10 Financial Events to Plan for in Your Children's Lives


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Here Comes the Bride
Many a joyous event has been marred for parents by worry over how they will afford the bills. ©Digital Vision/Thinkstock

The average wedding in the U.S. in 2014 costs $25,200 -- and that doesn't include the cost of the honeymoon [source: Wedding Report]. If your dream -- and your child's -- is a wedding with all of the bells and whistles, you can expect to spend even more. Here are some of the things you may spend money on when planning a wedding for your little girl – or boy:

  • Dress and accessories
  • Tux and accessories
  • Party and shower clothes
  • Invitations
  • Wedding planner
  • Rehearsal dinner
  • Gifts for groomsmen and bridesmaids
  • Hair and makeup for the big day
  • Wedding and reception flowers and decorations
  • Wedding and reception music
  • Photographer/videographer
  • Venue and catering

Whew! Maybe you'll get lucky -- and they'll elope.

Author's Note: 10 Financial Events to Plan for in Your Children's Lives

Full disclosure: I don't have kids. Instead, I have a gaggle of nephews who will pick out my nursing home, so I've worked hard to be part of their lives. One thing I learned early on is that while they'd never turn down money or stuff, what we all enjoy the most is adventure. Birthday celebrations began when they were 2 as afternoons at the zoo, walks in the woods or ice cream for lunch. As the boys grew older, their birthdays became weekend adventures to nearby cities, museums and movies, each accompanied by food of their own choosing. And as they continued to grow -- they're all teenagers now -- they became more involved in what we did. Planning, making suggestions, learning how to survive the disappointment that no matter how much I loved them, I never was going to go skydiving -- or watch them do it. I'm so glad my family is willing to share its kids. It's been great for me, the kids and the parents. And I'm counting on it to pay off in the long run -- with a room at the best nursing home in town.

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Sources

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  • Julien, Stacy. "When Adult Kids Move Back Home." AARP. May 25, 2012. (Oct. 18, 2014) http://www.aarp.org/money/budgeting-saving/info-05-2012/adult-kids-move-home.2.html
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  • Lino, Mark. "Expenditures on Children by Families, 2013." United States Department of Agriculture. August 2014. (Oct. 11, 2014) http://www.cnpp.usda.gov/sites/default/files/expenditures_on_children_by_families/crc2013.pdf
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  • Private School Review. "Average Private School Tuition Cost (2014-2015)." (Oct. 17, 2014) http://www.privateschoolreview.com/tuition-stats/private-school-cost-by-state
  • TIAA-CREF. "Baby on the Way?" (Oct. 17, 2014) https://www.tiaa-cref.org/public/advice-guidance/education/financial-ed/empowering-women/how-to-financially-prepare-for-a-baby?p=1331944006928
  • The Wedding Report. "Average Wedding Cost." (Oct. 18, 2014) http://www.costofwedding.com/

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