2010 01/10

Wedding Finances

Let’s be honest: weddings can be very expensive, and without proper planning, the numbers can skyrocket very quickly. We often told people that when you say the word “wedding” people start seeing money signs! There are, however, ways to cut cost and keep within budget.

Before you start wedding planning, we recommend outlining your vision, and this will help you prioritize items of importance. It will also help you set your overall tone/ theme. Having a vision really gives you focus and planning with everything. When we had to make financial decisions, we often turned to the big picture goals we set to help drive our decisions.

To save money, we recommend the following:

  • Draft a budget sheet with approximate costs for each item (talk with friends who have recently been married to acquire figures)
  • Aim to make a complete budget sheet, and don’t keep adding little items to the sheet later on
  • Make sure communication is clear with all (families, wedding party, you as a couple etc.)
  • Use advertising as a trade off to help pay for things (have your wedding and/or vendors featured in various publications)
  • Print your own stationary, programs, letterhead, etc.
  • Don’t be afraid to ask for discounts (but make sure you arrange the discounts before signing the contract)
  • If your reception is at a hotel, ask for you and/or your parents can have a complimentary night and/or late checkout
  • Figure out if registering or cards and monetary gifts is best for you
  • Make sure you have also budgeted for post-wedding expenses
  • Consider the cost of an open bar, cost per hour to rent the space and/or vendor cost, and the meal cost (FYI it’s usually more expensive for the guests to have meal options)
  • Review your budget sheet consistently, and make sure you’re staying on track with your spending and savings

The last thing anyone wants is to walk away from the big day with loans, an unexpected large bill, or inflated costs in general. Smart planning and sticking within budget really helps you before, during and after your wedding.

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