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CNN Live Saturday
Financial Tips for Weddings
Aired June 05, 2004 - 16:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: DOLLAR $IGNS is straight ahead right after this check of the latest developments.
A turn for the worse. Sources say the health of former President Ronald Reagan is deteriorating. The Associated Press reports Nancy Reagan telling CBS correspondent Mike Wallace that it's conceivable her husband could die this weekend. At least two of their children are already at Reagan's bedside. The 93-year-old former president announced he was battling Alzheimer's disease 10 years ago.
Trying to move past differences over the war in Iraq. French President Jacques Chirac and President Bush met today in Paris. Mr. Chirac said Iraq remains extremely precarious and again questioned the justification for the war. But he did say he was happy that Saddam Hussein was no longer in power. Tomorrow, the two leaders attend ceremonies honoring the 60th anniversary of D-Day.
Concerns of more violence to come in Iraq. U.S. Defense Secretary Donald Rumsfeld said today intelligence intercepted by the U.S. indicates that al Qaeda could launch more attacks leading up to the handover of sovereignty at the end of the month.
A papal pilgrimage to spread the message of the Catholic Church. Pope John Paul II is in Berne, Switzerland, today for a rally attended by thousands of young Catholics. Before returning to Rome tomorrow he's expected to host an outdoor Mass for 60,000 people.
Welcome to DOLLAR $IGNS. June is the time for blushing brides and summer weddings, but there are a number of things you can do to save money before walking down the aisle. And today we're going to help you. Todd Mark is with Consumer Credit Counseling Service here in Atlanta, and Denise Fields is an expert on wedding bargains in Denver, Colorado, she's also co-author of the book "Bridal Bargains" with her husband Alan.
Good to see both of you. Before we talk how to save money on actually planning a wedding, let's talk about the things a couple really needs to do before even walking down the aisle.
Todd, let me begin with you. Some couples want to know, should they be so brash as to actually ask for each other's credit reports so they know exactly what they're getting into in terms of debt?
TODD MARK, CONSUMER CREDIT COUNSELING SERVICE: Wow, credit reports, that's a fantastic idea to do, Fredricka, because so many times we have people that come to CCCS and they say, you know, I've had perfect credit, I have no debt, and I just married a man who I love and I just found out he's got $20,000 of debt in his credit is ruined. I don't know how we're going to qualify for a house.
So absolutely, that's something you want to do. It doesn't necessarily affect the cost of what you're going to spend on your wedding, but it's a great way to go into a marriage, knowing that both of your finances are intact.
WHITFIELD: So perhaps, Denise, both members of the couple just need to be really open with one another about what kind of debt they may have or maybe even what kind of financial plans they have. Because oftentimes, people don't see eye to eye on how much to save, how much to spend, how much their lifestyle is going to cost them.
DENISE FIELDS, CO-AUTHOR, "BRIDAL BARGAINS": That's right. I think actually planning a wedding is a really good exercise in managing those finances because you have to come up with a budget and you have to stick to it, and here's a great sort of intro into the married life.
WHITFIELD: So do some of these couples need to even talk about what happens after we get married, Todd? I mean, should we have separate accounts, what do we do about credit cards, all that?
MARK: Oh, sure, Fredricka. A great thing to do before you get married is if you're speaking with your minister or if you're doing some pre-marital counseling, is to go over your financial habits and figure out, are you a spender or are you a saver? Do our values mesh together? You know, what are our long-term goals? Do we want to save for a house, do we want to buy a car or do we want to spend it all on dinners and vacations? It's so important to get that down before you get married so you don't have finances become a big fighting point once you're married.
WHITFIELD: Well, Denise, are you finding that more couples these days are being more proactive when it comes to financial planning or are they still falling into some of the same mistakes that traditionally a lot of couples have fallen into?
FIELDS: You know, I think one of the things that brides and grooms do make a mistake about is that they go to businesses that have the word wedding in their name. And there's also what we call a wedding markup when it comes to that kind of thing.
So we often advise brides and grooms to look outside the box. For example, you want a white pair of shoes. Well, you don't have to buy them from a bridal shop that marks them twice over what you find them at in a regular store. So there's a lot of ways along the way toward getting married where you can shop smart and put your good consumer cap on.
WHITFIELD: All right. Well, that's a segue to get us into a little bit more about planning for weddings. There are other ways that you can bargain shop, too. Perhaps it means whether it's the location of your wedding, you may have to be a little bit more flexible because the prices certainly vary, right?
FIELDS: That's true. What we recommend to a lot of brides and grooms is that they look for sites that are unique or unusual that will allow you to bring in, say, an outside caterer. And then you can shop around and get more bids on that catering and spend less money that way than say going with a hotel situation where they have a set price list and there's not much room for negotiation.
