My Fiancee and I are looking to get married in April. Starting in December of this year, he will be finishing with school and his current job has offered him a job at 55,000 a year. I will still be only making about 15,000 at the time. Our wedding right now looks like it will be costing us about 30,000. We will be able to afford the wedding/honeymoon without having to take out a personal loan. However, this means that we might have to live with my parents for a few months to save money before we go to find a place of our own. He likes the idea of living here together for a while because it will give us a chance to get organized and pack the things that we are going to take/get rid of the things we will not take. etc… plus, my parents would not charge rent of any kind. The other option is to find somewhere to rent.. Is renting a better idea? I don’t see how it is possible to save money for a home while renting. Any suggestions would be helpful.
Should you live with your parents? Personally I would not want to live with my parents after the wedding. I have no problem asking them for help if it is needed, but I would not make it my actual plan. Living with your parents after the wedding can cause strain. How are the other bills going to be separated (or will they be)? Will you be sharing the kitchen or bathrooms? Will you/your spouse make meals for everybody, will your parents make them, or will you each be eating your own meals? Who will do the laundry? How long will this last? Furthermore, fights between spouses usually escalate if you are living with other people because you can’t find the time to openly discuss problems (and there is always the worry that the people you live with will actually get involved in the argument).
Are you financially ready for marriage? If you are not sure where you are going to get money for rent or a home then you may want to postpone your wedding date. If you are having financial differences right now then attend some finance classes with your spouse so you are both on the same page.
Can you save money for a house while renting? Yes. Many people do it! In some ways it is harder, in some ways it is not. If you live with other people generally eating out becomes a higher priority, which takes good size chunk of a budget. Also, unless you are planning to buy the house outright, going from no rent to paying a mortgage is more of a shock than from rent to mortgage.
Is your Wedding Budget Set? $30000 when you feel like you cannot live on your own after the wedding is high. You should never make your wedding more important than your life. Everybody has a different wedding budget and one of the factors you have to consider is what you can afford.