A Wedding and the Debt Snowball

Nathan in Houston and his fiancée are getting married in August, and they have about $9,000 in savings combined. They want to pay for the wedding in cash. Should they put the extra money toward debt or toward the wedding?

QUESTION: Nathan in Houston and his fiancée are getting married in August, and they have about $9,000 in savings combined. They want to pay for the wedding in cash. Should they put the extra money toward debt or toward the wedding? Dave recommends putting it toward the wedding.

ANSWER: Put it toward the wedding. You’re not going to get to $90,000 on this wedding. You’re going to go from $9,000 to maybe $12,000. The average wedding in America right now is $28,000. You’re still going to be half of that when you’re done. You’re going to have a modest, reasonable wedding in a modest, reasonable situation, which is wise on your part.

Could I put my debt snowball on hold to slightly enhance this modest wedding? The answer is yes. If you’d said you were putting an extra $50,000 on this wedding instead of getting out of debt, then we’d have to talk.

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