Financial Planning for your Wedding
Once you are engaged, it’s easy to get caught up in the fun and excitement of planning your wedding. While planning your wedding with your future spouse can be fun, the mounting cost of a wedding can add a lot of stress and strain on a relationship. Before you start planning the details of the day, it is important that you and your fiancé discuss your finances and plan appropriately.
While a wedding is the start of a new chapter in your life, they are expensive. Starting this new chapter weighed down by thousands of dollars of debt is not ideal. Here are some cost saving measures for you to consider when planning your wedding.
- Make saving for your wedding part of your financial plan. A wedding is a major purchase and should be planned for accordingly. Therefore, it is important that you create a budget and actively saving towards your wedding. Determine how much of your current savings you can allocate towards the wedding and calculate if you need additional funds. If you need more money, determine how long it will take you to save up. Don’t set your wedding date any sooner than it will take to save up the required funds. Doing otherwise will send you into debt. Most importantly, don’t commit to any aspect of your wedding until you know you have secured the funds needed to pay for it. It doesn’t make sense to build your budget after you have already committed to spending the money.
- Openly discuss priorities with our partner. One person may think food is the most important part of the wedding while another may prioritize the entertainment. Whatever is important to each of you, make sure the other person is aware and agrees to include those elements in the wedding.
- Carefully choose the size of your wedding. The number of guests you invite to your wedding will dictate how lavishly you can spend on the elements that are important to you. A smaller wedding may mean that you can afford to splurge on more premium elements where more guests may mean that you will have to stretch your dollar further in order to host more people. If you find that you don’t have enough money to meet the requirements of your guest list, consider inviting fewer people. If you want to maintain the size of your wedding, your other option is to select lower cost features.
- Don’t plan your wedding last minute. Wedding planning is often a time consuming activity and typically requires advanced planning. If you don’t give yourself ample time to plan you may have to pay a premium. Booking vendors last minute and expediting major purchases such as the wedding dress may end up costing you more. Also, your selection will be limited to whatever is available in that time frame. Be sure to avoid the rush and left over choices by giving yourself plenty of time to plan your wedding.
- Enlist the help of your family and friends. Your loved ones would be more than happy to help you cut the cost of your wedding by offering their services. Consider DIY elements that are manageable and within the skill set of those helping you.