6 Money Saving Tips for Your Wedding
Start your marriage off on the right foot with these six money saving tips for your wedding. These wedding tips are from financial expert Brad Stroh, co-founder of Bills.com.
Before the tips, a word from our “sponsor”:
“Chances are, plenty of those tying the knot find themselves tied in knots over wedding debt,” Stroh said. “Before you start handing your credit cards to wedding planners, florists and photographers, take time to create a wedding budget with your partner. The process will be an excellent exercise for planning your future – and you’ll lay the groundwork for a solid financial footing for your life together.”
For more detailed budget tips for your wedding, click Bridal Bargains: Secrets to Throwing a Fantastic Wedding on a Realistic Budget by Denise Fields and Alan Fields. And, read on for Stroh’s six money saving tips for your wedding…
6 Money Saving Tips for Your Wedding
1. Explore your joint goals. Before talking about the wedding, talk about life together. What are your long-term goals and plans? Certainly, goals will change throughout life, but some things may remain fairly constant: how much to spend on a home, general income levels, family size, and types of vacations and retirement. Read Tips for Talking About Money for Couples to talk about your wedding budget — and your future!
2. Learn about dream-wedding costs. “Dream high – but plan cautiously,” Stroh says. “If you want a sit-down dinner for 300 at your city’s poshest venue, go ahead and think about it. Then make some calls and get cost estimates.” Understanding an actual budget in the context of short-term and long-term financial goals will provide a framework to move to the next step.
3. Evaluate the true price of a “dream” wedding. In the long-term, is that wedding truly affordable? Ignore commercials that suggest spending three months’ salary on a ring. “Do you have the cash in hand to pay the wedding bills? If not, can you work together to save it before the big day?” Stroh asked. “Very few couples benefit from paying off a $25,000 debt as they begin married life.” In fact, many couples would rather spend for a down payment on a home and pay off debts so they have a fresh financial start together. This money saving tip for your wedding will not only save thousands, it could jump-start a retirement fund.
4. Examine less expensive options. Including only close family and friends can provide a memorable occasion, as can casual nuptials on the beach. Opting for a cheesecake buffet rather than a four-tier cake can save hundreds. Plus, dozens of books and websites offer tips on saving money on wedding planning. Whether “budget” means $1,000 or $15,000 – any couple can find something that fits their style.
5. Draw on friends’ talents. Consider requesting services as a gift from friends or the bridal party - this is a sentimental yet effective wedding money saving tip! A gourmet-cake-baking aunt, a cousin who is a professional photographer or a neighbor who is a florist might provide reduced-cost or free services as a gift.
6. Stick to your budget. Planning a wedding requires a budget. List expense categories and put a price tag on each one. Don’t forget small items that add up quickly, like tips for service professionals, gifts for the bridal party, and expenses for “extras,” such as a brunch for far-flung relatives the morning after the ceremony.
What are your money saving tips for your wedding? Please comment below! And, if you need some wedding ideas or want to destress, read The Top 10 Wedding Movies of All Time.
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Comment by Patricia Reed on 10 May 2009:
Another great tip I think is to consider making your own flower arrangements. Of course this takes time and may not work for a very large wedding, but it is something to think about. Flowers are a very expensive part of a wedding……or can be.
Comment by Laurie Pawlik-Kienlen on 10 May 2009:
I can’t remember who I ordered my wedding flower arrangements from, but it was so inexpensive! I only had two bouquets for the maid of honor and bridesmaid, and one for me; it was less than $200 for all three, and they were stunning. Of course, I didn’t order huge floral arrangements — I think we asked family members to bring their best vases and flowers.
Thanks for your wedding budget tip, Patricia! And, if you can’t make your flower arrangements yourself, you could put the call out to friends and family….many people take flower arranging classes or have a natural affinity for it, and they’d be happy to put their talents to work.