The time period after you first get engaged seems to be so exciting and exhilarating, but after all of the excitement wears off, people begin asking the same question, “When are you getting married?” This may seem like such a simple question, but once all the planning begins, you may find yourself a little financially overwhelmed and with the average cost of a wedding in 2015 being $30,000 you will be looking for help and answers on how to save that much money. Not to fret, we are here to provide you with tips on how to save for a wedding.
Set A Budget to Save For a Wedding
This may seem like a simple tip, but setting a budget right off the bat will keep you in line for the costs that you can afford. First start by doing some research on big items, like the venue and food and other services you may like to include. While you may only think to budget for the big items, don’t forget to factor in smaller scale items like shoes, bachelorette parties, beauty products, and alterations.
Focus On What Is More Important To You
After you’ve settled on a number your budget you next need to prioritize how you will be spending that budget. If the venue holds more significance to you then set a larger budget for that. If the venue is not that important to you, think about holding your ceremony and reception on a Friday or Sunday and that could potentially reduce your price by lots. If the food plays a larger role, then allocate more of your budget towards that. In the end, only the bride and the groom know what will be the most important to them on their wedding day.
DIY
Do it yourself or DIY has become increasingly popular these past few years, especially when it comes to weddings. While DIY in some cases may be the cheaper option, you do need to take into consideration the time that you will be spending making certain things. If you end up not loving how something may have turned out, you will have to spend more money to fix it and also more of your time.
Alter Some “Must Have” Items
Everything that traditionally coincides with your wedding day can have a certain priority, ranging from the cake to the flowers to the invitations. If the traditional 4 tier white wedding cake isn’t that important to the groom and the bride, you may go with a more cost effective solution like cupcakes. If the invitations also aren’t that important to you, you may be able to cuts costs there as well. With Pinterest being so rapidly popular, there are tons of options and websites that will allow you to easily create your invitation all within the click of a button. If you are looking to cut costs on invitations, you can think of alternatives, like having your guest RSVP on a website which will save you money on the invitation itself and the postage.
In the end, a wedding is a joyous celebration where people come to celebrate the brides and grooms love for one another. While most guests remember the time, fun, and company they had at a wedding very few will remember what centerpieces you had or what your “Save The Date” looked like. Ultimately you have to do what is best for you and your situation and remember and always keep in mind what is most important to you.
At Magellan Financial, we have the tools to help you with all your planning needs. To schedule an initial consultation or learn more about how Magellan Financial can help you plan successfully, please call us at 610-437-5650 or email us at Jon.Soden@WFAFiNet.com.
Wells Fargo Advisors Financial Network is not a legal or tax advisor.
