• The Market: 101

    Bull & Bear Markets: A Timeline

    Infographic By: David HesselFiduciary Financial Advisor in Brookfield Wisconsin

    On March 11, 2020, the Dow Jones Industrial Average (DJIA) officially entered a bear market. This drop brought the all-time high of 30,000 to 19,000 in a matter of weeks amidst the COVID-19 global pandemic. As we face an uncertain road ahead, let’s take a look back at history’s most recent bull and bear markets, as outlined by the S&P 500.

    Bear Market: Marked by a 20% (or more) drop in securities prices from the most recent high, resulting in investor distrust & a downward trend in value.

    Bull Market: An extended period in time in which stocks & other traded commodities continuously rise in value.

    Looking for guidance on how to be financially stress-free? Schedule a 30-Minute Phone Call with David HesselFiduciary Financial Advisor in Brookfield Wisconsinhere or send him an email at dhessel@gvcaponline.com.

    You can find the original post here.

    GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

  • Student Loans

    Let’s talk STUDENT LOANS with David Hessel, CSLP (Certified Student Loan Professional)!

    You’ve asked & we (finally) answered – let’s tackle student loans!

    According to the U.S. Department of Education, outstanding Student Loan Debt has now reached a staggering 1.56 TRILLION in 2020. Over 44 million Americans have outstanding student loans and the average debt per individual is $32,731 – WOAH!

    It’s time for us to Face The Fear of Student Loans – understand what they are, how they work, and find the best way to pay them off!

    Here’s a bigger view of David’s White Board

    To learn more about David Hessel, click here: www.davidhessel.com

    To get the details on student loan planning, click here: www.studentloanprofessional.com

    To get in touch with Face The Fear, email: facethefearfw@gmail.com

    Here is a summarized list of Q&As:

    1. “Do you need to be of a certain profession or in a certain field to utilize the extended or graduated programs while in the overall 10-year repayment plan?” Nope! Everyone with federal student loans has access to these, but there are many things to consider before jumping into one.

    2. “When does it make sense to put my student loans in deferment?” If you need to stop your payments, you do need to apply and be accepted for this. This is because interest will not accrue during this time period. You might do this if you become unemployed, if you have economic or medical hardship, etc. Interest will not accrue while in deferment

    3. “When does it make sense to put my student loans in forbearance?” You have a total of 3 years to be in forbearance. Remember, interest continues to accrue while you are not making payments. So really, this tends to make sense when you need a very short-term payment relief.

    4. “Can I use forbearance or deferment if I have private loans?” The unfortunate answer is no. You can speak with your lender and try to change the terms of your loan but the options available for federal loans are not available for private loans.

    5. “Can I spread the ‘tax hit’ when student loans are forgiven over time or is it all taxed as income in one year?” The short answer is that it is taxed in one year. However, when working with a CPA, depending on your situation, there are ways to strategize the taxation. When working with my clients, we calculate the anticipated tax amount and immediately set up a savings/investment bucket for those dollars over the course of their student loan repayment plan.

    6. “Can I be 3, 4, even 5 years into paying my student loans and still switch to a repayment plan?” Yes, you can do this at any time! It is a voluntary program, so you must reapply / show income every single year. If you do not reapply you will be automatically switched back to the 10-year plan. For my clients, we just set reminders every year, so we never forget. Thankfully, the Government has worked on their online submission process and applying is getting easier and easier.

    7. “For PSLF, do I need a specific type of qualified loan?” In short, to apply for PSLF you need 3 things: 1. You need to work for a qualified employer full time (talk with your HR rep or visit https://studentaid.gov/manage-loans/forgiveness-cancellation/public-service#qualifying-employment) 2. You need to make 120 qualified payments (10 total years of payments) 3. Your loans need to be DIRECT loans. (These started after the year 2010, so anyone with loans prior to 2010 will usually need to do a direct consolidation)

    8. “If I have worked for a qualified employer while working towards PSLF and then switch to another employer that is not qualified, is there any sort of partial forgiveness of loans?” Unfortunately, the answer is no.

