Wedding registries have been going through a bit or a change during the past twenty years. Where once these wedding wish-lists were lined with household “start-up” items like pots and pans, tools and the occasional entertainment treat, they’re adjusting to meet the needs of the times we live in. A difficult economy, coupled with the fact that people are generally older when they settle down to get married has given rise to registries that are more dictated on, let’s say, large-scale macro needs than home start-up ones.
Not that one group is inherently more responsible than the other. Classical wedding registries that outlined the toaster, microwave and dining set were perfectly responsible requests. These were things young couples reasonably needed to jumpstart their (likely) relatively young adult lives together (late teens to early twenties). For the couples today that are in their late twenties or older, who are likely to have their basic living needs already accounted for, it’s a matter of shifting priorities. To put it bluntly, budgeting for a wedding sucks when you have things like student loans or a mortgage breathing down you neck like a creepy sword of Damocles that refuses to obey a restraining order (mixed similes is how we do, here).
If you’re new to wedding registries, and are thinking that an imported artisan lamp collection isn’t really what you and your partner need, these pragmatic alternatives that many couples are adopting may be just for you.
Student Loan Registry
America is enjoying its highest percentage of college-educated citizens in the history of the nation. That’s seriously nothing to scoff at. Education certainly is a key to upward mobility, but with many graduate couples facing rising interest rates in their student loans, they also see a roadblock to financial security. Some couples want to get married, but can’t afford it, while others opt for a humbly-budgeted wedding so it doesn’t conflict with their looming monthly payments. Dedicating the registry for student loans is a perfect way to be able to put money away for the wedding and not fear interest from missing payments. Even if it won’t clear away the debt, imagine what you could do with say, six months of freedom from it. You can dedicate your registry to your loan through sites like Zola, and contact your bank and loan provider to have the funds transferred once the time window for donations have finished.
Mortgage Registry
Likewise, the reason you’re feeling finical pressure is that you and your partner are home owners and to finally have the house in your names –well and truly in your names –is the goal line to financial security. The same methods to the student loan registry applies. Though, in this case, your bank may allow you to open an account dedicated to your registry. Checks and money orders could be made out to the specific account, and then you could arrange to have the funds be transferred as early mortgage payments –though we want to stress that option varies on the bank. It could simply be less of a headache to have your people in your registry make checks out to an existing account, though we can see how some of the “magic” would be kinds’ lost there.
Next week, we’ll conclude our advice on wedding registries with other options you can explore, and even perhaps how you can pay it forward.