WHITFIELD: And I guess, Todd, some couples have to decide, what's our priority? Do we want to have a great wedding, do we want to have a great honeymoon, maybe we can't have both or maybe we need to plan what happens after we walk down the aisle like where are we going to live, those kind of expenses?
MARK: That is so true, Fredricka. And starting there, once you've spent all the money on the wedding and the honeymoon, guess what, you get home from the honeymoon and you want to start looking for a house. So we hope that people use common sense as they're planning their wedding and they don't go way out of whack with their budget.
But what we encourage people to do, a couple of things. Figure out your financing. Are the bride's parents' going to be paying for everything? Are both sets of parents going to be helping out in splitting it or with grandparents? Or are you responsible for what you're going to be spending?
Once you know who's financing it, you've got to come up with the dollar sign. Is it -- DOLLAR $IGNS.
(LAUGHTER)
MARK: Is it going to be $20,000, $21,000, which is the average wedding. Is it going to be less, is it going to be more? And then once you've done that, you've got to put together a budget for everything that you're going to be spending regarding the wedding. Include the honeymoon. And this starts with the invitations, with the dress, the rings, the site of the wedding, the catering, the food, the alcohol, the entertainment, the stationary. There's so many things to think about. We're going to make you write it all down, put together a budget. That's the most important you can do.
WHITFIELD: Wow, it's remarkable that the average wedding is $21,000. That is just a huge amount of money. Let's bring on one of our first e-mails from Amanda in Omaha who wants to know, and this really is touching on what we talked about earlier: "Should I be scared to get married to a man who is in financial debt?" Denise, what's the recommendation? Maybe -- what should she do? Maybe not run but ask a few questions?
FIELDS: Yes, absolutely. And I think one thing you might consider is putting off your wedding and trying to encourage him to work out his debts so that you're not walking into a situation that can put your credit at risk as well. So you know, if you really truly are in love, he'll be willing to put it off for some time.
WHITFIELD: So Todd, does this mean that folks need to be a little bit more flexible, be less married to the date that they want to get hitched on and maybe they need to work out these finances first.
MARK: Oh absolutely. Denise hit it right on the head. If you're in love with somebody, the financial stuff you can hopefully work on and sort that out. But if your new spouse to be has got a lot of significant debt on the side, how are you going to afford to pay for the wedding if you're not getting help from parents?
So maybe you say, let's pay down the debts that we already have and then we can worry about accruing wedding and honeymoon debt and then of course all the things that happen once you move in. It's very expensive for new couples.
WHITFIELD: All right. Todd Mark and Denise Fields, hold on, we're going to take a short break but we're going to continue to take your e-mails and your telephone calls. The number is 1-800-807-2620. And we'll be right back.
(COMMERCIAL BREAK)
WHITFIELD: Welcome back to DOLLAR $IGNS. Have you always dreamed of the perfect wedding? Well, trying to make it happen could turn into a real nightmare without the proper financial planning. Consumer credit expert Todd Mark and wedding bargain expert Denise Fields, they are both taking your questions.
And Denise, let me begin with you. What are some of the common mistakes perhaps that a lot of couples make when just trying to go about planning their wedding?
FIELDS: Well, there's a couple things I think that are really important. You need to plan far enough in advance so you can take advantage of the time to shop around and find great bargains. The other thing is to get everything in writing. I think one thing that brides and grooms forget to do is to ask for contracts that have lots of detail in them, you know, especially when somebody makes a verbal promise to you. If you don't get it in writing, don't expect to see it on your wedding day.
WHITFIELD: OK. And Jane in Texas is on the telephone with us, and she has got a question about pre-nups. Jane?
CALLER: Yes. This is regarding two financially independent adults that are considering getting married, and one has more money than the other one. Should they consider a pre-nup?
WHITFIELD: Todd?
MARK: Wow, Jane, I guess it really depends on how you feel and how comfortable you are in the relationship about that. You know, a lot of times when a pre-nup is brought up, there's an issue of control, control of the money. And maybe it's a sign that there's not a full commitment going in, saying, we're going to split everything up equal.
So if you feel that that's something that's going to, you know, put a wall between you and your spouse going into the wedding, you need to talk about that. And if that's something that he's sold on and you're not, that's got to be resolved before you say I do.
WHITFIELD: Denise, what's your experience with couples?
FIELDS: I absolutely agree with Todd. I think that you must discuss it and talk it out before you start making plans and spending money. You've just got to resolve this just like you have to resolve issues of whether you're going to have children together or you know, what other kinds of expenses that you're planning for in your future. These are all things that must be decided before you start the investment into your wedding and then your future together.
WHITFIELD: Also on the telephone is Kevin in Pennsylvania who's got a question about financial advisers. Kevin?
CALLER: Hi, how are you all?
MARK: Great, Kevin.
