Are you planning to get married soon? Congratulations! This must be a very exciting time in your life. One of the things that you should learn about in advance is how to plan your wedding budget. There are many important factors that will affect how much you can spend on your wedding. After all, weddings are expensive!
This blog post is aimed at providing some tips on how to save money when planning a wedding. We know firsthand just how stressful it can be, and want to help ease that stress for anyone who needs it. Take a look at these tips and see if any of them work for you:
Tip #1: Make a List of Actual Expenses and Start Planning Your Budget
You should take some time to make a list of all the expenses that you will have to take care of before the big day. It is important that you are realistic when it comes to your budget. The last thing that you want is not to be able to afford the things that are most important for your wedding. To get started planning your budget, you should create a spreadsheet or use an online tool, so you can track all your expenses in one place.
Tip #2: Set an Overall Maximum Spending Limit for Your Wedding
Some people are hesitant to spend money, even when it comes to spending it on something that really matters to them. They might skirt around the idea of a high price tag, and have concerns about being able to afford it. One way to alleviate this worry is by setting an overall maximum spending limit for your wedding. This will be easier if you have already set up a detailed budget, as recommended in the previous tip. You can take your maximum spending limit to the next level by setting up a plan for how much you will spend per category.
Tip #3: Get Clear on How You Will Finance Your Wedding: Savings, Loans, or Both?
There are two main ways to finance your wedding – by saving up or by taking out a loan. If you choose the “save up” option, you should plan ahead and save up as much as possible before starting the planning of your big day. You can also use funds from gifts and inheritance, if any, towards the wedding expenses. However, getting a loan is also an option if you need more money than what you can afford through savings. If you do, try to steer away from using your credit card to finance your wedding – a simple personal loan has lower interest rates, and will be easier to pay off after the wedding.
Tip #4: Request Information About Wedding Costs Upfront
Before you commit to booking a wedding venue, ask questions about what is included in each package. This will give you an idea of what costs are being covered and give you a good idea of what kind of budget you need to set aside for things like decorations or food and drink at your event. If there are any costs that are not included in their packages, make sure they are bundled into your contract before signing anything!
Tip #5: Negotiate on Price with Vendors
You can negotiate on prices with vendors on things such as reception venue and decoration and catering. If you’re not clear about the pricing, just ask the vendor what is included in the price. You can also ask for a quote for different options and compare them to see which one would be best for your budget.
Tip #6: Keep Your Guest List Short
Weddings are a tradition that has been around for centuries and the guest list is one of the most stressful parts. The more friends and family you invite, the more expensive it becomes. But there is no need to invite everyone. If you want to keep it small, make sure that your guests are close and committed to you and your partner.
Tip #7: Rent or Borrow Items from Local Vendors or Friends
Buying new stuff is expensive. Instead of paying upfront, you could save a lot of money by renting or borrowing items that are easily available in your area, including cutlery, tablecloths, centerpieces, and so on. Just make sure you give them back!
Whether you heed one of these wedding budgeting tips or seven, your wallet is sure to thank you for the hundreds and the thousands of dollars you will help it save!