Couples find financial footing in wedding registries

CBS's Alexis Christoforous

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By Tiffany Griffin

With the economy limping toward recession, young couples are finding it harder than ever to find their financial footing.

Some are using their weddings as a way forward. Instead of typical gifts like silver and stemware, they're registering for everything from the kitchen sink to an actual house.

Jennifer Souza and Steve Mitchell are making ends meet but with nothing to spare — they're saving up for a traditional wedding — their wedding registry is anything but traditional. Instead of signing up for the usual china and crystal, they're registering for a down payment on a house.

“We'd much rather have a bigger place to put all of the many things we have. A house is much better than pots and pans,” said Jennifer.

They're doing it through a web site called My Dream Home registry. Friends and family contribute to a savings account. The company takes a 9 percent transaction fee, then releases the money when the couple is ready to use it. Jennifer and Steve see it as a way out of their tiny rental.

“Give us something that we actually can use and work toward and want. An actual house,” said Steven.

That kind of thinking is changing the whole concept of wedding registries during this economic downturn. For example, at Lowe's, couples are signing up for everything from lawn chairs to power tools.

More and more couples are registering for basics like paint and sinks. They need to build their cabinets before they can fill them.

But registering for a dream home does have its drawbacks: that steep 9 percent fee, and no interest on those generous gifts. Good old fashioned cash may be the best present for a couple starting from scratch.

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