    9. “What has changed for my student loans with the CARES Act?” Start listening at 48:18

    Lastly, here’s a disclaimer: GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM).

  • Face The Fear

    How to Support Local Businesses During a Pandemic

    Written By: David HesselFiduciary Financial Advisor in Brookfield Wisconsin

    Social distancing is the main strategy being used across America to help prevent the virus from spreading. Events have been canceled, gatherings of large groups of people are prohibited, schools have temporarily closed or moved online and nonessential businesses are required to close, reduce their hours or minimize their offerings.

    Small and local businesses are likely to suffer greatly, but if communities are vigilant, there are several ways you can still support your favorite spots. 

    Tip #1: Purchase Gift Cards

    Considering buying a gift card for your favorite coffee shop, restaurant or bar to visit at a later time, or get them as gifts for a friend or family member. Some cafes and eateries may even accept payment online, eliminating the need to visit in person.

    Tip #2: Buy Local Produce 

    If your community has a local farmer’s market, visit and stock up on vegetables, fruits or local proteins. If you are a weekly customer, consider purchasing a bit more than usual, as the market may have to close in weeks to come. Freezing, canning or finding creative ways to utilize these local veggies and fruits is another way to spend the extra time allotted from social distancing.

    Tip #3: Shop for Products Online

    If a restaurant or coffee shop that you love sells products online, consider checking out their offerings and ordering a few. Whether it’s a branded t-shirt, hat or coffee maker, purchasing products from local businesses can help sustain them during the pandemic. You can also consider purchasing artwork or albums online from smaller artists or musicians who will miss out on extra sales from canceled events, art shows and concerts.

    Tip #4: Purchase Books from a Local Bookstore

    While forms of entertainment are canceled or prohibited, reading is an excellent way to stay busy and productive. Picking up some books from the bookstore for yourself and your family can help small businesses stay afloat. Since more and more stores are closing, it’s a good idea to go as soon as you can or call to see if they’re going online.

    Tip #5: Order Food for Delivery or Take-Out 

    While some restaurants are closing completely, others are still able to offer delivery and take-out options. Consider ordering food from a local restaurant for pick-up, and tip a bit more to help out the workers who will be missing out on a large portion of their pay. You can also opt for delivery, if possible. Some delivery platforms, like Grubhub, are doing things such as eliminating commission fees for independent restaurants.

    Tip #6: Donate Your Refund

    If you were scheduled to attend an event, concert or show that was canceled, donating your refund back is an immense help to organizations, artists and performers who will no longer be able to exercise a central portion of their livelihood. You can also choose to donate the refunded amount to other individuals, organizations or restaurants. 

    Tip #7: Help Local Businesses to Market Themselves

    Spread the word about your favorite coffee shops, restaurants and stores. You can do this by leaving online reviews, interacting with their social media posts and sharing their accounts with your own following. These small marketing efforts can go a long way when it comes to attracting new patrons.

    Preventing the spread of this pandemic requires effort from each individual, state and country. Just as health risks are on the rise, however, the financial implications are also increasingly wearisome. By supporting local businesses in creative ways, you can help sustain your favorite shops, restaurants and bars through the upcoming hardships.  

    1. https://www.who.int/docs/default-source/coronaviruse/situation-reports/20200315-sitrep-55-covid-19.pdf?sfvrsn=33daa5cb_8

    Looking for more guidance on how to be financially stress-free? Schedule a 30-Minute Phone Call with David HesselFiduciary Financial Advisor in Brookfield Wisconsinhere or send him an email at dhessel@gvcaponline.com.

    You can find the original article here.

    GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

  • Taxes

    How to Get the Most Money Back on Your Tax Return

    Written By: David HesselFiduciary Financial Advisor in Brookfield Wisconsin

    Between gathering the necessary paperwork and working through complicated scenarios, tax season can be a stressful time. You’ve worked hard throughout the year, and you want to be sure you’re taking the right measures to get the maximum amount back on your return. Achieving this, however, takes diligence and research.

