Getting hitched? Ready to party it up with the love of your life for the rest of your life?
A wedding is a special day for both you and your loved ones – a chance for families to come together in celebration of something really special: you.
In all the fun and excitement, it’s easy to overlook the financial burden of hosting a wedding. While it may put a damper on the fun, creating a financial plan for your wedding can help ease stress later on as you enjoy the first stages of your new marriage.
How Much Do Weddings Cost These Days?
While the pandemic lowered the average wedding cost in 2020 to $19,000 (likely due to guest restrictions), pre-pandemic costs hovered at an average of $28,000. That number is all-inclusive: venue, officiant, attire, invitations, flowers, rings… the list goes on (and on).
Weddings are a huge expense, yet many fail to budget accordingly ahead of time. To keep your financial goals on track, it’s important to be aware of the costs associated with weddings and plan your budget in advance.
7 Ways to Save on Your Wedding
Saving up for your big day involves getting creative with your budget, but did you know that there are several other ways you can cut costs? Here are the top seven ways you can build a little more room into that wedding budget – let’s dive in.
1. Set Realistic Goals
While a destination wedding with 300 of your closest friends and family sounds like a blast, is it worth putting off your other financial goals?
Spend some time talking to your partner to explore an amount you’re both comfortable with spending on the big day. This can help you stay on track with your money goals and avoid conflicts further down the road.
2. Embrace the DIY
Think of your wedding as a talent show for all your secret skills. Are you great at sewing? Cut costs by altering your own gown. Does your knack for flower arranging never fail to amaze? Maybe you’re a pro when it comes to table settings.
The DIY method can also extend to your friends and family – wasn’t your cousin Sally a dance instructor back in the old days? Ask around to see who’s got a special skill and would like to donate their time to help you out. In most cases, they’ll be happy to get involved and be a part of your special day.
3. Start Saving Early
The sooner you begin saving for your wedding day, the more time you’ll have to accrue money. If you’ve been dreaming of a big, extravagant wedding since you can remember, why not open an investment account specifically for that life goal?
The worst case scenario? You end up with unused savings you can reallocate to your other financial goals, like retirement or a first home.
4. Negotiate with Vendors
Many wedding vendors will negotiate prices with you ahead of your wedding day. If you start shopping around early, you have more time to explore your options and find the best deals. You may even find that your venue offers a discount if you hire their preferred catering partner.
Just remember: the closer you are to the big day, the less leverage you have to negotiate.
5. Rent, Don’t Buy
A well-kept secret the wedding industry doesn’t want you to know? You don’t have to buy everything brand new.
In addition to renting out tables, chairs and place settings, you can also rent those big-ticket items, like your wedding dress. That pricey tux? Wash and return, my friend.
You’ll likely have several other mementos from your wedding to cherish long-term, and the money you saved can help cover costs for the reception or honeymoon.
6. Use Those Credit Card Rewards
Several credit cards offer rewards or points back on your spending, especially travel- and hotel-related rewards. Those points can then be redeemed for your honeymoon expenses or saved up for another time.
Just keep in mind that credit card debt can accrue quickly – only spend what you can afford, and pay off your balance in full each month.
7. Stick to Your Budget
The most important part of staying on track for your wedding goals? Setting a budget and sticking to it.
Think of every expense for your wedding and estimate how much each will cost. It’s easy to get caught up in the fantastical offerings every vendor has to offer, but you’ll likely end up with buyer’s remorse.
For many, weddings offer a full day to celebrate love with family and friends. Don’t wait to start saving – set your wedding budget with Lasso.
Start Saving for Your Big Day with Lasso
We’re here to help you save toward your goals and gain more financial know-how along the way. Click here to download the Lasso app today.