Resources

Blog

Ways to Cut Wedding Expenses

budgeting tips Estate Planning Financial Advisor Financial Planner Financial Planning Financial Planning for Gay Couples Financial Planning for Women RIA October 1, 2019 Author: Woody Derricks

partnership wealth management newsletter - talking to your heirs about money

Most people consider the start of summer to be the starting of #weddingszn; however, according to a study conducted by Zola, the most popular month to get married the past two years is October.  There are several costs when it comes to planning a wedding. The five most expensive parts though make up 90% of those costs, with the reception venue coming in at number one.

Check out some ways to help minimize those expenses that weddings below:

  1. Be Smart with Your Date: Majority of wedding venues have a pricing structure that is dependent on the time of year and day of week. For instance, having a wedding on a Saturday in October or July will cost you more than a Friday night in March. Consider setting your wedding date on an off-day to help your budget.
  2. Say No to Rentals: When shopping around at vendors to rent linens, china or décor, take note of those prices before committing. It could turn out that the cost to rent linens or décor is significantly higher than purchasing it on your own. After the wedding, instead of it just collecting dust, you could resell it to help lower the costs even more!
  3. Aim Low:  Aiming low doesn’t mean that you must settle for anything less than what you want for your big day, but it does help create a structure and budget that accounts for everything. Set a spending limit for each item or category and then make it a goal of yours to come in a little lower than that. Saving a few hundred dollars on a dress here or a DJ there can really add up at the end of the day.
  4. Avoid the Bells & Whistles: Packages are offered throughout all parts of the wedding industry. Make sure to review all the details in each one and not settle for something that is more than what you really want. For example, photographers and videographers offer various packages with special treatments (sepia prints, parent’s album, guest books, or second day shoots) that are much more expensive than what you want. Check with your photographer if they can provide a quote for only the services that you actually want.
  5. Pay with Plastic: No we don’t mean max out all of your credit cards to pay for a one day celebration of your love. Utilize the programs that your credit cards offer. For instance, take advantage of your frequent flyer miles that could help pay for your honeymoon. Since weddings are generally planned months to years in advance, start saving your reward points to help pay down some of the costs associated with your wedding.

Planning a wedding doesn’t have to correlate with breaking the bank. While there may seem like a million things on a to-do list while wedding prepping, one of the most important is to make sure you are financially comfortable for what you are spending.

Questions and Consultations

If you have questions or if you’d like to schedule an appointment to discuss your finances, contact us today.

Want more information? Sign up to receive our monthly e-newsletter here.