    5 Considerations to Make During Tax Season

    By taking a look at your whole financial picture, you’ll have a better idea of the actions you can take to minimize your tax obligation and maximize your return. While this can take some time, it’s worth thinking through all of your expenses in order to increase your potential to receive a sizeable tax return. Luckily, we’ve compiled a list of five key considerations to make when aiming to maximize your return.

    Consideration #1: Claim Your Retirement Tax Deduction

    You can make a contribution to your IRA (up to $6,000 if under 50 and $7,000 if 50 and older) up until the filing deadline to receive a tax deduction.1 If you are covered by a plan at work, you’ll be eligible for either a partial or full deduction depending on whether you’re filing separately, jointly or if you’re single or the head of the household. If not covered by work, you can claim a full deduction.2

    Consideration #2: Claim All Other Possible Deductions

    Many expenses can qualify as a deduction, meaning they can be claimed to help minimize the amount of taxable income. Common qualified expenses include charitable contributions and state and local income, sales and property taxes. However, there are a number of other deductions that all taxpayers should remember. This includes anything related to work education, including tuition, books, supplies, transportation and travel costs.3 If you needed to complete work to maintain a professional certification, for example, anything related to doing so may qualify. Other deductions relating to work include unordinary travel expenses or anything you spent on job-hunting to land the job you are currently in.

    Consideration #3: Make Sure to Claim All Dependents

    A dependent is not limited to children, as it could be a relative who lives in your home as a member of your household. For example, a relative who is not physically or mentally able to care for themselves. If the individual has an income of less than $4,200 and is not a dependent on another individual’s return, they may qualify as your dependent.4 Additionally, the person must be a U.S. citizen, U.S. alien or U.S. national.

    As of the Tax Cuts and Job Act changes in 2017, personal exemption deductions were suspended from 2018 until 2025. However, until then, you can still receive tax credits for children and dependents.5 You may receive up to $500 in tax credits for a qualifying dependent who is not a child of yours. However, this credit may be eliminated or reduced if your adjusted gross income exceeds $200,000 when filing alone or $400,000 when filing jointly.5

    Consideration #4: Consider Itemizing Deduction if You’re Able

    If the sum of your allowable deductions is higher than the standard amount, it’s recommended to itemize your deductions.6 In some cases, you’ll be able to get a bigger refund than taking the standard deduction. If you’re at the cusp of the standard amount, double-checking your receipts and expenses over the year may be an important step in determining whether or not to itemize your deductions. You can itemize deductions on expenses such as medical and dental care, mortgage interest, charitable giving and theft losses.6 However, in certain cases, you’ll be required to opt for one or the other. If you file a joint return with your spouse and you wish to itemize, for example, you and your spouse both must then itemize your deductions.

    Consideration #5: Claim Refundable Tax Credits

    Unlike a deduction that minimizes what you owe or a nonrefundable tax credit that only refunds up to what you owe, a refundable tax credit is money returned to you – such that even if you owe $0, you’ll be sent the remaining balance from the IRS. Refundable tax credits come in many forms. For example, credits may be given to those with expenses in a foreign country in order to avoid double taxation.7 You can also receive a credit when contributing to retirement savings, paying adoption fees or paying higher education expenses.

    If you’re dealing with a complex tax scenario, you can always lean on the assistance of a CPA. Reach out if you’re looking for trusted CPA recommendations. Filing for your taxes can feel like a daunting task, but taking the extra time and effort to make sure you’re taking full advantage of your tax return can pay off.

    Looking for more guidance on how to be financially stress-free? Schedule a 30-Minute Phone Call with David HesselFiduciary Financial Advisor in Brookfield Wisconsinhere or send him an email at dhessel@gvcaponline.com.

    You can find the original article here.

    1. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits
    2. https://www.irs.gov/retirement-plans/plan-participant-employee/2020-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work
    3. https://www.irs.gov/taxtopics/tc513
    4. https://www.irs.gov/publications/p503#en_US_2019_publink1000203270
    5. https://www.irs.gov/pub/irs-pdf/p5307.pdf
    6. https://apps.irs.gov/app/vita/content/globalmedia/4491_itemized_deductions.pdf
    7. https://www.irs.gov/individuals/international-taxpayers/foreign-tax-credit

    GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

  • Budgeting

    How to Talk to Your Kids About Money

    Written By: David Hessel, Fiduciary Financial Advisor in Brookfield Wisconsin

    Opening up and starting conversations about how to handle money and finances with your kids may seem overwhelming, but it doesn’t have to be.

