Steps you can take to avoid debt while planning your wedding.
How to Have a Conversation With Your Partner About Finances
While money can feel like a taboo subject, Trae encourages couples to have an honest conversation about finances prior to even getting engaged. That way, you can both “get it all on the table.”
The goal is to break down emotional barriers to discussing finances and make everyone’s expectations crystal clear so you can avoid problems down the road.
A few things you should discuss with your partner are:
How much each of you earn
How much debt you each carry
The best method you’ve found for budgeting your finances
How you’re going to handle finances and bills after being married
Be sure to take into consideration a potential pay disparity that might be present between the two of you
Whether you plan on having separate bank accounts, a joint account, or a combination of the two
Trae suggests that, during your financial chat, don’t be afraid to bring up prenups either! Prenups are no longer just for the wealthy. You never know what might happen down the road. “Financial situations change and we have to protect ourselves,” Trae reminds us. Most people divorce because they are not the same people that they were when they entered into the marriage.
If appropriate, provide real-life examples of divorced couples you might know to help ease into this tricky subject with your partner.
Don’t Blow Your Budget by Pleasing and Appeasing Others
Weddings are notoriously stressful. You have a huge number of decisions to make and when you factor in trying to make sure that you consider the opinions of everyone involved, you can easily find yourself busting your budget.
Here are some tips for maintaining your wedding budget:
Be prepared to make compromises. Make a list of the elements of your wedding that is ranked by priority to help guide your conversations and decision making. For example, is the quality of the food more important than photography? If so, rank food higher.
If a family member or friend is contributing to your wedding, get a dollar amount and tie it to a wedding detail they are passionate about. For example, if your aunt is contributing $2,000 and she has a lovely flower garden, let her know you will be using her contribution for ceremony flowers. This will let contributors know where their money is going, help them to feel included, and manage their expectations.
Keep the emotional balance of everyone involved in mind. Making sure that those who are involved feel like they are contributing (not just financially) will not only maintain the peace but also will keep you from blowing your budget.
Steps You Can Take to Avoid Debt While Planning Your Wedding
It can be hard for anyone to stay on track with your budget when you are trying to plan a wedding. To help manage the financial details throughout the wedding planning process, start with a firm budget and build in “checkpoints” throughout the planning process. You don’t want to start your new life with your spouse with debt.
Consider the following to avoid wedding day debt:
Research how much weddings actually cost online before you make any booking or purchase decisions.
Break out each component, line by line, to get a true sense of wedding costs and avoid unrealistic expectations.
From there you can choose what you are able to compromise on and what is non-negotiable.
Don’t be afraid to ask vendors for a breakdown of what you are paying for and if discounts are available. Knowing that you are not leaving any money on the table is a reassuring thing!
Hire a wedding planner! You might think that paying someone to plan your wedding is an added expense but this is one that could ultimately save you money. Wedding planners have connections in the industry to get you deals, will make sure that you stay on budget, will not allow you to stray with your spending, and save you countless hours planning your big day. After all, time is money!