Saving and paying for a wedding is something that is inexplicably exciting, scary, stressful and exhilarating – all at the same time! The exciting and exhilarating parts are fun and easy, it’s the scary and stressful parts that really take their toll on you and in most cases, this is derived from figuring out how to save for your wedding so you can afford everything you dream for your wedding day.
Savings Strategies
Before you start planning your wedding in force, you should research costs associated with everything from the wedding gown and the catering to the venue and the cake. Gather all of the information you can find, from the least-expensive items to the high-end specialties. As you do this, you can start formulating a budget for your wedding to follow. The average wedding in the U.S. costs between $20,000 and $27,000 but don’t think yours has to be within that range in order to be a success.
Discuss your wedding and the budget with your soon-to-be-spouse. Ask yourself these questions:
- What kind of wedding do we want?
- How big of a wedding do we really need?
- What is the absolute maximum we can afford on our wedding without going over-budget?
Open up a joint checking account specifically for the wedding and start depositing money into the account whenever you can afford it. Find out beforehand whether or not your parents or your partner’s parents are going to be helping out financially. If they are, incorporate their money into your budget.
Stick to the Budget and Track Your Progression
Every so often, check the progression of your savings. If you’ve been sticking to your budget, you should be well on your way to saving the required amount. If you notice you’re not where you thought you would be at this stage in the saving’s game, then you need to re-address your budget and start making some necessary cuts.
Book in Advance and Save
Booking your wedding in advance does two things, it gives you more leverage in negotiating better prices with your vendors and the venue where you are planning on holding the reception and it gives you plenty of time to save for your wedding expenses. Once you have your budget made and you know the extent of your parental assistance, you can now figure out how much you will have to save per month in order to afford your wedding.
Additional Tips for Saving Money on Your Wedding
- Take a hands-on approach to your wedding and cut out the expensive wedding planner.
- Cut back on clothing costs, especially for children in the wedding.
- Buy a smaller wedding cake wedding party and multiple less-expensive sheet cakes for feeding the guests.
- Plan a luncheon or buffet-style reception instead of the more expensive sit-down dinner. If sit down is a must, then avoid expensive foods like seafood and beef.
- Plan your wedding day well in advance and choose a less-busy time of year for vendors and venues. Couples who get married in November pay a fraction of the cost compared to those who have their nuptials in May or June.
- Limit the alcohol at the reception or buy and supply it yourself. At most weddings, the price of alcohol will exceed even what was spent on the food so this is an area where you can really recoup some of your money.
- Use your friends and family to the best of their abilities. If someone’s an amateur photographer, have them handle the photo duties. If one of your friends makes flower arrangements, hire them to handle your table toppers. Promise everyone a big cookout if they all pitch in to help keep your costs down.
- Avoid the unnecessary extras like embossed napkins or matchbooks. These extras cost a lot of money and most guests don’t even take them home when they leave, or if they do, they often get tossed out.
- When possible, pay for goods and services in cash and always get a receipt. Any costs that can be saved from going on a credit card will be better for your bottom line and your future and many vendors still offer discounts to cash-paying customers.