With around 2 million people in the U.S getting married each year, spending an average of a little over $35,000, the wedding industry is big business and can cost couples big bucks. For many couples, going over budget on the big day can lead to starting married life in debt. In order to avoid such complicated and frankly unnecessary consequences, there are numerous ways to save considerable amounts of cash. This can help reduce outgoings from the wedding budget but raising a substantial wedding fund in the first place is a task all unto its own.
How to contribute to your wedding fund
Forty seven percent of couples report spending more than they planned to and going over budget compared to a much tinier percentage who actually come out ahead. To try to be part of that group either working within their budget or even better, having some extra left over, an early priority should be to work out your wedding budget and allocate amounts depending on your priorities. Initially, consider how much you and your partner have saved that you are prepared to put towards the wedding and then discuss with any family members if they are contributing. After that has been discussed and decided upon, consider options for how to contribute further amounts, perhaps on a monthly basis. For example, there are banking options and credit cards that offer benefits that can be a great resource to incorporate into a wedding budget.
Doing some research on the various financial products and perks could help to raise your wedding budget without you having to make any significant lifestyle changes in the process. There are also sacrifices you can make in the short term to bolster the wedding fund. These could be small, everyday changes such as switching your daily cup of take-away coffee to a homemade cup brought into work in a flask. To achieve bigger, more immediate lump sums, an idea could be to forgo holiday and birthday presents for one year.
Where to cut costs
Understanding what you and your partner consider the most important aspects of your wedding to be will help in allocating funds based on your priorities.
For example, the venue may be a location of sentimental value to you and you are prepared to splash out on it. On the other hand, you may consider the flowers to be of less importance and therefore place them lower on the list of priorities, being prepared to curb costs in that department. You may also want to be creative with some aspects and take into account any skills you or your friends may have, which could allow you to save significantly by creating some of your wedding items yourself. This could range from the wedding dress to flower arrangements to make-up and hair styling or even the catering.
Being practical about your wedding budget involves being organized, creative and reminding yourself of your priorities. Going over budget for a wedding is all too easy to do, as an overwhelming number of couples can tell you from experience. However, remembering that your wedding day is a celebration of the beginning of your married life with your partner should always remain the focus and is something that you may need to keep returning to during the stressful moments and financially challenging decisions.
