The average cost of weddings for 2021 goes for as much as $22,500, with some estimates of an extreme high of $44,105 back in 2018. Most people don’t have that much money sitting around in their accounts in cash, so people expect to splurge and throw most of their savings into their wedding. You don’t have to.
With wage inequalities, low minimum wage, and job scarcity, people don’t have the money to get married. For those who want to marry their loved ones and still have their finances intact, it’s easier than you think. You don’t have to go broke!
Here are 6 wedding planning finance tips that will help make sure you still have some money tomorrow. These will give you some much-needed financial bliss before, during, and after your wedding day.
Discuss Your Financial Situation With Your Spouse
Even before the wedding, the first thing you need to do to save money on your marriage is to exchange financial information with your significant other. Before tying the knot, talk with your SO and discuss each other’s financial details, from assets to liabilities.
How much money does each other have? What kinds of debt do you have? What kinds of assets and investments do each other have?
By knowing this, you can create a plan for how big your wedding will be. It’s important to be practical and honest. Tally up what each other has, as well as any financial agreements you want to have, which includes the potential for a prenup. Consider things you want to do after the wedding, including buying a home and selling extra assets you won’t need.
Save On Engagement Rings and Wedding Bands
Among the most important considerations even before your wedding are engagement and wedding bands. It’s crucial to start with the right foot and choose the right engagement ring that fits your budget. There are many simple ways to save money on an engagement ring too.
For starters, you would want to avoid popular shapes and cuts of engagement rings, especially the round-cut ring that costs 25% more than other styles. You can also save by opting for G-color diamonds, avoiding micro pave settings, and going for as low a carat as possible.
Wedding rings follow almost the same logic. You can compromise on several elements of your ring, from colour, clarity, to carat. Forget the three-month salary rule and don’t compare yourself with others. It’s not a competition, but rather a promise of love to your would-be spouse.
Marry Out of Season
Weddings are popular in June, September, and October, with the most popular day being Saturday. One simple way to save money on your wedding is to pick an unpopular time for your wedding. We’re talking about a Sunday in weird months like April or May.
Most wedding venues and services will charge more during peak season when most couples jockey for their preferred dates. You can try to get married during the less celebrated holidays to get a three-day weekend. You can also pick a Sunday if your wedding venue is nearby so guests can go home on time for the next day.
If you want to give your guests the next day to get home, do the wedding on a Friday or Saturday morning. Consider having a shorter wedding too, going for a 3-hour event rather than something longer.
Set A Budget And Stick With It
The best, simplest wealth management tip that you can get for your wedding is simple: set a budget and stick with it. It sounds harsh and unhelpful, but the truth is that you want to be realistic with the amount of money you and your would-be spouse. You want to under budget your wedding costs by as much as 30 to 50%.
Sit down with your SO and think about the vision that you have for the entire wedding. Do you want a big, elegant dance party in a function hall? Or an intimate dinner celebration table with family and friends?
Make a rough guest list on how many people you want to be joining you at your wedding. An intimate setting should be somewhere around 20 to 30 guests, so you need to expect enough to cover that many people. Everything is by the numbers, so 30 guests in your backyard will cost far less than 100 guests in a black-tie setting.
Group people from the most important to least important in your guest list. Separate them into brackets of:
- family and close friends
- relatives and friends
- Co-workers and acquaintances
Once you get an idea of how much it will cost per person, account for the detailed cost for everything else. Account for your wedding bands, decor, honeymoon trip, transportation, invitations, music, and cost of posterity.
Look For Bargains Online
Once you’re sure how much you’re willing to spend, start looking around for potential deals. Research on the best times when you should buy a wedding dress, decor, flowers, stationery, and more. Wedding dresses, for example, cost far less around August once the wedding season starts to wane.
Look into websites like eBay and Etsy for unique bargains for entourage dresses and other wedding items out there. You can get as much as 40% off on items that you buy online rather than chain store shops and brick-and-mortar retailers.
One of the best areas of your wedding that you can save on include wedding favours, decor, and even bridal showers. If you have specific art skills, consider making DIY favours and decor that will save you a lot of time and money. Consider doing rentals for things like your wedding dress to get even deeper savings.
Recruit Your Friends
Your friends are some of the best resources available to you. Depending on how many friends you have, you will likely find people who can gift you with their skills, rather than something tangible. See if you can ask for favours from your friends and lend their skills to your wedding instead of giving you a gift.
For example, musically gifted friends can help with the music or patissiers can make desserts for your wedding. It would be nice if their skills come free, but even if you have to pay, you will likely save more money with their work. Confirm that they’re ok with the idea and learn to take no for an answer.
The Bottom Line
You don’t have to get broke to get married. Your wedding ceremony can be the happiest moment of your life without throwing away your financial future. Make a budget, be transparent with the cost you’re comfortable with, and look for ways to trim off several areas of your wedding.
Talk to your spouse. Plan and make sure that you make the best out of your finances. Planning how you spend on your wedding now can dictate a good future ahead for your future family.