Truth be told, having your dream wedding could be expensive. Sometimes even way off your financial muscle. A wedding is one of those special moments that will stay with you the rest of your life. Is it worth it in the long run? Absolutely! So, it is important to find ways that you can make that special day for you and yours happen even when living on a tight budget. Weddings will often include a myriad of costs, some even unforeseen, making it necessary to have a plan to save for them.
Planning a wedding can be an incredibly expensive process, but there’s no set amount you have to spend on your big day. Instead, consider what’s important to you and your fiancée and work within that budget. There are plenty of helpful Wedding Budget calculators online if you need some help getting started!
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How much money should you spend on a wedding?
Think about how many weddings people go to yearly in the United States (assuming round numbers). Roughly 150,000 weddings a year. That’s 1 out of every 15 marriages! How much money do you think couples spend on average on their wedding? Data from The Knot shows that, on average, couples spend $28,192.47 per wedding.
The good news is, with a few tricks up your sleeve, you can save lots of money for your wedding.
In this post we share the best approaches to save for a wedding. These strategies will help you save for your dream wedding without necessarily setting you back financially for years to come. You will often hit walls as you maneuver your way into saving for your wedding, but in the long run it’ll be well worth it. Let’s dive right in!
Before we get down to saving, it is vital to have an estimate of how much your wedding should cost. How much you will spend on your wedding will always be relative to how big or small you want your wedding to be. Nonetheless, you should always have a rough idea of how much you are willing to spend on your big day. Factors like the choice of your location, wedding clothes, and even the season of the year you choose will always influence the financial implications.
Track Your Budget
Easy, right? Wrong! It is not as straightforward as it sounds and more often than not, it is a preliminary step that is often overlooked. Begin by having a small yet realistic budget for your wedding. Having a budget is simple and what is often a challenge is sticking to your budget. Track your budget by recording every single expenditure on a spreadsheet that is easily editable by both parties. Remember to input everything down to the smallest of purchases, for instance, the $1 hair clips for your maids, they add up eventually. Have a separate tab for each of your big spends, for instance, decor, venue, or entertainment with a column indicating what it is allocated for and another for what you have already spent on.
Compare Shops
This is where your rough estimate for the budget should be from. Most couples come up with rough figures before doing their due diligence beforehand. Getting quotes from different vendors will save you the trouble of coming in too high or low on the budget which could be a real bummer especially if you had underestimated the cost. Be sure to get the quotes in writing and not take their word for it. Go ahead and request a deadline for accepting the quote. Remember, whatever you are looking for might not be the same price 8 months down the line. However, you could lock in the prices by paying a deposit and getting into a purchasing contract. This will prevent the vendor from raising the prices without prior notification. So if you decide to get into the contract, read the fine print carefully and always keep in mind that there might be unforeseen shortfalls in the way of prices.
Put Your Savings in the Right Place
So now you have a budget and need to work on getting your wedding money in one place. You have two great options that you could choose as far as banking your savings for the wedding: a separate checking account and a savings account. A checking account will allow both of you to contribute to this account either by writing checks or using debit cards. As far as accessibility is concerned, using a checking account is the way to go. However, you should keep in mind that you won’t be earning any interest if you go down this route. So whether you decide to choose a savings account or checking account, keep tabs on the maintenance cost and the minimum balance required after withdrawal. This is just to make sure it doesn’t cost you to save money in your account.
Beg, Borrow, or Rob the Bank!
Of course, we don’t recommend you rob a bank. It’s a crime and you’ll miss out on your wedding. However, borrowing is one way you can keep your budget on the low and under control. Do you have friends within your circle that have already gotten married before you? Well, if you have then chances are you might have yourself a ton of decor that you could get from them. Sometimes you could also get a veil from them at a cheaper price than purchasing it brand new. If you feel some type of way about borrowing, we have some news: you will always need something borrowed for your wedding. It is quite normal. Borrowing might sometimes be in cash, your friends could help you get your dream wedding, all you need to do is ask.