    As a parent, it is your role to serve as a positive influence in their lives to get them on the right financial track. Here are five things to consider as you embark on helping your children understand the importance of being responsible with their finances. 

    Start Simply, When They Are Young

    Start discussing money with even the littlest ones by including by including them in everyday activities, such as grocery shopping or budgeting. This allows money to become a tangible concept and not some abstract thing that they cannot see. You can also ask them questions such as “We have 5 dollars to buy a treat, would you pick gelato or cookies?”.  These types of conversations help children to understand that their are trade-offs to any decision, and that money is not infinite.

    Be Truthful  

    Being honest with your kids is a great first step to opening the door to discussing finances. You can share the family budget for items like groceries or entertainment, and explain remind them of this limit when they ask for items that don’t fit within it.

    Additionally, if there are things in your financial past, such as going into debt, that you are not proud of, share that with your kids. Honest moments with your kids are very valuable and will help build trust. Keep in mind that the more open and honest you are with your kids, the more open they will be with you, so being truthful about your own finances is a great place to start. 

    Talk About Values 

    Encourage your kids to consider what is important to them for their future. Start by asking questions such as “Do you want to own a house or rent when you grow up? or “What splurges would you like to be able to make when you grow up (travel, cars, etc)?”.

    Helping kids to visualize what they want for the future is a crucial component to talking to kids about money and financial goals. Talking about what they value and hope to have in their future allows them to take a long-term view, which is critical to the concepts of saving, budgeting, and paying down debts.

    Establish Family Goals 

    As a family, talk about your budgeting methods and set specific goals together. For instance, perhaps you set a weekly grocery limit of $150. Take your children to the store with you when you shop and have them help look for sales or clip coupons to keep your cart under budget. Involving your children however you can with the family finances is a great hands-on way to educate them and give them a chance to see real-life examples of how their financial habits will impact them in the future. 

    Lead By Example 

    There may be certain financial topics that you are not as knowledgeable about, and that’s okay! Take the opportunity to learn with your kids. Showing your kids that you are interested in growing your understanding of financial topics will heighten their interest in it as well. 

    Talking to your kids about money may seem like a daunting conversation to have if you don’t know how to approach it properly. However, broaching the subject sooner rather than later will reap many benefits for you and your kids. Ultimately, you want your kids to have the knowledge and skills they need to handle their own finances responsibly as they grow up. As a parent, it’s your job to instill this knowledge in them and to open the door to an often taboo subject so that you can help them get off on the right foot with their finances. Financial habits are formed young, so it’s critical that you start early and start the conversation today. Make your kids feel comfortable to talk about finances with you by using these tips. 

    Looking for more guidance on how to be financially stress-free? Schedule a 30-Minute Phone Call with David Hessel, Fiduciary Financial Advisor in Brookfield Wisconsin, here or send him an email at dhessel@gvcaponline.com.

    You can find the original article here.

    GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

  • Budgeting

    Finances: The No. 1 Reason Americans are More Anxious Than Ever Before (+ How to Manage it)

    Written By: David Hessel, Fiduciary Financial Advisor in Brookfield Wisconsin

    As we get older, more and more expenses end up on our plate. From mortgages to car repairs, it can feel like there are endless bills to pay. And as we all know, with more bills, comes more pressure, anxiety and stress. In fact, the American Psychological Association found that money is Americans’ number one stressor.1 Finances have remained at the top of the list since the survey began in 2007.2

    When it comes to stress, the numbers don’t lie. The Proceedings of the National Academy of Sciences conducted a study that evaluated heart health changes before, during and after a recent financial crisis and found that during the recession, both blood pressure and blood glucose levels increased in respondents, signaling a worsening in heart health.3

    While many of us dream of being financially secure, most of us can agree that traditional education in our public schools does not properly equip us with the knowledge and resources necessary to be effective financial decision-makers. There seems to be a growing gap between financial literacy and our population, causing many people to lose hope and get trapped in a deeper hole of debt.

