Life is full of changes, and many of which are unavoidable as well as unpredictable. The art of living well is the ability to adapt yourself to these changes in order to make the best and the most out of what you have. Getting married is one of those important changes in life. Planning a wedding is a big challenge, as well as a learning experience, for the couple, especially if they would like to have a dream wedding with financial freedom. The art of living well is the wisdom of smart planning for financial freedom.
What is financial freedom?
Financial freedom begins with financial wisdom, which is an understanding of the meaning of money and its unique relationship with you. Everybody has different perceptions of money, and your unique relationship with money is what really matters to you. Financial wisdom is utilizing your financial resources not just to accumulate wealth but to enjoy what you have. Money is a means to an end, and not an end in itself. Financial wisdom gives you not only more freedom in terms of financial options but also greater protection in difficult economic times. Financial wisdom is to know the true values of money in your life, and thus to make important financial decisions accordingly, including those in smart wedding planning.
Many people simply know that money can buy the things they want, but they may not know that financial stress can cause mental and emotional problems in a love relationship, especially in a marriage. Therefore, smart wedding planning for financial freedom is important in creating a resourceful wedding.
The essence of financial wisdom is to have the mindset for simplicity, that is, knowing what is enough is enough; anything beyond the need is a want. Buy the things you need with the money you have, and not buying the things you don’t need with the money you don’t have. Financial wisdom is just that simple! With financial wisdom, you will achieve financial freedom; it is only a matter of time, and a matter of willpower.
What is smart wedding planning for financial freedom?
Make achieving financial freedom the ultimate goal in your planning.
To plan a budget wedding, you must, first of all, have the resources. A resourceful wedding means that all unnecessary costs are either eliminated or reduced to a minimum, and that all basic wedding items are acquired at their best prices. To attain a resourceful wedding, you must plan it well in advance.
A wedding naturally costs money. Unless money is no object to you, determine your affordability; that is, how much you “can” pay, and how much you are “willing” to pay. If money is a problem, then consider all the possible financial resources available to you, such as, refinancing your house; and decide how you would get them without breaking your financial back.
The type of wedding ceremony and the choice of venue generally affect the cost of a wedding, that is, your wedding budget. For example, using your wedding ceremony location as the venue for your wedding reception can save you a lot of money, as well as make it more convenient for your wedding guests too.
Smart wedding planning always takes into consideration the debt factor in financial freedom. Are you currently in consumer debt? How much do you owe your credit cards? What are you financial liabilities, short-term as well as long-term? To become debt-free is one of the financial goals in financial freedom. Smart wedding planning avoids incurring huge debt through a resourceful wedding. Do not buy what you don’t need with the money you don’t have. Do not fall into the trap of buy-now-and-pay-later. Do not have a credit-card-approach mentality to wedding planning. Getting into wedding debt is easy: the billion-dollar wedding industry in the United States easily and conveniently allures couples into debt. Remember, the debt may follow the couple into their marriage for as many as 10 years.
Also consider the savings factor in financial freedom. Do you save every month? How much more can you save in the months prior to your wedding? Focus on saving, instead of spending; change or modify your living habits, such as reducing the frequency of shopping. Prioritize your spending, which is always paying yourself first! If you pay yourself first, you will have less to spend, and when you have less money, you will spend less. Always pay yourself first: set aside a certain amount of money each money for your forthcoming wedding expenses. Save before and not after the wedding! Smart planning is money saving!