There’s no doubt that your wedding day is one of the most expensive days of your life and the initial thought of the huge costs involved can be somewhat terrifying. Whether you opt for a complete wedding package or are choosing to put together all aspects of your special day on your own accord, making sure your finances are in order is vital from the get-go. Let’s face it, no-one wants to start off their married life under a mountain of debt.
Many couples have a specific budget in mind before making any purchases, but this arrangement can quickly get out of hand when it comes to adding on the finer details. The cost of an average American wedding was reported to cost roughly $25,764 as of 2017, therefore saving up such a huge sum can be quite alarming without putting the correct strategies in place.
Here are 5 top tips to allow you to save for your wedding day without breaking the bank:
1. Set yourself realistic expectations
Although your wedding day is a once-in-a-lifetime experience, setting realistic expectations of what you can actually afford is the key starting point when it comes to wedding planning.
You may have plenty in the bank to spend and wish to go the extra mile, but sometimes a touch of creativity can go a long way and of course, can also be a far more inexpensive option. For example, you may shop for your dress at a vintage store and have it professionally upcycled for a unique touch, or you may opt for handmade decorations and table displays which will cost significantly less than those purchased from a business.
2. Setting yourself a budget
As previously mentioned, the US average wedding is estimated to cost around $25,764, however, this doesn’t necessarily mean you have to spend such a large sum to achieve the wedding of your dreams.
Before you can set yourself a realistic budget, you will need to come up with a plan as to how much you are willing to pay on each individual element; for example, the wedding dress, photographer, cake, DJ, etc.
You may also need to do your research to find out the estimated costs, to gain a deeper insight into what you can afford and potentially do without. In most cases, there are huge price differences in near enough identical services, therefore browsing around online is key to saving the cash.
Give yourself a bit of leeway when it comes to your estimated spends, so budget roughly between 5%-10% over your prediction, just in case you there is a desperate need to spend more than you originally anticipated.
3. Savings vs. loan
The sooner you start saving, the more manageable you’ll find the overall cost of the big day. If you believe putting money aside on a regular basis is best saving technique for you, look into setting up an instant access account which you can dip into as and when you choose to start paying things off. By choosing this method, you can spread the cost over a long period of time.
Similarly, you may decide to take out a personal loan, which could be hugely beneficial in paying all upfront expenditures immediately without the need for long-term saving plans. One of the huge benefits of personal loans is that if debts are paid in time, you’ll strengthen your credit score which is a valuable asset when it comes to securing a mortgage. In most cases, you can borrow up to $35,000 which is potentially more than you would ever need to cover all expenses. Then, when it comes to repaying the loan, a flexible repayment plans are put in place, meaning you have a significantly lesser risk of falling into debt For further information, this page will provide an insight into whether a personal loan is suitable for you.
4. Cut back on spending
If you’re choosing to save up for your wedding without the help of a loan, you’ll possibly need to reconsider your spending habits to be able to afford the huge outgoing costs of the wedding. Between yourself and your partner, it would be worth having a discussion on how you can cut back on unnecessary spends and essentially, where your priorities lie when it comes to weekly payouts.
Don’t feel the need to cut out all the fun in life, but you find you can do without simple pleasures such as fewer takeouts, or not drinking as many glasses of wine as usual on a night out. It all comes down to the more you’re willing to sacrifice, the quicker you’ll save.
Likewise, try not to get roped into eye-catching deals when it comes to making added purchases for the big day. It’s extremely easy to fall into the trap of opening ‘salesy’ emails offering huge percentages off items which were never on your list to begin with – it’ll only prevent you spending the cash wisely on what you really need.
5. Ask for the help of family members
It is often the tradition that the bride’s relatives are responsible for paying for the big day. Of course, this would take a great deal off train off your financial situation, providing they’re willing to do so and have enough savings to contribute. On the other hand, if you feel you just cannot accept the extremely kind gesture or your family doesn’t have the funds to take on the huge expense, they may suggest choosing to pay off certain items on your list such as table favors, the cake or at the very least, the mother of the bride’s dress.
If you and your partner feel you are really struggling with your wedding finances and are lucky enough to have a close relationship with family members, it may be an idea to ask if they’re willing to help out by providing a small loan which can be paid back under your own personal terms and conditions.