Published: Budgeting For Your Big Day - Blush Magazine, May 2012
by Lucy Gates
The average cost of a wedding is now about $26,000. And that price tag doesn't include the cost of the honeymoon, nor the cost of the engagement ring. This can be overwhelming, especially if you and your fiancé are paying for the wedding yourselves. How do you create that memorable day for you and your guests without sending yourselves into debt over the occasion?
Setting a wedding budget is a must. Set some priorities on what is most important for you, and spend more in these areas so that you will be happy with your end result. For instance, if having a certain type of photography is most important to you, plan to "splurge" on this and find other ways to cut back.
It is important to reach agreements with your fiancé about the size of your wedding and the location ahead of time. You do not have to invite everyone! Trimming the number of guests is the quickest way to curtail cost. Some of the more intimate weddings I have attended were smaller, with only family and close friends.
Pick your location carefully. You can likely get away with less decor if you opt for an outdoor wedding. Or, consider a destination wedding. Although it may sound like it will cost more, this is not always the case. You can find fantastic bargains on airfare and hotel rates, especially if you consider outside-the-box locations. You can also consider getting married on an "off" day-such as a weekday- if you're having a destination wedding. Your guests will already be on vacation, so does it really matter if you get married on a Saturday or a Friday? You can often get a better rate on venue if the ceremony takes place on a weekday. Plus, you and your new spouse can stay a few extra days at your destination, making the locale your honeymoon spot.
Another way to cut cost is to avoid hiring a wedding planner. Instead, consider a virtual wedding planner. There are many online resources, tools and guides to help you plan your wedding. Investing a little time to explore these options yourself can prove to be invaluable.
Finding ways to save a few thousand dollars on your overall wedding cost can have lasting effects. Wouldn't it make more sense to apply the money saved to the purchase of your first home? Most people say that the actual wedding and reception fly by and are just a blur. Do you really want to go into debt over something that lasts only a few hours? You certainly don't want to look back on your wedding day with any financial regret. Avoid guilt and remorse by adequately budgeting, planning and prioritizing.
Click here to read the complete article on Blush Magazine's website.
The contents and opinions contained in this article are for informational purposes only. The information is not intended to be a substitute for professional accounting counsel. Always seek the advice of your accountant or other financial planner with any questions you may have regarding your financial goals.