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Started By
Message
Saving for daughter's wedding. What is the best method?
Posted on 5/10/17 at 8:55 am
Posted on 5/10/17 at 8:55 am
Part of me thinks this comes down to whether you can stomach losses or want to play it safe. Basically, preference.
To me there are two options:
(1) Savings account at bank with little to no interest
(2) Taxable account, and let it ride for 20ish years or however long
Anyone have any experience with this?
To me there are two options:
(1) Savings account at bank with little to no interest
(2) Taxable account, and let it ride for 20ish years or however long
Anyone have any experience with this?
18
Posted on 5/10/17 at 8:57 am to HailToTheChiz
Is this a thing people actually save for way in advance?
Posted on 5/10/17 at 9:08 am to HailToTheChiz
Option 3, Justice of the Peace or something you don't have to save years in advance for.
Posted on 5/10/17 at 9:09 am to HailToTheChiz
My strategy has been drilling into my daughter's head from an early age how dumb extravagant weddings are.
Posted on 5/10/17 at 9:20 am to HailToTheChiz
Tell her to marry into money.
Posted on 5/10/17 at 9:34 am to HailToTheChiz
Do what my father in law did. Tell her big weddings are a waste of money and don't pay for shite.
Posted on 5/10/17 at 9:51 am to barry
quote:
Is this a thing people actually save for way in advance?
I've been saving $50 a month since my daughter was born. Figure it will be $30k or so when she is 24. My plan is to offer her and her husband the money they don't spend in a lump sum to help get their life started.
Posted on 5/10/17 at 9:53 am to HailToTheChiz
This seems like an awful lot of work and planning to blow the whole load for one evening at a wedding.
Posted on 5/10/17 at 10:00 am to Lawyered
quote:
This seems like an awful lot of work and planning to blow the whole load for one evening at a wedding.
i agree
Posted on 5/10/17 at 10:16 am to Lawyered
The only bigger waste of money would be a daughter blowing her college fund to major in gender studies.
Posted on 5/10/17 at 2:23 pm to EA6B
This is pointless, you can't save for literally everything imaginable. You are better off just saving more of your income as a whole to invest. Instead of saving 12% save 14% or instead of 15% save 20%, etc.
Posted on 5/10/17 at 2:39 pm to baldona
quote:
You are better off just saving more of your income as a whole to invest. Instead of saving 12% save 14% or instead of 15% save 20%, etc
I agree.
I already told my daughter to marry into money.
Posted on 5/10/17 at 2:46 pm to baldona
I'm not planning to save anything for my daughter's wedding (or son's for that matter). Whenever that time comes, whatever I can contribute at the time to help, that's what I will do, but I'm not purposely saving for it like I'm doing for their college savings. And I damn sure not taking out a loan to fund it either.
Hell, when I got married my wife and I had to scrap and pay for 75% of the cost of our wedding. I personally thought it was a waste of money, but I couldn't talk my wife out of not having a traditional wedding. I wanted a destination wedding. Anyway, we found a way to save and pay for it ourselves and our children will learn to do the same.
Hell, when I got married my wife and I had to scrap and pay for 75% of the cost of our wedding. I personally thought it was a waste of money, but I couldn't talk my wife out of not having a traditional wedding. I wanted a destination wedding. Anyway, we found a way to save and pay for it ourselves and our children will learn to do the same.
This post was edited on 5/10/17 at 2:49 pm
Posted on 5/10/17 at 3:07 pm to HailToTheChiz
Father in law offered to write me a check if I could convince my wife to do a very small low key wedding. My wife vetoed it.
It was a big check
It was a big check
Posted on 5/10/17 at 3:11 pm to GenesChin
My father in law did the same.
We eloped to Jamaica and pocketed about 80% of it.
We eloped to Jamaica and pocketed about 80% of it.
Posted on 5/10/17 at 3:21 pm to SLafourche07
So did mine.
We started with a small wedding, that quickly ballooned when her friends and family found out about it and acted offended they may not get invited. After it was all said and done, he gave us half of what our honeymoon cost.
We started with a small wedding, that quickly ballooned when her friends and family found out about it and acted offended they may not get invited. After it was all said and done, he gave us half of what our honeymoon cost.
Posted on 5/10/17 at 3:47 pm to HailToTheChiz
It's a nice thing to do, but investing should be prioritized.
MAX ALL RETIREMENT VEHICLES FIRST.
Then college, wedding trip around the world, whatever.
You will retire one day.
She may not want a big wedding.
MAX ALL RETIREMENT VEHICLES FIRST.
Then college, wedding trip around the world, whatever.
You will retire one day.
She may not want a big wedding.
Posted on 5/10/17 at 3:48 pm to The Spleen
quote:
After it was all said and done, he gave us half of what our honeymoon cost.
Traditionally grooms family picks up tab on honeymoon
Posted on 5/10/17 at 5:11 pm to yellowfin
Yeah, screw tradition. I think it is all ridiculous and I have very strong opinions on it. Couples can do whatever they want but someone choosing to skip out on spending thousands on a wedding should not be shamed against "tradition".
I also do not care who foots the bill. I don't want to be a part of an event that is costing an arm and a leg, regardless of whether it comes from my pocket or not. If those funds are available for a couple, then write them a $50k check and let them choose what to do with it. I always hear the argument of "Why do you care? Her family are the ones paying for it." Ummm...because I don't want to be a part of something so extravagant?
I also do not care who foots the bill. I don't want to be a part of an event that is costing an arm and a leg, regardless of whether it comes from my pocket or not. If those funds are available for a couple, then write them a $50k check and let them choose what to do with it. I always hear the argument of "Why do you care? Her family are the ones paying for it." Ummm...because I don't want to be a part of something so extravagant?
Posted on 5/10/17 at 6:48 pm to HailToTheChiz
Buy a ladder and offer them 10k to elope in Vegas.
Throw a party when they return.
Profit
Throw a party when they return.
Profit
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