If you are reading this, you most likely just got engaged (or maybe are hoping to soon). Planning a wedding centers around your dreams and your finances. Most people not only should set a wedding budget, but need to in order to avoid credit debt. Use these wedding savings tips to manage the budget and have your dream wedding.
15 Wedding Savings Tips & How to Create a Wedding Budget
Whether you need to eliminate debt you’ve already collected or need to avoid any wedding debt, it’s absolutely possible! The simplest way to do this is to create and follow a wedding budget. This budget must accurately reflect your finances, including available cash, amount of money you can save, current financial goals and contributions from parents. Once you have a total amount of money that you can spend on the wedding, then you can move onto planning.
Creating a Wedding Budget
To figure out how much you will save before the wedding, you need to look at your current budget and spending habits. It’s time to shift priorities away from areas like clothing, entertainment, subscriptions and maybe even cut back on your grocery bill. Look at all the ways you can move money towards your wedding fund.
Now, you can take that monthly estimate and multiply it by the number of months prior to your wedding. Let’s say you are saving $350/month and won’t need the money for another 6 months. At that time, you will have $2,100! Plus, your partner can also be saving if you have separate finances. Let’s say they save $3,000. Now you have $5,100 for your wedding without additional help from family.
List of Wedding Savings Tips
Now, here are 15 ways to help you save for your wedding or on the wedding costs themselves.
- Start saving as soon as possible. Let everyone know you’re engaged and start saving from that moment on.
- Consider working more hours or finding a side gig.
- Reduce the guest list. This opens up a lot of cost saving possibilities around venue, food, decorations and more.
- Have a casual style rehearsal dinner.
- Keep the wedding decorations simple and tackle as many DIY projects as you feel comfortable to handle.
- Enlist a friend to be the MC and DJ.
- Borrow needed items from friends and family.
- Trade skills and services to get a discount on your photography.
- Choose an off-season wedding date.
- Get married earlier in the day to avoid a sit-down meal.
- Send electronic save the dates.
- Print a limited number of programs or make just one main board.
- Reset your expectations so that you can be happy and thankful for your day rather than the one no one could ever afford from TV and magazines.
- Have guests contribute desserts rather than buying a wedding cake. Tasty and surprising.
- Use a wholesale flower distributor to make your own arrangements.
Your wedding should be a joyous occasion. You don’t necessarily have to elope to avoid debt either. A wedding budget is a wonderful tool that you keep you away from more debt and help you continue to get out of debt if that’s one of your financial goals.
Create a budget. Stick to the budget. Have a beautiful day without taking any wedding debt with you!