376- Money Talk. Wedding Planning Money Q&A

by Aleisha

It has been said that money talks. However very few people are willing to talk about Money. Shannah Compton Game, CFP®, MBA, creator of the Millennial Money Podcast is out to tackle the taboo, strip away the stigma, and get people talking about their money. She joins the Bridechilla podcast to answer listener submitted questions about the financial aspect of planning a wedding. The difficulties and nuances of money, when combined with a new marriage, can cause major issues. But it doesn’t have to. Listen now to hear Shannah and Aleisha discuss your questions and start helping you talk about your money so your money can talk.  

Listen to episode 376 of The Bridechilla Podcast

The feeling of getting rid of debt...is like running into the water naked!

Marriage and mountains of debt

One of the increasingly difficult issues facing millennials is debt. From credit cards, to car loans, to mortgages, to the ever looming student loan, there are so many ways that couples can start off with loads of debt. How can you ever afford to pay for a great wedding when you have all these bills? Listener Rach writes in to ask if she and her fiance should lower their loan payments so they can have the wedding they want? Shannah explains how couples can plan an amazing wedding without taking on even more debt or even sacrificing their current debt repayment plan.

The keys to communication

Communication is key in every major relationship in life. You have to be able to communicate to your boss, co-workers, clients, parents, and the person behind the counter at the fast food restaurant. Communication in a marriage is doubly important, and it starts even during the wedding planning stage. Throughout this episode Shannah encourages couples to develop open lines of communication with each other. She says to start with tackling the big, difficult conversations so you will lay the foundations for great communication during your marriage.

If you just had a simple 5-10 minute conversation about it, maybe you’d be able to say 'hey this isn’t that big of a deal'

Photo by Justin Follis

How much you invest in your wedding is completely dependent on what you can afford and what you place value in this party, this celebration.

Don’t break the bank to make memories

You want to have a special wedding with the people who matter the most to you. And you want to make great memories you can look back on with fondness for years to come. So what does it take to really plan great experiences that you’ll never forget? Bridechilla April asks how she should handle a situation with her maid of honor who is planning lavish and expensive pre-wedding events that other bridesmaids would struggle to afford. Shannah explains how spending more money doesn’t necessarily mean a better, more memorable experience and how you can do a lot with only a little bit of money. She also addresses the temptation of overgifting at a wedding.

If there is an insistence of signing a prenup, first you gotta really understand what’s in that prenup and the only way you can do that, in my opinion, is hiring your own attorney.

Prenup or Blackmail?

Laura’s fiance is part of a family business that could employ Laura after the wedding. However, her future in-laws have requested that Laura sign a prenuptial agreement. Is signing a prenup is a good idea? And how can you tell if it is really a prenuptial agreement or just blackmail? Shannah advises having your own lawyer involved when considering a prenuptial agreement. Listen to her advice about that and many other topics on this episode of the Bridechilla podcast.  

Photo by Christin Hume

Listen to episode 376 of The Bridechilla Podcast

Show Highlights

  • [0:33] Introduction of Shannah Game, creator of the Millennial Money Podcast. She joins the show to answers wedding planning and money questions from the Bridechilla community.

  • [4:58] The importance of creating an environment of open communication in a marriage, especially when it involves money.

  • [9:47] Rach is struggling with sticker shock over the cost of a wedding, while she and her spouse are also trying to pay off student loans. She asks for advice on how whether she should reduce their loan payments in order to pay for the wedding.

  • [15:20] Leigh Ann confesses that because her fiance doesn’t understand the high cost of planning a wedding, she was dishonest with him about an item she bought.

  • [23:20] April’s Maid of Honor is planning great but expensive bachelorette party. How do you keep they cost down for the bridesmaids who don’t want to spend as much?

  • [30:11] Aleisha talks about the trend of over-gifting that seems to be increasing in weddings

  • [32:;20] Laura asks about a prenuptial agreement due to potentially joining her husbands family business after the wedding.

  • [37:48] Shannah plugs her show and shares about more of her content and how to get more information about Millennial Money Podcast.   

Meet This Episode’s Guest

Shannah Game is the creator of the Millennial Money Podcast. She is a certified Financial planner with a passion to take the stigma away from talking about money. With over 5.5 million listeners in over 146 countries, Shannah has created a vibrant community where talking about money problems and questions are welcomed and encouraged. Her goal is to help people become empowered to take control of their finances so that they can maximize their money’s impact. 

With thanks to our Bridechilla Partners

Show image by Shanique Wright

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