Dear Quentin,
Our only daughter is getting married. It’s getting expensive. Do we owe her younger brothers anything to even out the monetary gifts? One of them is married, and we covered the groom’s side of that wedding, but that was about 15% of what our daughter’s wedding costs will be. We have the money, but we’re unsure about our duties to our other children. Many thanks.
Getting Poorer
Dear Poorer,
I’ve never thought that spending that kind of money — close to the median annual wage — is a good idea for one day. It’s a special day, a rite of passage, a memory to last a lifetime, and a photo album to flick through for decades, it’s many things to many people. Pay for the wedding if you can afford it, and that’s how you want to spend your money.
If you also wish to give your three children $25,000 or thereabouts, you can that too. Although it’s better to give with a purpose. Your daughter wants a wedding. Your son may need help with his downpayment on a house or college education for his child, or even further education for himself. Without that conversation, the value of your family’s dollar falls.
The average cost of a wedding in the U.S. hovers at around $20,000 or closer to $30,000 if you choose to go by polls carried out by wedding-planning websites whose customers are probably higher-income Americans, and are willing — if not always able — to spend that kind of money on one day. At least, not without a little or a lot of help from mom and dad.
Before dishing out gift bags, make sure you have enough money set aside for a medical emergency, and that your retirement is comfortable. Nearly half of workers in this Transamerica retirement survey said they don’t have enough income saved for retirement. Stock markets are in turmoil — first hit by the COVID-19 and now the Russian invasion of Ukraine.
The events of the last week remind us all that life is short, and we should savor every moment with our loved ones while we can. None of us knows what’s around the corner. That said, the world is nothing if not unpredictable so if you are feeling “poorer” listen to those instincts, tighten your purse strings and act out of prudence rather than out of guilt.
You can email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.
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