Money Regrets: The Expensive Wedding

BOSTON (CBS) – This has proved to be a very popular series so I thought we should do it again. We will talk about all the dumb things we do involving money.

We all do dumb things. Some we are willing to admit to and some we don’t! Sometimes we should have known better but it sounds so good we can’t resist or worse we are pressured into buying stuff we don’t need. Or sometimes it is something we don’t do and should have!

So I thought we would spend some time looking at the money regrets people have and maybe learn from them.

I don’t know anyone who doesn’t have at least one money regret. And some individuals many more. So learn from other people’s mistakes? At least be forewarned.

I was at a wedding shower recently and the conversation turned to divorce. Many had been divorced at least once and in speaking with them their money regrets were all about the wedding. The cost of the wedding.

Weddings are expensive often costing thousands, averaging $28,000 in our area.  Now the regret sets in after the wedding or honeymoon when the couple begins to think beyond their wedding day. The credit card bills come due or they want to buy a house and those dollars spent on the perfect day are all gone.

It was interesting to hear what many thought was not important now, but had been so expensive then. Out of season flowers, chair covers, free alcohol, hand done calligraphy, expensive shoes that you take off to dance, groom cakes, monogrammed anything, save the date cards, professional hair and makeup that comes to you, dress preservation.

And there are those gym memberships or that treadmill you bought to get in shape for the wedding. An estimated 60% or more of gym memberships go unused after an initial visit or two. Make sure you can get out of any membership deal you enter into.

And if they were newly single after a divorce they definitely regretted all of that money spent on one day!

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You can hear Dee Lee’s expert financial advice on WBZ NewsRadio 1030 each weekday at 1:55 p.m., 3:55 p.m., and 7:55 p.m.

Subscribe to Dee’s Money Matters newsletter here.

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