Think Carefully About What Prezzies You Ask For
Too many people only consider wedding gifts at the last moment. But they can be worth a significant amount of cash so consider as soon as you can what you want people to get and how that fits in with your own financial plans so that the two fit together. See Martin’s blog: Am I alone in wanting to know what to give to couples?.
Be Frugal With Your Wedding Party
Bridesmaids and groomsmen are a wonderful part of the wedding and wed be loathe to tell you not to have them . Instead, ask your friends if theyd be happy to contribute by buying their own dress/suit and doing their own hair and makeup. If anyone doesnt have the money to be part, give them a special role to show they still mean a lot to you like a reading or one of the witnesses to sign the register.
Sell Everything You Can
If banking a full paycheck is impossible, then you may be able to save part of it and supplement your savings from other sources. One of the best ways is by selling anything that you have that you no longer need .
This can be even more practical when you consider that you will be combining households with your new spouse and much of what each of you has individually will longer be needed. Exercise equipment, a sound system and even a widescreen TV may no longer be needed once you are married. They can be sold to raise hundreds and maybe thousands of dollars that can be used for your wedding.
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How To Pay For A Wedding
For starters, you and your future partner should start tracking your expenses.
I use a free, beginner-friendly platform called Personal Capital, but any will do!
Once you input your assets and liabilities, youll have an idea of your net worth. This is an important step for this process!
Additionally, you can set up a budget and track all of your expenses!
Check out my full review of this free app here!
Starting a budget is critical in the first few months of engagement. This will help you set limits to how much you will spend overall.
The reason for this is because you WILL find yourself overspending if you are not careful.
From adding an additional menu item to buying a few extra decorations, you are bound to go over budget.
So, for absolute budgeting beginners, Id recommend writing out your total spending amount, and making a list of everything you want at your wedding.
It will be a huge list, but breaking everything down will help with all of your larger expenses!
Some commonly missed items include:
- Food accessories like napkins, cake toppers, cupcake tiers, forks/spoons/plates, trashbags
- Signage like printed posterboards on easels or parking signs
- Miscellaneous décor like votive fillers, hot glue sticks for DIY projects, church pew decorations
Choose A Less Popular Wedding Season
Having trouble setting your wedding date? While many factors come into play when making a decision – like major life events, your work schedule and your budget – you should also look at when booking venues and vendors is most popular. For Canada, thats September . Suppliers tend to be busier and hike up their prices during this season, so you may want to book during the off season. Winter weddings and spring weddings can be just as lovely, so you should have no trouble putting together a dreamy celebration. Pro tip: weekday weddings can also help you spend less than the average wedding cost in Canada.
Read Also: Where To Buy Cheap Wedding Dresses
Get Creative With Your Menuit Doesn’t Have To Be A Three
Get creative with your menu, and keep it simple. “The pandemic has really changed stuffy wedding etiquette when it comes to catering requirements,” says Anastasia Stevenson, a wedding planner in Georgia.
“This allows for creative menus that can save couples a lot of money in their budget for other things,” says Stevenson.
“Couples are choosing breakfast menu items, grazing boards, and other displays, as well as only passed hors d’oeuvres during their reception and bypassing the staid and costly full three- to six-course meal options or grandiose eight-station overkill at their events,” she explains. Keeping the menus simple allows for less wastefor food and your money. “Simpler, fresh fare is all the rage,” adds Stevenson.
While you might opt for a plated dinner, have guests serve themselves at dessert or self-serve stations at cocktail hour. Southern California wedding planner Melanie Levin of Luck Eleven Events says this is one way to cut down on the service charges that come with catering. “When my couples look at catering pricing, they are often taken by surprise when the estimate comes back and the service charges are sometimes higher than the food itself,” says Levin.
Establish A Wedding Budget System That Works For You
Decide on a budgeting system to track all the money coming in and out. The easiest way ? Get your hands on The Knot Budget Calculator, which automatically tells you how much you should be spending on everything from ceremony musicians to wedding party gifts, and allows you to track all your payments and their due dates.
Recommended Reading: What Ring Goes First Engagement And Wedding Band
Why You Need A Wedding Savings Account
Im a big advocate for opening several bank accounts as a way to manage your money. Some use the cash envelope method to stick to their budget, but I use a virtual cash envelope system instead. Heres how it works.
Instead of keeping track of how much money you have in each budget category by keeping cash in envelopes, use separate bank accounts. This method is ideal for those who arent a fan of carrying cash and going to the bank often. Here are some reasons why cash envelope budgeting may not work for you.
Combining banking and budgeting, consider using a budgeting app like Qube Money. Qube is designed to give your money purpose and make the virtual cash envelope system easier.
I currently have nine active bank accounts. Having multiple bank accounts helps me avoid commingling funds and I can easily see my balance and track my progress. Divvying up my money this way prevents undersaving and overspending.
If You’re Planning A Honeymoon
If you’re planning a honeymoon after your wedding, consider if you’ll include it in your wedding budget or have a separate savings account. Either way, expect to set aside around $5,000, which is what the average couple spends on their romantic getaway.
Some couples delay their honeymoon until they can save up again and instead go on a “nanomoon” immediately after their wedding. Others enjoy staycations to spend special time together as newlyweds. It’s up to you and your fiancé and what you can afford.
Also Check: How To Make A Wedding Spreadsheet
Two Big Things Couples Get Wrong About Their Wedding
There are a few things that couples do that they think are saving them money but are actually costing them more in the long run. Lets go into them now so you can avoid them when planning for your wedding.
According to Sarah, those two misconceptions are:
Im just going to put a tent up at my home it will be cheaper.
The venue is typically the biggest expense for any wedding day. So if just use your home instead, shouldnt that offset the cost?