Aired June 5, 2004 - 16:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
FREDRICKA WHITFIELD, CNN ANCHOR: DOLLAR $IGNS is straight ahead right after this check of the latest developments.
A turn for the worse. Sources say the health of former President Ronald Reagan is deteriorating. The Associated Press reports Nancy Reagan telling CBS correspondent Mike Wallace that it's conceivable her husband could die this weekend. At least two of their children are already at Reagan's bedside. The 93-year-old former president announced he was battling Alzheimer's disease 10 years ago.
Trying to move past differences over the war in Iraq. French President Jacques Chirac and President Bush met today in Paris. Mr. Chirac said Iraq remains extremely precarious and again questioned the justification for the war. But he did say he was happy that Saddam Hussein was no longer in power. Tomorrow, the two leaders attend ceremonies honoring the 60th anniversary of D-Day.
Concerns of more violence to come in Iraq. U.S. Defense Secretary Donald Rumsfeld said today intelligence intercepted by the U.S. indicates that al Qaeda could launch more attacks leading up to the handover of sovereignty at the end of the month.
A papal pilgrimage to spread the message of the Catholic Church. Pope John Paul II is in Berne, Switzerland, today for a rally attended by thousands of young Catholics. Before returning to Rome tomorrow he's expected to host an outdoor Mass for 60,000 people.
Welcome to DOLLAR $IGNS. June is the time for blushing brides and summer weddings, but there are a number of things you can do to save money before walking down the aisle. And today we're going to help you. Todd Mark is with Consumer Credit Counseling Service here in Atlanta, and Denise Fields is an expert on wedding bargains in Denver, Colorado, she's also co-author of the book "Bridal Bargains" with her husband Alan.
Good to see both of you. Before we talk how to save money on actually planning a wedding, let's talk about the things a couple really needs to do before even walking down the aisle.
Todd, let me begin with you. Some couples want to know, should they be so brash as to actually ask for each other's credit reports so they know exactly what they're getting into in terms of debt?
TODD MARK, CONSUMER CREDIT COUNSELING SERVICE: Wow, credit reports, that's a fantastic idea to do, Fredricka, because so many times we have people that come to CCCS and they say, you know, I've had perfect credit, I have no debt, and I just married a man who I love and I just found out he's got $20,000 of debt in his credit is ruined. I don't know how we're going to qualify for a house.
So absolutely, that's something you want to do. It doesn't necessarily affect the cost of what you're going to spend on your wedding, but it's a great way to go into a marriage, knowing that both of your finances are intact.
WHITFIELD: So perhaps, Denise, both members of the couple just need to be really open with one another about what kind of debt they may have or maybe even what kind of financial plans they have. Because oftentimes, people don't see eye to eye on how much to save, how much to spend, how much their lifestyle is going to cost them.
DENISE FIELDS, CO-AUTHOR, "BRIDAL BARGAINS": That's right. I think actually planning a wedding is a really good exercise in managing those finances because you have to come up with a budget and you have to stick to it, and here's a great sort of intro into the married life.
WHITFIELD: So do some of these couples need to even talk about what happens after we get married, Todd? I mean, should we have separate accounts, what do we do about credit cards, all that?
MARK: Oh, sure, Fredricka. A great thing to do before you get married is if you're speaking with your minister or if you're doing some pre-marital counseling, is to go over your financial habits and figure out, are you a spender or are you a saver? Do our values mesh together? You know, what are our long-term goals? Do we want to save for a house, do we want to buy a car or do we want to spend it all on dinners and vacations? It's so important to get that down before you get married so you don't have finances become a big fighting point once you're married.
WHITFIELD: Well, Denise, are you finding that more couples these days are being more proactive when it comes to financial planning or are they still falling into some of the same mistakes that traditionally a lot of couples have fallen into?
FIELDS: You know, I think one of the things that brides and grooms do make a mistake about is that they go to businesses that have the word wedding in their name. And there's also what we call a wedding markup when it comes to that kind of thing.
So we often advise brides and grooms to look outside the box. For example, you want a white pair of shoes. Well, you don't have to buy them from a bridal shop that marks them twice over what you find them at in a regular store. So there's a lot of ways along the way toward getting married where you can shop smart and put your good consumer cap on.
WHITFIELD: All right. Well, that's a segue to get us into a little bit more about planning for weddings. There are other ways that you can bargain shop, too. Perhaps it means whether it's the location of your wedding, you may have to be a little bit more flexible because the prices certainly vary, right?
FIELDS: That's true. What we recommend to a lot of brides and grooms is that they look for sites that are unique or unusual that will allow you to bring in, say, an outside caterer. And then you can shop around and get more bids on that catering and spend less money that way than say going with a hotel situation where they have a set price list and there's not much room for negotiation.
