Indebted Ottawa couple says “I do” to saving for their $25,000 wedding - S.R. Stack & Company Ltd. Skip to content

Indebted Ottawa couple says “I do” to saving for their $25,000 wedding

The Globe and Mail
Saving for a wedding instead of paying off debt may not seem like a sound approach, but the goal it provides may set the couple up for a sound financial future anyway.

Saving $25,000 for a wedding while carrying $35,000 in consumer and student debt may not seem like the most prudent approach; it is tempting to suggest they not have such an expensive wedding and focus on their debt repayment.

However; the plan is provides the couple with a goal that is motivation for them to budget accordingly and, hopefully, the habits they develop continue beyond their wedding date and set them up for a financially secure future.

What do you think of their plan and their budgeting strategy?

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Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]