If there is a wedding in your near future, whether it is for you or for your child, it’s time to get excited about planning for the big day. While a wedding is one of the most important days of your life, it is still just one day, not worth years of debt or debit card overdraft fees. One of the most important first steps in the planning process is to determine is how much you can afford to spend on the big event.
Creating a budget is critically important for planning a wedding and should be done before booking a venue or committing to any other major aspects of your nuptials. Since weddings are a multi-billion-dollar industry, there is no shortage of accoutrements that can be spent on for your wedding. The wedding industry has convinced today’s brides and grooms that everything from elaborate invitations, to DJs or bands, favors, a photographer, a wedding dress, and countless other accessories are essential for the celebration. According to IBISWorld, $72 billion per year is spent on weddings in the United States as of 2016. Countless websites devoted to wedding planning have budget functions to help with your plans.
As part of the budgeting process, it is important to make a list ranking items of the greatest importance to you.
Saving Money with a Wedding Checklist
Consider your bank account and keep in mind the following:
- It is no longer expected that the bride’s parents handle all of the wedding costs. Most couples contribute financially to their weddings, particularly if they are getting married later in life.
- To determine a realistic overall budget, call local venues to get an idea of average costs.
- Factor unexpected costs into your budget. Consider taking event insurance if you are getting married where weather could be a problem.
- If finances are tight, consider purchasing or even renting an already-worn wedding dress. Given the high cost of wedding gowns, coupled with the fact that they are usually used only for one night, buying a new dress may not make sense for your situation.
- Consider a longer engagement if you need more time to avoid a loan or significant credit card debt to your financial institution. You don’t want to pay interest charges for debt that will add a significant amount of money to your overall cost.
Weddings are only one major life investment that requires careful consideration. Click here to learn more about planning for your child’s college education.
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