Ask for Favors
This is where your close contacts or family come in handy. Do you have a friend with some fancy wheels? Does your cousin bake cakes? This is the time to call in the favors from these people. Don’t be afraid to ask your cousin Cate to bake you a cake for your wedding instead of getting you a gift, or Michael your high school friend to come in for entertainment instead of getting you a gift as well. Remember, you should always let them know that it is totally fine if they do not feel like doing so. You cannot call in favors for everything but here are some of the things that you could easily get from your friends and family: chauffeur, wedding cake, and even a DJ. If you manage to get a few close contacts to get some of the things off your list, then you will have saved a couple of bucks.
Get Your Timing Right!
You’d be surprised to know that the time of the year you choose to have your wedding will have hefty financial implications. If possible, there are some periods in a year you should avoid like the plague if you want to keep your costs down. To put it into perspective, fall and summer are usually busy with weddings so demand does go high. You know, an increase in demand always means an increase in prices. So holding your wedding off till fall or winter would be considered financial wisdom. Reduced demand would also mean reduced prices. As far as destination weddings go, the rules pretty much apply, consider making your trips during off-seasons, when flights and hotels are cheaper. With the destination nailed down, now take advantage of seasonal sales as much as you can.
Location
One of the best ways to save money for your wedding is by choosing the right location. It is not mandatory that your wedding ceremony be held in a church followed by a wedding reception in an upscale event hall or ever a country club. If you do choose those options, you will want to find other ways to save money. However, if you are open to other locations might we suggest having a backyard wedding? A backyard wedding can save you hundreds to thousands of dollars in rental fees. If you have a home that is suitable to have your wedding ceremony, your wedding reception or both, we highly recommend it. This is also a good idea if you are at all concerned about the pandemic and do not want to expose family and friends to multiple locations which are not under your control. If you do choose to have a backyard wedding here are some fun things you could choose to incorporate into your wedding day:
Wedding Inflatables
One of the more unique ways to add a fun and whimsical touch to your wedding is by using inflatables. You can purchase or rent inflatable items for your wedding such as an inflatable wedding tent, which is perfect for outdoor weddings or those with limited indoor space. An inflatable bounce house can provide hours of entertainment for both kids and adults, and is a great way to keep the little ones occupied while the adults enjoy the festivities. Other inflatable items such as an inflatable food and drink cooler, decorations, or bridal arches can also be used to add a unique touch to your wedding décor. When choosing inflatables for your wedding, make sure to consider the size and theme of your event. For example, if you’re having a beach wedding, you might want to consider an inflatable palm tree or beach ball. If you’re having a rustic or barn wedding, you might want to choose an inflatable hay bale or cow. The possibilities are endless, and there’s an inflatable out there to fit any theme or style.
Umbrellas
If you’re planning an outdoor wedding, weather is always a factor to consider. Sunny days are great, but what if it’s too hot? You can keep your guests comfortable and cool by providing them with wedding umbrellas in your wedding colors. These umbrellas not only provide shade, but also make for great photo props. They can also serve as keepsakes for your guests to take home as a reminder of your special day.
Use a Wedding Projector
One of the most memorable parts of a wedding is the ambiance. You can create a beautiful and unique backdrop by using a projector inside your wedding tent. With a projector, you can display images of flowers, nighttime scenes, or even your wedding colors. You can also use it to show a slideshow of your love story, or a video of your proposal. This is a great way to add a personal touch to your wedding.
String Lights
When it comes to wedding decor, string lights are a classic and affordable choice. These lights create a cozy and romantic atmosphere, and can be used in many different ways. You can wrap them around trees, drape them across the ceiling, or use them to outline your wedding venue. String lights come in different colors and shapes, so you can choose the ones that fit your wedding theme.
Landscape Lighting
In addition to string lights, you can also use other landscape lighting ideas to enhance the beauty of your wedding venue. Solar lights are a great eco-friendly option, and they come in many different styles and colors. You can also use hanging lanterns to add a touch of elegance to your wedding. If you’re having an outdoor wedding, you can use solar flashlights to light up the paths and walkways for your guests.
Use a Cheap DIY Firepit
If you want to up the ambiance and create a cozy atmosphere at your wedding reception, consider using a DIY fire pit. A fire pit adds a rustic and charming touch to your wedding, and also provides warmth and light during the evening. You can place the fire pit in a separate area, and use it as a focal point for your guests to gather around. You can also use it as a separate dining area, where you can serve s’mores or other snacks. A DIY fire pit is a cheap and easy way to make your wedding stand out.