Jan 31, 2011

Financial Honesty

Tonight's season finale of the Real Housewives of Atlanta showed castmate Cynthia Bailey wedding Peter amidst a serious lack of money and family doubt. I am someone that has previously blogged about my thoughts on weddings and their outrageous costs (here and here) so seeing her struggle to scrape together pennies to put on the wedding of her dreams was hard.

Viewers watched as Cynthia broke down multiple times leading up to her nuptials and proclaimed that they didn't even have the $3k to pay for the beverages, amongst other things. Now her mother came in for the last minute save, but I would love to ask them if it was really worth it? I'm not a party pooper - - If you have the $ to spend by all means spend it! I just don't believe in overextending yourself... not even for a wedding.

Financial honesty is a concept most of us learned when we were young, but recently financial guru Suze Orman has made popular again: "Financial honesty means you don't buy it if you don't have the money for it."

It's tempting to keep up with the Jones', but there's nothing wrong with being honest about your financial situation and knowing when to forgo certain things. A "budget" isn't a bad word and financial honesty won't ruin your day. As Orman always says, we should strive to "live below our means, but within our needs."

When is the last time you analyzed what your needs truly are? Do you know someone that went broke planning a wedding?


laundrygirl said...

I could get on a pretty tall soapbox about this subject. Somehow we have been convinced by the mainstream that we must have a big lavish wedding. I think brides are prone to mixing emotions with finance and putting more into the wedding day than the actual marriage. When I planned mine I noticed shop owners preying on the emotions - "You will only do this once" they'd say as if budgeting should go out the window because I'd found love. (I could say more but I'm sure you'd get worn out from my rambling...) I know lots of people who have fallen into the trap. Sadly many of them aren't even still married. I wasn't one of them.

South Loop Social Light said...

Pleas feel free to stand high on your soap box and rant lol. This is something I'm so passionate about and could probably talk everyone's ears off, so it's nice to see someone else sharing my views.

I completely understand that weddings are something little girls grow up dreaming about, but at some point you have to be realistic about your finances and what you can really afford.

I also believe that that so much emphasis is placed on the wedding day that people forget to nurture their relationships. A wedding just one day... the actual marriage starts AFTER the fan fair ends.

T said...

You've read my blog so you know I think about money daily and I live below my means, so I think I'm ok there.

This episode pissed me off. And I'm no Phaedra fan, but she's growing on me because things she says are true. She said they made a million dollar wedding with fifty cents. Never truer words spoken.

I LOVE weddings and all they encompass, but I can't imagine (at this point in my financial journey) going into debt for one.

At the end of the day it's going to be a fun wedding or a not-fun wedding. All those expensive details are for the birds (if you don't have it).

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