MILWAUKEE / ACCESSWIRE / March 8, 2023 / Northwestern Mutual: A wedding is likely one of the best days of a couple’s life together. But it’s also a proud and joyous moment for their parents. It makes sense for parents to want to contribute financially to this important day. Some parents may be interested in paying for a portion of their child’s wedding expenses while others may want to cover the full cost. These are three things parents should think about when paying for their child’s wedding.
Understand their financial situation
Before parents start writing checks, they should look at their financial situation and decide what they’re comfortable spending. Some parents save in advance for a child’s wedding while others may move funds around when they’re ready to contribute. They may choose to dip into savings or consider alternative sources of funding. For example, parents who have a permanent life insurance policy such as whole life insurance might decide to tap into the policy’s cash value*.
Talk to the couple
Parents thinking about paying for all or part of a wedding should communicate this intention to their child and soon-to-be son or daughter-in-law. This is an opportunity to get on the same page and get their opinion on any possible financial gifts. Even if there’s a cultural expectation for parents to pay for the wedding, it’s often best not to make assumptions without talking to the couple. Some couples prefer to bear the cost themselves – others may want to avoid the stresses of event planning by eloping! The couple probably has a vision for their wedding already and an honest conversation will help parents understand how best to contribute to it.
Remember to prioritize the couple’s needs
When parents are financing a wedding, they may want to be very involved in the decision-making process – after all, weddings are fun to plan and often everyone wants a say. But ultimately, it’s the couple’s special day, and what they want should be the priority. To set expectations for everyone, it may be a good idea to have a conversation about parental input before the couple starts planning. Couples may decide that, for example, the parents can offer input on the decorations, dress, catering, or guest list, but ultimately the engaged couple will make the final call. If overspending is a concern, parents may decide to tell the couple how much they’re willing to spend and allow the couple to budget with that number in mind.
No matter how much parents contribute, it’s important to be communicative and stay respectful of the couple’s boundaries. Weddings can be stressful, but it’s also a fun time for families and friends to get together and celebrate the couple – so parents should focus on creating great memories with their child as they embark on a new chapter in life.
*The primary purpose of permanent life insurance is to provide a death benefit. Using permanent life insurance cash value to supplement retirement income will reduce the death benefit and may affect other aspects of the policy.
Assistant Director – Field & National Grassroots Public Relations
SOURCE: Northwestern Mutual
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