According to Sarah: Nope!
A lot of clients come to us and say they want to put a tent on private property to save on venue costs, Sarah says. However, if the property is a private home, I can almost promise itll be more expensive than a more typical wedding venue.
The reason why is the same reason wedding venues are so expensive in the first place. Vox actually did an investigation of why wedding venues are so expensive and its due to the fact that weddings need more tender loving care than normal events.
Think about it. This is one of the only events that people expect to go perfectly. If it doesnt, you end up with situations where people act like theyre on an episode of Bridezilla.
Also, your home is probably not suited for a wedding anyway.
You also have to worry about paying for delivery and moving for all of the above, she adds.
So having the wedding in your backyard wont help. Maybe if you had a destination wedding instead
Destination weddings are cheaper fewer people will show up!
Budget For The Wedding Of Your Dreams
No matter how you shake it, weddings are going to have certain expenses that are unavoidable. Thats the name of the game. After all, what other day of your life do you throw a big party for all of your favorite people?? The goal is to not to feel stressed about the fact that you are spending money, but to spend it intentionally. Balancing the fact that it IS your special day and you deserve to feel celebrated..with the reality that there will also be MANY other special days beyond it. So start with your budget. Narrow down your priorities. And then plan the wedding of your DREAMS.
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How Much Does A Wedding Really Cost
Planning a wedding. It can be the best of times and the worst of times. If you are anything like most brides, you enjoy your engagement for approximately 2 minutes before the stress of it all set in. Theres details to figure out. Finances to be discussed. Pinterest centerpieces to be created. Big decisions to be made. All within a matter of months. Living in a social media heavy world doesnt seem to help either. You may scroll through peoples feeds and see their flawlessly orchestrated weddings…and then find out how much money went into all of that.
The amount of money that goes into weddings can be daunting. According to weddingstats.org, the average wedding in 2020 cost $30,433. This number varies greatly by geographic location, with Utah being the lowest and New York City being the highest . Additionally, take into account that these are the averages. There are many couples that go way above that amount, and some that spend considerably less.
How Much You Can Afford To Spend
First, consider what you can afford to spend. Ask yourselves the following questions:
How much do you have in your savings?
How much of your savings are you willing to use?
Will you have enough money left over for an emergency fund?
How much can you contribute from your current income?
To figure out how much you can contribute to your wedding budget from your current income, first determine your monthly earnings. Then, figure out how much you typically spend each month on bills, groceries and miscellaneous expenses. Once you figure out how much money you and your fiancé spend each month, subtract these monthly expenses from your combined income.
Consider saving whatever money you have left for your wedding. If you don’t have anything left over, look for ways to reduce your monthly expenses. For example, you might get takeout less often or skip weekend road trips as you save for your wedding.
If you’re tempted to use credit cards to pay for your wedding, keep in mind that credit card debt can build up fast as interest accumulates. It’s best only to use credit cards if you can realistically pay off the debt in a few months.
Also Check: Wedding Guest Gift Bags For Hotels
% Percent: Venue Catering And Rental Costs
The biggest part of your wedding budget will go toward the big ticket items, which covers the cost of renting out your venue space, hiring caterers for food, alcohol and rentals, such as tables, chairs and dinnerware. Some couples also include the price of their cake in this 50% chunk of their budget.
Address Your Own Invitations
Paying for calligraphy is not cheap. If you must have calligraphy on your invites, consider buying a calligraphy pen and practicing until you get it right. It’s not that difficult. And only an expert would notice it wasn’t done by a professional. As a starting point, there are tons of tutorials online.
Read Also: How To Pawn A Wedding Ring
Get Nontraditional With Your Venue
Guess what? You dont have to do the typical church and ballroom wedding. There are plenty of nontraditional places to get marriedand lots of them dont come with the traditional wedding venue price tag!
Think of outdoor locations. Call in a favor with your aunt who has a fantastic barn. Find a lodge that lets you rent the rooms for guests, use the outdoor area for the ceremony, and enjoy the common space to party.
You get the idea. Open yourself up to the possibilities of all kinds of venues and you can save serious money.
How Much Wedding Can You Afford How To Set A Big
Youre engaged! Youre preparing to marry the love of your life, your best friend, your partner and you have to figure out how to afford it.
Weddings are expensive. If you dont manage those expenses wisely, you could be starting your married life in a big pile of debt. Thats why its important to set a budget and stick to it.
Also Check: Which Ring Goes On First Engagement Or Wedding
Smart Ways To Save Money On Your Wedding
It’s no secret that everything wedding-related costs a premium. Try these few changes to help keep costs low as possible.
Choose a strategic date and timeThe most popular times to get married are also the most expensive. Venues raise their prices during peak wedding season from June to September. January, February, and March are usually less popular and less expensive.
Likewise, Saturdays and evenings are the most popular and expensive times for a wedding. Opt to have your wedding on Sunday morning, on the other hand, and you’ll pay a lot less.
Shorten the guest listThis one can be tricky for those with large families and friend groups. But it’s one of the best ways to lower your wedding cost. Cutting just 10 people from your guest list will help you save on invitations, catering, venue fees, tables, chairs, and lots more.
Ditch the paper invitesBetween save-the-date cards, wedding invitations, RSVP inserts, and postage, couples spend a surprising amount just on stationery. Online invitations can help you save money and make your wedding a little more eco-friendly.
If you’re not ready to completely ditch the paper invites, consider a simple invitation with directions to access your wedding website instead.
DIY the not-so-important stuffWhen was the last time you really scrutinized a cocktail menu or decorations at a wedding? Figure out which details aren’t important to you and DIY them. Most people won’t notice or care that you didn’t splurge on the little things.