Wedding planning may be the most exciting thing, but it can be an expensive event if not planned well. Learn how to save money for a wedding if ever you wish to get married without running into debt.
From the venue’s cost to food, flowers, and photography, the expenses seem to keep piling on.
We have information that would help you with helpful strategies that will enable you to save money and prioritize what’s most important to you so that you can have the wedding of your dreams without financial stress.
Why is Wedding Planning So Expensive?
All weddings do have an overwhelming price tag most of the time. Most couples are normally out of their wits at just how the costs almost immediately balloon.
The following are some of the reasons why weddings tend to run on the expensive side:
1. Venue Rental: More than likely, this will be the most expensive entry on your list. The popular locations charge in the thousands of dollars per day in peak season.
2. Catering: One of the most expensive ways to feed all your guests—especially if you have a big reception with lots and lots of people. Food and drinks per head can easily tip your budget over.
3. Photography and Videography: These are professional services quite a must for memory capture but very expensive, depending on the package and experience of the provider.
4. Flowers and Decorations: Though flowers and decorations beautify your wedding, fresh floral arrangements, lighting, and other decorations that keep up with the theme may cost a bit.
5. Wedding Attire: This, too, is another big chunk, which may fill out a large part of the budget—more so if you go with a designer name or go for custom pieces.
How Much Should I Save for a Wedding?
It depends on personal circumstances and what kind of wedding is being prepared. On average, they can vary from $20,000 to $40,000 or more, but a beautiful celebration can be planned for far less.
First, you need to determine your realistic budget, which will be based on the kind of wedding you would want.
Make a list of what you want at the wedding venue, including dress and photography, among others, and then split your savings accordingly.
You will have to start spending more money in those places that are significant to you as a couple and cut down the expenditure in places less important.
How to Save Money for a Wedding
The importance of saving for a wedding calls for discipline and proper planning. Here are six clear steps you may follow towards your financial goal.
1. Set a Wedding Budget
First, have an exact estimation of the budget for your wedding. Segment the anticipated costs into the venue, food and beverages, attire, and entertainment.
This will give you a rough idea of how much you need to save. So as not to overspend, get stuck to your budget.
2. Have a Savings Account for your Wedding.
Open a new wedding savings account, and keep it completely separate from everything else.
You will be more comfortable knowing what kind of progress you are making, and you won’t be as enticed to use the money for other things than your wedding.
Most banks have very special high-interest savings accounts available when it comes to long-term savings goals.
Saving for a wedding falls under the category of long-term goals.
3. Automatic Transfer
The easiest way to save is through automation of your contributions.
You should set up the facility of automatic transfers every month from your checking account to your wedding savings account.
This way, you will save your money when you least think about it, and over time even small sums will add up.
4. Cut Down on Non-Essential Expenses
Identify areas where expenditure can be cut down on a day-to-day basis so that it saves up that little bit faster.
Consider dining out less frequently, purchasing fewer clothes, or reducing other discretionary spending.
Whatever money comes from such cuts, put it to work for this wedding savings goal instead.
5. Side Gigs or Extra Income
When possible, pick up a side gig or freelance work that further complements building your wedding savings.
This could be freelance writing, tutoring, or driving with a rideshare service; whatever it is, the extra money will build up the savings faster.
Set any of this money aside, straight into the bank for your wedding account.
6. Cashback and Rewards Programs
Avail cashback applications and rewards programs for spending on weddings.
Most credit cards have a cashback or point system when it comes to flowers, rentals regarding venues, or even booking honeymoons.
Using these facilities strategically will help in shaving off a part of your wedding expenses.
7 Ways to Save Money and Finance a Wedding
Save diligently, but besides that, there are ways you can cut costs and save money during the planning process. Here are seven creative ways to shave expenses from your wedding:
1. Consider an Off-Peak Wedding Date
The cost for booking venues and hiring vendors is much lower when a wedding date out of the peak season is chosen Spring and Summer are generally peak wedding seasons. Winter weddings and weekday celebrations come with discounts.
2. Trim Your Guest List
The easiest way to cut costs is by shrinking the guest list. With fewer guests, it means dealing with less catering, fewer tables you will have to decorate, and even fewer venue costs.
3. DIY Decorations
Being crafty will, in a great way, help you save on wedding decorations. You can make your wedding favors, centerpieces, and event signage yourself.
This will give your function a personal touch at a lower cost.
4. Take Your Invitations Digital
Ditch the hundreds spent on invitations and postage, and go digital. In all, digital invites will have online invitation services send out great, customized invites for a fraction of what traditional paper invites would cost.
5. Buy a Secondhand or Sample Wedding Dress
Consider renting a previously owned wedding dress or shopping at sample sales rather than buying a brand-new designer gown.
Most brides wear their gowns once, then turn around and sell them afterward. You can find gorgeous dresses this way at huge discounts.
6. Hire a New or Student Photographer
If professional photography is just beyond your budget, see if you can find an incredibly talented student photographer or someone who’s fresh into the business.
Many photographers, when building up their portfolio, will offer cheap discounts yet still give you some amazing photos for a fraction of the price.
7. Consider a Smaller Cake or Dessert Table
Consider having only a very small, simple wedding cake to cut and serve, and offer your guests cupcakes or a dessert table for additional options.
How Much Should I Spend on a Wedding Dress?
The average wedding dress costs vary, but most brides claim to spend within a range of $1,000 to $2,500.
This does not have to be your reality, because it is possible to find a breathtakingly beautiful dress at an infinitely lower price.
Options like a pre-owned dress, sample sales, and even rentals could keep one within budget.
When Should I Start Saving for My Wedding?
It is ideal if saving for your wedding is made at least a year or more in advance.
The earlier you can start saving, the longer you will have to build up your savings and not rely on debt.
Or so it goes: even though you may not be getting married in a few years, it’s never too early to begin saving.
Conclusion
Of course, saving for a wedding requires thoughtful planning and smart budgeting, but that is achievable.
Understand where the big expenses will come in, set clear savings goals for yourself, and find creative ways to cut costs, knowing that if all these things are well put into place, you can, by all means, plan your dream wedding without having to break into your pocket.
From opening a specific wedding savings account to shaving off your guest list, to cashback programs, this list of strategies will surely have you saving wiser for that big day.
After all, what matters is the actual wedding day that you get to spend with your loved ones, and saving wiser will have you doing so sans financial stress.