How to Save Money on Your Wedding

How to Save Money on Your Wedding

The average cost of a wedding is $50,000. If not for a wedding, think about what you could do with that much money. It could be the down payment for your first house or a good start to a hefty emergency or retirement fund.

Yet time and again, couples decide to spend in all in one day. The big question is why do couples feel they need to spend a lot on a wedding? And the even bigger question is how can you save and put your money into better use? Find out in the enlightening tips below!

1. Manage the societal pressure.

In whichever way you look at it, spending $50,000 on one day is too much. But if you plan on seeing a lot of family and friends, your guest list will increase and so will the bill. To some couples, the expense is worth it if it means reconnecting with loved ones that they have not seen in a long while. The trick is to be reasonable about everything. Do not do anything you cannot afford – especially if you are only feeling pressured to match the lavish wedding of your friends. Do not get pulled into the habit of comparing weddings – if you must, compare savings instead!

2. Never mind how the media portrays weddings.

Most of the weddings you see on TV are unrealistic in real life. Yes, Prince William and Kate Middleton’s wedding was a fairytale but they also had the budget of an entire kingdom behind them. Since childhood, most women are fed lavish images of weddings. Stop blindly fantasizing and find your own values. This ensures your wedding is meaningful and also reasonable for your budget.

3. Decide on your goals as a couple.

Many couples overspend on their wedding day and end up starting their new life together in debt. You can do so much better! Budget appropriately for the wedding day and focus on the long-term goals that you want to accomplish as a couple. Life after marriage is expensive – there is the task of buying a house, getting a family car, having kids and paying for them, saving for retirement, and the list goes on and on. Take all of your goals into consideration and measure your wedding budget against it. It is easier to think of savings when there is a purpose for that money.

4. Determine your needs and wants.

Create a list of must-haves and nice-to-haves for your big day. Is a DJ necessary? Can you use plastic flowers? Are there nice favors that cost less? Think about what you want to get out of your wedding and what experience you want to have. Be honest about your needs and wants. More important, you have the final say on what happens at your wedding – not your family or guests. It is your money and you should be happy with how it is spent.

5. Save on your dress.

You will wear your wedding dress once in your life, the same goes for the bridesmaids. Do you really need to buy a new one? If you find used dresses that fit your style, it will save you tons of money. Consider buying a sample dress, too. Get it once size bigger so it can be tailored to fit you. If the dress is cheap enough, the cost of altering is sure to fit your budget. Alternatively, you can rent dresses! Find one that you like and save money while looking your best on your wedding day.

Ian Schindler