There has been a noticeable shift in the demographics of education and marriage, particularly among people aged 25 to 34 over the past few decades. This can be attributed to the fact that the average age at which people get married coincides with the average time it takes to complete graduate education. According to a survey by SoundVision, the average age of brides is 25.3 and grooms is 26.9, which aligns with the timeline of completing graduate degrees. Considering the financial burdens of undergraduate and graduate debts, as well as daily living expenses, it can be challenging to budget for a wedding. However, there are strategies you can implement to alleviate some of these pressures if you have to successfully balance marriage and education.

First and foremost, it is crucial to start budgeting and saving early. Take the initiative to set up a budget as soon as possible, and prioritize paying off student loans and other significant debts like credit card or vehicle loans. The average college graduate carries around $28,950 in debt even before considering graduate school expenses. By addressing these debts, you can reduce financial strain and pave the way for funding other life milestones, such as weddings.

Work, Family, Education

Work-life balance with family and school

To effectively manage your finances, consider using budgeting tools or apps like You Need a Budget or Mint. These tools provide insights into your spending habits, help you track expenses, and visualize your overall financial situation. Budgeting not only gives you control over your money but also helps you plan for the future, align your priorities, and reduce stress.

Another important aspect is being proactive in both saving and earning additional income. Cut down on eating out and socializing frequently, as these expenses can add up quickly. Consider taking on side hustles or part-time jobs to increase your income streams. Look for investment opportunities to diversify your money and make it work for you.

When it comes to planning a wedding, you can find ways to hold an extravagant yet frugal celebration. The average wedding cost nationally is around $35,329 according to The Knot. However, there are numerous cost-saving methods available, especially with the advent of digital technology. For instance, you can opt for online bridal gown shopping instead of going to physical stores, saving time and money.

Author’s last word

Successfully managing graduate and marriage debts requires being proactive in addressing and reducing your debts, while also carefully planning and budgeting for the future. By taking these steps and making conscious financial decisions, you can navigate the challenges of debt and still enjoy significant milestones like getting married.