January is the biggest month for engagements! That is a great way to start out the year. All of you who are here because of a new engagement congratulations! You have just started a wonderful journey that will become the rest of your life.
According to a study by Chase Slate and U.S. News, young adults (ages 18-34) are more committed to saving money and spending less than other age groups.
54% of young adults said that they planned on saving more money in 2011 compared to 27% of adults between the ages of 55 and 64.
I did find it interesting that 84% said they were planning on saving more but only 73% were planning on spending less. I guess the 11% that are planning on spending the same or more while saving more are expecting a wage increase.
If you are recently engaged and planning on saving more money, managing it better, and spending less, then that will start with your wedding.
Spending more money that you can afford on your wedding is unfortunately all too common. Starting your marriage life in debt is never good. There is time for that! It is common to add a house, car, and kids in the mix at some point after your marriage and each of those come with their own price tag. Try to avoid having to pay bills on your wedding and honeymoon.
That does not mean you can’t have a beautiful wedding. Beautiful weddings can be cheap weddings. So if you are in the group of young adults that want to save more money and spend less this year and you are recently engaged then don’t lose heart.
The survey also shows that young adults have the most optimistic outlook on the economy compared to the other age groups, which is a wonderful outlook to have.
Congratulations to the newly engaged!
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- Young Adults Set Big Money Goals for 2011 (money.usnews.com)
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