WHITFIELD: And I guess, Todd, some couples have to decide, what's our priority? Do we want to have a great wedding, do we want to have a great honeymoon, maybe we can't have both or maybe we need to plan what happens after we walk down the aisle like where are we going to live, those kind of expenses?
MARK: That is so true, Fredricka. And starting there, once you've spent all the money on the wedding and the honeymoon, guess what, you get home from the honeymoon and you want to start looking for a house. So we hope that people use common sense as they're planning their wedding and they don't go way out of whack with their budget.
But what we encourage people to do, a couple of things. Figure out your financing. Are the bride's parents' going to be paying for everything? Are both sets of parents going to be helping out in splitting it or with grandparents? Or are you responsible for what you're going to be spending?
Once you know who's financing it, you've got to come up with the dollar sign. Is it -- DOLLAR $IGNS.
(LAUGHTER)
MARK: Is it going to be $20,000, $21,000, which is the average wedding. Is it going to be less, is it going to be more? And then once you've done that, you've got to put together a budget for everything that you're going to be spending regarding the wedding. Include the honeymoon. And this starts with the invitations, with the dress, the rings, the site of the wedding, the catering, the food, the alcohol, the entertainment, the stationary. There's so many things to think about. We're going to make you write it all down, put together a budget. That's the most important you can do.
WHITFIELD: Wow, it's remarkable that the average wedding is $21,000. That is just a huge amount of money. Let's bring on one of our first e-mails from Amanda in Omaha who wants to know, and this really is touching on what we talked about earlier: "Should I be scared to get married to a man who is in financial debt?" Denise, what's the recommendation? Maybe -- what should she do? Maybe not run but ask a few questions?
FIELDS: Yes, absolutely. And I think one thing you might consider is putting off your wedding and trying to encourage him to work out his debts so that you're not walking into a situation that can put your credit at risk as well. So you know, if you really truly are in love, he'll be willing to put it off for some time.
WHITFIELD: So Todd, does this mean that folks need to be a little bit more flexible, be less married to the date that they want to get hitched on and maybe they need to work out these finances first.
MARK: Oh absolutely. Denise hit it right on the head. If you're in love with somebody, the financial stuff you can hopefully work on and sort that out. But if your new spouse to be has got a lot of significant debt on the side, how are you going to afford to pay for the wedding if you're not getting help from parents?
So maybe you say, let's pay down the debts that we already have and then we can worry about accruing wedding and honeymoon debt and then of course all the things that happen once you move in. It's very expensive for new couples.
WHITFIELD: All right. Todd Mark and Denise Fields, hold on, we're going to take a short break but we're going to continue to take your e-mails and your telephone calls. The number is 1-800-807-2620. And we'll be right back.
(COMMERCIAL BREAK)
WHITFIELD: Welcome back to DOLLAR $IGNS. Have you always dreamed of the perfect wedding? Well, trying to make it happen could turn into a real nightmare without the proper financial planning. Consumer credit expert Todd Mark and wedding bargain expert Denise Fields, they are both taking your questions.
And Denise, let me begin with you. What are some of the common mistakes perhaps that a lot of couples make when just trying to go about planning their wedding?
FIELDS: Well, there's a couple things I think that are really important. You need to plan far enough in advance so you can take advantage of the time to shop around and find great bargains. The other thing is to get everything in writing. I think one thing that brides and grooms forget to do is to ask for contracts that have lots of detail in them, you know, especially when somebody makes a verbal promise to you. If you don't get it in writing, don't expect to see it on your wedding day.
WHITFIELD: OK. And Jane in Texas is on the telephone with us, and she has got a question about pre-nups. Jane?
CALLER: Yes. This is regarding two financially independent adults that are considering getting married, and one has more money than the other one. Should they consider a pre-nup?
WHITFIELD: Todd?
MARK: Wow, Jane, I guess it really depends on how you feel and how comfortable you are in the relationship about that. You know, a lot of times when a pre-nup is brought up, there's an issue of control, control of the money. And maybe it's a sign that there's not a full commitment going in, saying, we're going to split everything up equal.
So if you feel that that's something that's going to, you know, put a wall between you and your spouse going into the wedding, you need to talk about that. And if that's something that he's sold on and you're not, that's got to be resolved before you say I do.
WHITFIELD: Denise, what's your experience with couples?
FIELDS: I absolutely agree with Todd. I think that you must discuss it and talk it out before you start making plans and spending money. You've just got to resolve this just like you have to resolve issues of whether you're going to have children together or you know, what other kinds of expenses that you're planning for in your future. These are all things that must be decided before you start the investment into your wedding and then your future together.
WHITFIELD: Also on the telephone is Kevin in Pennsylvania who's got a question about financial advisers. Kevin?
CALLER: Hi, how are you all?
MARK: Great, Kevin.
