Staying Financially Sound While Planning a Wedding

When it comes to planning your big day, it’s important that you also factor in the rest of your life. A wedding is a wonderful celebration that you, your spouse and all of your guests will remember for years to come. But you don’t want those years to start out in debt.

Your wedding is the first day of your married life, and you shouldn’t have to make huge financial sacrifices to make it happen. To put it simply, there are ways to have your cake and eat it too, especially your wedding cake. Check out some of the following considerations for having the wedding of your dreams while also remaining financially sound.

Set a budget

Budgets work. Simple as that. Before you start considering which colors should make up the wedding party’s attire or which photographer still has availability on their calendar, know where your finances stand. And this includes nailing down where these finances are coming from.

Are you funding your own wedding? Do you have assistance from family members? Only once you have a clear picture of your financial reach can you start planning your wedding. And most importantly, be sure to stay within this reach.

Establish your priorities

Think of your priorities as the goals to reach within your budget. First, list all of your “must-haves” in order of what is most important to you. Then, start allocating your budget accordingly so that your priorities are funded first. Once you start going through this process, it will become clear which items you are not interested in spending much money on, and which items you are.

A common mistake people make when it comes to budgeting is staying too rigid. As you plan your wedding, you’re likely to change your mind. That’s ok! Just adjust your budget as well. For instance, if you decide you need to spend more money on centerpieces than you originally thought, then find a place where you can cut back a bit.

Choose your traditions

It is common to have friends and family participate in the wedding planning conversation. This can be helpful, as some of them may have experienced some of the decisions you have yet to experience. However, do not let this be overwhelming. It is important to be selective about which recommendations you take. After all, your financial situation is unique, and you need to stay true to it.

An example of this selectiveness is the use of stationary. From invitations to save the dates to thank you notes, there is a great deal of paper and printing being put to use. Additionally, you might also use similar stationary for place cards or the reception dinner menu. And as a whole, this can be costly.

You might be set on that beautiful invitation and want your friends and family to open it in the mail. That’s fine. But, perhaps consider making the save the dates digital. You’ll be surprised how much you can trim by meeting yourself in the middle with some of these decisions.

Align vendors with your priorities

There are many things you are going to recruit talent for, but when choosing vendors, it is important that they align with your priorities. For example, if music is not high on your priority list, then you shouldn’t be spending a significant amount on a wedding band.

When considering top-priority vendors as opposed to lesser-priority vendors, separate their work from their cost. After all, they are going to be part of your wedding celebration. Therefore, an item at the top of your priority list should be carried out by a vendor whose work you admire, and this likely means you are willing to dedicate more money toward it.

On the other hand, if there is not much priority for an item, then consider it wiggle room. Better yet, see if you can get away with removing it from the budget altogether and adding to your married-life fund.

Borrow

Think about how many of your friends or family members have been through this process before. Now imagine that number doubling based on your fiancé’s side of things. There are certainly items you can borrow from friends or family. And this doesn’t only mean physical items such as flower vases.

Perhaps you have a friend that has a keen eye for decorating? Why not enlist their skills and talents as part of your planning? Including insights and help from loved ones can go a long way in making your wedding event not only more personal for everyone involved, but also more cost-effective as well.

Think about the rest of your life

Weddings are great fun, and the planning can be exhilarating. Don’t let it get ahead of you, or it can become a financial (as well as mental) strain. Instead, slow down and remember why you are getting married.

With so many financial decisions as part of the wedding process, don’t forget to set some aside as save for your married future. This is the best financial decision you will make the entire process.

Looking for the right savings option? We can help, with a savings account, Money Market or Certificate of Deposit. Learn more.

 

Sources:

“How to Save for a Wedding,” Investopedia, June 2020
https://www.investopedia.com/financial-edge/0212/how-to-save-for-a-wedding.aspx

“Money milestones: How to prepare your finances for marriage,” Policy Genius, October 2019
https://www.policygenius.com/blog/how-to-prepare-your-finances-for-marriage/

“10 Financial Tips For Planning The Wedding Of Your Dreams And Having Money To Show For It Afterwards,” Forbes, May 2016
https://www.forbes.com/sites/winniesun/2016/05/10/10-financial-tips-for-planning-the-wedding-of-your-dreams-and-having-money-to-show-for-it-afterwards/?sh=1402c5e626ea