A couple spent down their savings on a wedding and now worries about saving for a house and student loans. Ramit Sethi says the real mistake wasn't the wedding itself, but skipping the 15% contingency buffer that would have let them enjoy it without regret.
Yes, it was an amazing time. Now that we've drained our accounts and we're trying to save for a house and I'm trying to pay off my student loans, do I regret it? Yes and no.
In my opinion, if you have properly planned for your major expense— wedding, house, whatever— you have accounted for as much as you can account for. You've also added a 15% buffer on top. If you do that and you have a great time, as she said, is the best day. I actually think that it's cool to look back and be like, No, we don't have any major regrets. We properly planned. Sure, there were some things that came up, but we had a buffer for those unexpected things. And we look back and it was the time of our lives with our friends, our family, beautiful photos, et cetera.
That's what I want your outcome to be when it comes to using your money effectively.
