Wednesday, July 18, 2012

Financial IQ: Wedding registry?

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Financial IQ Philippines Quick Hit(s):

Interesting take on wedding registry.  Wouldn't it be nicer if the newly weds receive cash instead, so they have the flexibility to spend on things they need or have spent as part of the wedding preparation?


A wedding registry is such a guilt-free opportunity for couples to get the things they want that sometimes what they need gets lost somewhere behind the espresso machine.


Wedding site TheKnot, part of the XOXO Group of Web properties, put together a registry study last year and determined that 1.5 million couples registered for gifts each year. Nearly 70% of couples strongly prefer getting gifts from their registry, and their guests for the most part are more than willing to stick to the list in exchange for a free meal. Last year, about 54% of wedding gifts came from couples' registries.


Few (11%) consider that they might have to vacuum a rug or carpet sometime after the honeymoon. Only 16% seem to think they'll ever have to repair or install something during their bout of wedded bliss, as power tools rank just above movies, books, games and personal care items on registry lists dominated by bakeware (on 91% of all registries), kitchen appliances (90%) and kitchen accessories (87%).


With help from a crack team of wedding experts including WeddingWire editor Kim Forrest and Sharon Naylor, the author of more than 35 wedding books including The Ultimate Wedding Registry Workbook (Citadel, 2005), we've come up with 10 items most couples aren't registering for, but probably should:



  1. Cleaning supplies
  2. Organizing items
  3. Quantity
  4. Bedding
  5. Kitchen miscellany
  6. Seasonal/holiday gifts
  7. "Fun Stuff
  8. Honeymoon 
  9. Wedding costs 
  10. Charitable causes 



Then again, it doesn't have to be all about you if your heart is all about something else. Charity wedding registries such as those set up by the I Do Foundation either donate a percentage of all gift purchases to the charity of your choosing or substitute wedding favors with charitable donations. 


Just be warned that two can play at this game. Guests also have the option of ignoring a couple's registry altogether and buying a gift card from a charity card giver such as Tis Best for use at the charity of their choosing. 


"If you're a couple who truly has everything, you might consider setting up a registry that will allow your guests to donate to a cause that's near and dear to your heart," Forrest says. "Some couples ask guests to make charitable donations in lieu of gifts, others include it in addition to a more traditional gift registry."


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