Weddings should be the most romantic day for a couple, but they can be stressful and expensive. So to create a memorable occasion, couples should have a financial plan.
Below are five financial ins and outs to consider for a wedding:
- Financial Conversations
Before getting married, a couple should have a clear discussion on money to minimize disagreements after the wedding.
First, create a wedding checklist with everything needed, such as the food, wedding attire, décor, rings, entertainment, invitations, venue, and transport costs. Then create a budget.
Determine where to get the money from, which includes:
- Savings accounts
- Getting a loan
- Contributions from friends and family
The money should be in a separate account to prevent confusion with day-to-day funds. Also, to avoid getting bankrupt, remove everything unnecessary and have an emergency fund.
Have an expense tracking system, and research hidden costs, including overtime, gratuities, and extra decorations.
- Budget-Friendly Options
To save money, a couple should be price savvy. Compare different vendor and venue prices or get referrals from family and friends for the most affordable options.
Also, instead of hiring a wedding planner, find wedding themes online to find colors, decorations, and general style inspiration. For example, there can be luxurious textures, flower walls, white color schemes, and sparkled lighting for a glamorous theme.
Instead of hiring a professional videographer or photographer, couples can engage relatives or students from local universities. Also, for music, use a DJ instead of a whole band.
To cut costs on flowers, the bride and groom can order them online, choose flowers in season, add herbs for fuller centerpieces, and choose voluminous stems, such as hydrangeas and daisies, lilies, and freesias.
- Guest Lists
When getting married, a couple should consider limiting their guest list. Inviting fewer people saves money on gifts, venue, food, and transportation. For example, if food costs $100 per person, reducing ten guests saves $1000.
To limit guests successfully, be specific in the invitations about single friends bringing guests and parents bringing their kids.
- Wedding Venue
Wedding venues have a significant impact on finances. If they can afford it, a couple can choose a destination wedding, such as the Bahamas or Tulum. However, to save money, holding the wedding locally is the best option.
Also, having the wedding and reception at one location saves money and travel time. Bigger tables reduce tablecloth and centerpiece costs. Picking an off-season wedding month, such as January, lowers venue prices because there’s lower demand.
In addition, non-traditional venues such as restaurants, barns, parks, the library are cheaper. Couples should pick locations to use the equipment, including tables, plates, and chairs, for free.
If a couple gets married in the morning, they save a lot of money because another couple can book the same venue for an evening wedding.
- Invitations
Wedding invitations are a chance for a couple to display their wedding theme and personal style. Invites announce a wedding date, dress code, and venue.
To save money on invitations:
- Use online invitations and wedding websites to remove paper and mailing expenses. Platforms like Greenvelope help people to design, send e-invites, and track RSVPs. Information on the invites includes maps, hotel information, and calendar links.
- Distribute paper invitations in person to reduce postal costs. Also, physical invites help the couple get replies from their invitees immediately, ensuring faster guest list organization.
- Send group invitations to connected family members and organizations. To evade confusion, ensure the invitations require invitees to make RSVPs separately.
- Print invitations at home with an HD printer once a designer deals with the photographs and graphics.
- Proofread the invites thoroughly and correct format, grammatical errors to avoid re-printing. In addition, ensure all the wedding arrangements are final before printing.
- Work with companies that have competitive invitation deals.
- Use simple decorations on the invitations to minimize design and assembly expenses. Also, use cardstock instead of cotton or linen invites.
- Lessen the weight of the invitations.
- Use rectangular envelopes instead of elaborate square ones.