    However, when it comes to money, there are four ways you can more effectively manage your finances so you remain in control of your spending habits.

    Tip #1: Automate Your Savings

    It can be difficult to set aside money every month, especially after you’ve been anxiously awaiting to get your paycheck. If you’re someone who struggles with putting money away, consider setting up an automatic transfer from your checking account to your savings account each month to make sure that no matter what, you’re continuously growing your nest egg. Whether you want to be prepared for any emergencies that may come up or have a dream of buying a house one day, adding money to your savings account every month — even if it’s only $100 — can get you closer to the financial stability you need to feel confident about your future.

    Tip #2: Stay Away from Impulse Purchases

    With so many products out there — ranging from new gadgets to the latest ‘must-have’ accessories — it can be difficult to put a cap on your spending habits. Instead of putting yourself right in front of your guilty pleasures, consider putting your money towards experiences, rather than material items. If your favorite past-time is going to the mall, swap window shopping with a picnic out in the park or a day out at your local museum (some museums offer discounted prices over the weekend). While retail therapy may seem like the solution to your problems, oftentimes, you end up feeling worse than if you had spent your time making memories instead. With these memories, your craving for consumerism may gradually die down, leaving you with more time to enjoy the simple pleasures in life.

    Tip #3: Focus on What You Can Control

    While it’s difficult to effectively plan ahead for every single expense we’re going to have, you can at least have an initial game plan for where your money is going to go. Theoretically, every month, you know you’re going to have to pay rent or a mortgage, buy groceries, pay other utility bills and fill up on gas a few times. So, after you get your paycheck, subtract all of these expenses from your total amount. This will give you a clear idea of how much “fun” money you have to spend each month. And, if you plan to put some money into your savings account, you’ll want to make a note of that too.

    The purpose of this exercise is to make yourself more mindful of the money you’re spending each month. When you know — without a doubt — certain specific expenses are going to come up, you can start planning ahead to make sure you’re not spending more money than you have.

    Tip #4: Be More Goal-Oriented

    For some people, the thought of having a goal can be terrifying as it means there is a chance they might fail. However, if you never set goals for yourself, you’ll never have complete control over your financial life. To get started, begin with a realistic goal that can ideally be achieved in less than five years, such as paying off your credit card debt. Once you’ve identified what you want to accomplish, write it down.

    Oftentimes, the simple act of writing down your goals can make it feel more real, therefore making you more accountable. Next, create a rough timetable of how you are going to achieve your objectives. This timetable could include information such as how much money you’re going to save every month, as well as milestones for each payment you’re going to make. Over time, you’ll begin to gain more confidence about your finances, in turn leaving you feeling more in control — and capable — of managing your money on your own.

    Looking for more guidance on how to be financially stress-free? Schedule a 30-Minute Phone Call with David Hessel here or send him an email at dhessel@gvcaponline.com.

    You can find the original article here.

    1. https://www.apa.org/news/press/releases/2015/02/money-stress
    2. https://www.marketwatch.com/story/one-big-reason-americans-are-so-stressed-and-unhealthy-2018-10-11
    3. https://www.pnas.org/content/115/13/3296

    GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM. Additional information can be found at: https://www.adviserinfo.sec.gov/IAPD/Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. David Hessel is an Insurance Agent of GVCI. Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM). This content is developed from sources believed to be providing accurate information, and provided by Twenty Over Ten. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

  • Budgeting,  Wedding

    7 Steps to Set and Follow a Wedding Budget

    Written By: David Hessel, Fiduciary Financial Advisor in Brookfield Wisconsin

    A wedding can be an exciting time, and sometimes it can be easy to let your emotions get the better of you and spend more than you anticipated on spending. While it is a special day in your life, it is important to set and stick to a budget you can afford so you do not have the stress of paying off excess debt when you are embarking on the next stage of your life. So how can you stay on track with your wedding budget and still have a day you’ll never forget? Take a look at these 7 tips.

