Written by 1:00 am Financial Wellness Views: 15

What You Need To Know Before The Wedding Day

Besides homeownership and college tuition, weddings are the priciest costs in a lifetime. Even if you’re not planning on marriage, everyone should know this…

One Of The Most Expensive Costs In Your Life!

Besides the purchases of the actual wedding rings, catering, attire, venues, and even photography carry a premium.

Also, the desire for a “dream wedding” often leads to overspending on unnecessary details. Did you know that an average wedding in America is over $28,000?

Social media as well as societal expectations  also normalize this pressure. Such high costs are associated with the “once-in-a-lifetime” nature of weddings, encouraging splurging.

Preparation Takes Months, For Both!

Discuss finances openly with your partner and agree on a maximum amount you’re comfortable spending. Use budgeting tools to track every expense.

Prioritize attributes over others. What I mean by this is that you should spend more on experiences you truly value (photography or music) and cut back on less important aspects (party favors or expensive decorations).

Location of the wedding itself is tricky, and of course we want it to be somewhere special. To be financially savvy, try DIY elements such as creative venues like parks or museums. Especially on special occasions, you can negotiate with vendors for better deals. Know that, expensive doesn’t always equal memorable.

Let’s Be Realistic…

I made a list of a few ways you can optimize your budget. It can definitely vary based off preference though.

i) Venue & Catering: 40-50%

ii) Attire & Beauty: 5-10% (each)

iii) Photography & Videography: 10-15%

iv) Flowers & Decor: 5-10%

v) Entertainment (Music Or Video): 5-10%

vi) Other (invitations, Cake, Party Favors, etc.): 5-10%

How To Be Cost Effective ?

  • Develop a savings plan specifically for the wedding.
  • Set up a dedicated savings account and contribute regularly.
  • Similar to starting early when retiring, saving earlier is smarter!
  • Look for areas where you can cut unnecessary expenses to boost your wedding savings.
  • Small sacrifices will go a long way on your overall budget.

Questions, Comments, Concerns?

It’s an exciting time!

You only get married once! (Hopefully)

So, enjoy it to the max and be willing to spend! Just don’t overspend.

Do you have questions on preparations or budgeting?

Let me below! Thanks!