0 Members and 1 Guest are viewing this topic.
'A pointless showing of wealth': This New York dad says he refused to pay $200K for his daughter's lavish wedding — and now she won't speak to him. But what should kids reasonably expect?For many parents, your child getting married is a day of celebration that’s full of photo-worthy moments, tears and loved ones. But for some, that celebration comes with a steep price tag and no small amount of family drama.A New York man’s story went viral on Reddit after he posted about his daughter who stopped speaking to him after he refused to foot the bill for her wedding plans.He claimed she wanted him to cough up $200,000 so that she and her husband could tie the knot in New Zealand.“My wife feels I should do it because we can afford it, but I find it to be a pointless showing of wealth,” the father wrote on Reddit. “Should I bite the bullet and essentially burn money?”So how do you strike a balance between helping your child have the day of their dreams while keeping yourself on track for your own financial goals such as retirement?Should you pay for your kid’s wedding?There’s no easy answer to this father’s question – especially with the high price of weddings.Couples spend an average of $30,000 on their nuptials, according to The Knot’s 2022 Real Weddings Study. That same data shows that the average marriage age is now 30-years-old, an age group that is being hit particularly hard by from high inflation, wage stagnation and record debt levels. Many Americans, millennials included, don’t even have $400 saved – much less $30,000 – so it makes sense they’re turning to the bank of mom and dad to fund their wedding.Before you even ask if you should pay for your child’s wedding, take a look at your savings. Do you have $30,000 sitting around or would you have to dip into your retirement savings? Personal finance personality Suze Orman warns parents not to jeopardize their retirement nest egg or put themselves in debt to finance their kids.
