Turn A Dream Wedding Into A Reasonable One

Anna is 23, and her boyfriend is 24. They've been dating for three years and are talking about getting married in a year or two. Should they be saving toward the wedding or paying off debt?

QUESTION: Anna in San Diego is 23, and her boyfriend is 24. They’ve been dating for three years and are talking about getting married in a year or two. He has $20,000 in debt, and his parents have $80,000 in debt for his student loans. Anna also has some debt. Should they be saving toward the wedding or paying off debt?

ANSWER: I think you need to have a reasonable wedding, and you need to plan that out as a percentage of your income. After that, you need to be working on your debts, and he needs to be working on his debts. You should not be paying each other’s debts until you’re married. Between the two of you, I think you can slow down your debt reduction and save up some money toward a wedding. You’ve just got to make that pretty reasonable, because you’re not going to have a ton of money.