    1. Take a Hard Look at Your Finances

    The first step, and most often the least exciting when planning an event, is taking a good, hard look at your current financial situation. You will need to come up with an amount that you will be able to save in time or that you can afford to cut from your budget or savings accounts. Once you have determined the most you can spend, a number 10 to 20 percent less, that will give you your budget range. While this can be an awkward conversation for many new couples starting out, it is a good way to build a strong foundation for discussing money matters throughout your marriage. 

    2. Create a Reasonable Guest List

    One of the largest expenses of a wedding is the food and drink, and the amount you will need to provide for your guests will have a direct effect on the total costs. While it can be tempting to invite everyone that you know, including distant family you may rarely contact, it is best to set an amount on your guest list that is reasonable and stick to it. Start out by determining numbers for close family and friends to make sure you have the most important guests on the lists before you begin adding more.  

    3. Determine Contribution Amounts From Others

    While some couples may tackle their wedding expenses all on their own, often times the bride’s and groom’s family will contribute to the wedding expenses. It can sometimes be awkward determining how much they plan to contribute or what items they plan on paying for, but it is an important discussion to have sooner rather than later. Just remember that if you accept monetary contributions from family, they will probably expect to be able to provide some input. 

    4. Create a Wedding Account to Stay on Budget

    The best way to stay on budget and keep track of your wedding spending is by opening a banking account and setting aside the money budgeted in it. Use the money in the account only for the wedding expenses. If you end up with some extra in the account at the end, you will have some spending money for your honeymoon or be able to pick up a couple of items from your registry.

    5. Decide What Parts of the Wedding Are Most Important to You

    There are primary parts of your wedding that will require a significantly larger expense than others such as the food and the venue rental. Though aside from the standard big-ticket items, wedding expenses can come with a wide range of price tags. Determine with your future spouse which items you are willing to splurge on and which items you care about less. You may be willing to choose a more reasonably priced dress to be able to have an open bar, or limit flower options to have a live band for music. Have some fun and plan a date night where you write a list of your wedding priorities.

    6. Set a Budget-Friendly Wedding Date

    Having flexibility in your wedding date is a great way to shave some bucks off of your budget as well as get the vendors you want most. Some of the most popular times of year to have weddings are around holidays so it is best to avoid these weeks as you may have problems securing a vendor or be required to pay an increased rate. Your specific area may also have seasonal trends with popular wedding months. If this is the case, choosing an off-month will give you the best bang for your buck.

    From personal experience, allowing yourself to enjoy your engagement and waiting 2-3 years before the big day gives so much flexibility with spending and discounts. One example here is, typically when you book a vendor, they will lock you in at current pricing. (ask if not clearly stated) Most are bound to increase over the next 2-3 years; so by giving yourself more time to plan, you end up saving a decent amount of cash too.

    7. Fight the Urge to Splurge

    It can be easy to get caught up in the money and excitement of unique items that will make your wedding perfect. Just remember that it is the wedding vendors job to upsell as much as possible to try and resist the temptation to have add-ons as they can cause your budget to quickly get out of control. It is also good practice to make sure you bring a list with you when picking up wedding items, so you do not find yourself distracted and purchase items you do not need. 

    Try following the seven tips above to give you a better chance of staying on budget while still having the wedding that you always dreamed of. 

    Looking for more guidance on how to budget for your big day? Schedule a 30-Minute Phone Call with David Hessel here or send him an email at dhessel@gvcaponline.com.

    You can find the original article here.

    Global View Capital Advisors, LTD is an affiliate of Global View Capital Management, LTD (GVCM).  GVCM is an SEC Registered Investment Advisory firm, headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, WI 53188. PH: 262.650.1030. David Hessel is an Investment Adviser Representative (“Adviser”) with GVCM.  Additional information can be found at:https://www.adviserinfo.sec.gov/IAPD/

     Global View Capital Insurance, LTD. (GVCI) insurance services offered through ASH Brokerage and PKS Financial. GVCI is headquartered at N14W23833 Stone Ridge Drive, Suite 350, Waukesha, Wisconsin 53188-1126, PH: 262-650-1030. David Hessel is an Insurance Agent of GVCI.