How You Can Save Money When Planning a Wedding

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Feb. 11 (Bloomberg) –- On today’s “The Paybook,” Present Value Co-Founder & CEO Michael Levenson discusses the financial keys to pay for a wedding with Pimm Fox on Bloomberg Television’s “Taking Stock.” (Source: Bloomberg)

Want to find out a little bit more about your background and then -- and some tips on how to pay for a wedding.

As i said, it can be expensive.

You put together some ideas on how people can save money at that particular time of life.

Absolutely.

And thanks for having me on.

I actually started my career in finance.

At jpmorgan, i had a fantastic for years there and i worked on allocation and financial planning and things like that.

A wedding can be a daunting task.

Especially with those numbers you just mentioned.

$28,000 is the national average, and depending on your wedding, you can go up or down from there.

You can definitely be prepared and save and do it in a right way.

The key for anyone, the first up, the budget.

It may sound simple, but if you are prepared and you lay out the different things you want in your wedding through a long way toward saving in the long haul.

You put up -- you set up a budget.

You've got this idea that you got a plan, you've got a budget, but then you come back and use -- and you look and you say, you know, i'd rather have the money.

Exactly.

When people getting gauge, they think about flowers, photographers, vendors, things like that.

-- when people get engaged, they think about flowers, photographers, vendors, things like that.

And what they really need is money.

And that is where we come in.

We allow them to register for things, including their wedding.

It is this idea that you create some kind of personal identity online that lets people contribute, lets say, if you have a student loan, they can pay that off instead of buying you a new set of dishware.

Exactly.

And traditional things like blenders, china, that is the kind of stuff that people find on wedding registries.

We have created a simple website people can go to and register for a down payment on their first home, paying off student debt, the wedding itself, big-ticket financial items.

This means that the giver, and i'm thinking of parents as well as parents friends and relatives and so on -- they can select a specific gift and say, i helped you buy the house because i was one of a group of people that bought that share when i went online.

Exactly.

And the beautiful thing about it is that you can go on the site and in a matter of a few minutes you can give a gift to someone and know that you are helping them with their financial future.

When couples get married, it is a big moment in their financial lives.

It is probably the first big moment in their financial lives.

As a gift giver, to be part of that is special.

To me, one of the reasons i started the business, that is more special than giving someone a blender.

But having said that, how do you make money at this?

The great thing about present value and how we are excited about moving forward is that we view ourselves as a bridge between a couple getting married and even with all of these financial issues as well as financial institutions.

We are creating partnerships within institutions and connecting them with couples getting married, opening that first joint account, thinking about that first mortgage, needing to plan for retirement, all of these big financial issues, and we connect the two.

It is a win-win for everyone because the couple is getting everything they need at this critical moment in time.

Does that mean that you will have relationships with these other finance of institutions?

-- financial institutions?

Exactly.

We are creating those partnerships right now and we are hoping to bring those relatively soon.

It is a big win for the institutions, as well as the couple getting married, you know, for everyone involved.

You obviously have not availed yourself of this cash registry are -- registry online because you have not gone down the aisle.

I have been dating my girlfriend for three years.

We have lived together for a year and a half and interesting really -- interestingly relating back to present value, we've got everything we need.

We have a toaster, blender, wineglasses.

When the time is right -- and i know she is watching right now.

As they say, everything but the ring, right?

Exactly.

When the time comes, i'm sure present value will be extremely valuable for me as well.

Maybe you will tell us more about it.

Michael levenson, the chief

This text has been automatically generated. It may not be 100% accurate.

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