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Saving for Missions and Weddings

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Among couples who choose a traditional wedding, 99% take a honeymoon. Average cost of honeymoon = $4000 (3x the amount of average US vacation) ... – PowerPoint PPT presentation

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Title: Saving for Missions and Weddings


1
Saving for Missions and Weddings
  • Alan Olpin
  • Brett Rawlins
  • Dan Stirling

2
Saving for a Mission
3
Saving for a Mission
  • In addition to the spiritual preparation
    necessary, there is also a temporal preparation.
    Financing missions places additional burdens on
    family resources. This would not be necessary if
    young priesthood bearers would decide early in
    life that they would carry this responsibility
    measurably themselves. The new Missionary
    Equalization Program has removed much of the
    guesswork about the financial resources which
    will be required for missionary service.
  • One of the great blessings of this program is
    that missionaries and their parents can now
    project fairly accurately the cost of a mission.
    Savings accounts can then be planned based on
    this projection. Early proper planning can help
    missionaries become self-sufficient in financing
    their own missions. It also has the benefit of
    teaching early in life the rewards that come from
    honest labor.
  • Elder L. Tom Perry

4
Historical Planning
  • 1800s No Planning Required
  • Called on spur of the moment
  • Serve without purse or scrip
  • January 1, 1991
  • Prior to this date, planning very difficult
  • Mission cost depended on mission call
  • Example Monthly mission cost during the 80s
  • South America 150 - 175
  • England 500

5
Current Costs
  • 1500 not tax deductible
  • Amount depends on mission call
  • Clothing, medical exams, passports, etc.
  • 375 per month tax deductible
  • Amount independent of mission call
  • 24 months for sons, 18 months for daughters
  • Approximate total costs
  • Sons 10500 today 13500 in 20 years
  • Daughters 8250 today 10500 in 20 years

6
Monthly Savings for Sons Mission
7
Monthly Savings for Daughters Mission
8
Planning Suggestions
  • Start sooner than later
  • Create extended family missionary fund
  • Borrow from fund and repay later
  • Use insured account that meets needs
  • LDS Church council on savings
  • Individual missionary first
  • Family and close friends second
  • General ward membership third

9
Saving for a Wedding
10
Average Cost of Traditional U.S. Wedding
  • Mother of Brides Apparel 250
  • Invitations and thank yous 400
  • Gifts for attendants 400
  • Officiant / Priest Church Fee 400
  • Limousine 450
  • Wedding rings (bride grooms wedding
    bands) 500
  • Grooms and groomsmens tuxedos 600
  • Rehearsal dinner 750
  • Flowers 800
  • Bridesmaids Apparel 900
  • Photography 1000
  • Videography 1000
  • Music / Entertainment 1000
  • Brides Gown Veil 1100
  • Engagement Ring 3000
  • Wedding Reception 8000
  • Free entrance into LDS temple for eternal
    marriage Priceless

11
Breakdown of Wedding Expenses
12
Wedding Statistics
  • Average Cost of Traditional US Wedding 20,500
  • (not including honeymoon)
  • Bride is responsible for approximately 75 of
    wedding expenses
  • Average Age for 1st time Brides 24.5
  • Average Age for 1st time Grooms 26.5
  • Among couples who choose a traditional wedding,
    99 take a honeymoon
  • Average cost of honeymoon 4000
  • (3x the amount of average US vacation)
  • Average length of honeymoon 9 days
  • 37 of honeymoons are to a domestic location, 63
    are to a foreign location

13
Start Saving Now
At 3 inflation, the average cost of traditional
US wedding in 25 years will be 43,000 The bride
and her family can count on a bill of 32,000 PV
of 30,000
14
Cutting Costs
  • Pick 5 things you care about and do them well
  • Cut the guest list
  • Wedding planner?
  • Sanity vs. Cost
  • Rent or borrow the wedding dress
  • Shop in catalogs or online
  • Use inexpensive desserts
  • Small fancy cake for the pictures and a big sheet
    cake in back to serve the guests
  • Chocolate covered strawberries instead of a
    dessert buffet
  • Keep your flowers simple and in season

15
Cutting Costs
  • Involve your friends and family
  • Do it yourself
  • Arrange some flowers, bake a cake, make the
    centerpieces, etc.
  • Date and season matter
  • Photography
  • Use a photographer only for the big important
    pictures
  • Buy disposable cameras so your guests can take
    candid shots throughout the day
  • Invitations
  • Shop catalogs or online
  • Print your own
  • Email them!

16
What is the least necessary wedding expense?
  • The wedding video
  • When you look at pictures, you remember the best
    parts of the wedding. In a video you see the
    shiny forehead, too many teeth, and a double
    chin.
  • Live music
  • You dont need a string quartet.
  • Too many flowers
  • Use candles ? cheap, elegant, romantic

17
Web References
  • www.lds.org Ensign Articles
  • I Have a Question? Jerry Mason, Mar. 1989
  • Church Equalizes Costs for Single U.S. and
    Canadian Missionaries News of the Church, Feb.
    1991
  • Called to Serve L. Tom Perry, May 1991
  • www.topweddinglinks.com
  • www.ldsweddings.com
  • www.ultimatewedding.com
  • www.weddingchannel.com
  • www.usabride.com
  • www.emeraldweddings.com
  • www.foreverwed1.com
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