The celebration of a quinceañera, more than a display of glamor, marks a crucial moment in the lives of many young Latinas. However, this significant event comes with considerable expenses.
According to Juan Ramirez, a wealth financial advisor at Northwestern Mutual Goodwin, Wright in Atlanta, inflation has played a crucial role in the remarkable rising costs associated with quinceañeras in recent years.
“A quinceañera cost around $15,000 with more than 200 guests in 2018. Today, with an increase in inflation, the price could easily double,” Ramírez told Enlace Latino NC .
This increase in costs is not only due to the event itself, but also the initial preparations and expenses after the special day.
In the United States, the average cost of a quinceañera ranges between $15,000 and $25,000, depending on geographic location.
However, in some exceptional cases, this price could rise to $30,000 or even $40,000, Ramírez said.
“If you're in the southeastern United States, it may be a little cheaper, but if you're in the north or on the Pacific coast, prices go up,” Ramírez explained.
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Fifteen years old's party: strategies to save and invest
With more than 20 years in financial services, Ramírez helps guide businesses and families toward financial security.
With significant life events like a quinceañera, he emphasizes the importance of advance financial planning, but also highlights the need to explore options to maximize savings.
Many Latino families discover their lack of preparation a year or two before the quinceañera, underscoring the need to start saving early.
“It's crucial to have a reserve, some savings, so you're not caught off guard,” he advises.
In addition to keeping money in a standard savings account, he suggested more innovative options.
For example, use high-yield savings accounts that offer competitive interest rates for important life events, such as quinceañeras and future weddings.
Additionally, you can explore long-term investments that can generate significant growth such as index funds, stocks, or bonds.
“It is important to create the savings criteria and, in the same way, have the collaboration of advisors, people who know about finances, who design a plan for you and listen to your objectives so that these plans can be put into effect,” he added.
Expenses to getderar
When planning the celebration, it is essential to take into account a series of expenses including:
- Cost of the place where the celebration will take place: This is one of the most significant expenses and can vary depending on site and geographic location.
- Food and drinks: It includes the food that will be served during the celebration, as well as the drinks, which can range from soft drinks and juices to wines and champagne.
- Quinceanera dress: The dress is a fundamental part of the celebration and can represent a considerable investment.
- Photographer and videographer: Hiring a professional to capture the quinceañera's special moments is another major expense.
- Shipping cost: This may include the rental of a special vehicle for the quinceañera and her party, as well as any other means necessary during the event.
- Gifts for participants: Gifts can be included for groomsmen, bridesmaids, chamberlains and other participants in the celebration.
- Music or entertainment equipment: Hire a DJ, live band, or other entertainment for the party.
- Decoration: It includes the decoration of the venue, as well as any other necessary decorative elements.
- MUAH: Hire a professional for the makeup and hairdressing of the quinceañera and her party.
Ramírez advises having a margin of at least 5% for unforeseen events and additional expenses during planning.
Additionally, some families choose to incorporate extra elements into the celebration, such as horseback riding, farm or ranch rentals, and subsequent events like an afterparty, which incur an additional cost.
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Preparing for the future
Ramírez highlights that, although prices have experienced a significant increase in recent years, there are government measures that aim to stabilize the situation.
By increasing interest rates, the government seeks to reduce inflation and, therefore, costs for consumers.
However, Ramírez emphasizes the importance of taking into account the historical average of inflation in the United States, which ranges between 2.5% and 3% annually.
"If we're thinking about $15 to $20 today, we'll have to add a little more to cover inflation," Ramírez warns.
One of Ramírez's key recommendations is to establish monthly savings in an account that generates competitive interest.
"If you have a savings or investment account that's growing at a rate of two or three percent, you don't have to worry," he advises. "Plan better, save part of your paycheck each month, and you won't have any surprises tomorrow."
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Excellent content, very informative. I will prepare myself better for the celebration of my daughters on their special day.