You are recently engaged (or are the proud parent or best friend of someone who is recently engaged) and it's time to talk wedding budget. Investment in this big day will create heavenly memories that the couple and every wedding guest in attendance will remember for a lifetime. However, to keep these memories joyful, it's important that no one overtax their finances to make it happen.
Related Article: 10 Ways to Help Reduce Your Impulse Buying
Taking out a loan or saving for an extra year can help to create the wedding of your dreams, but so can avoiding unnecessary costs and expenses during your wedding planning process. You can do so much more with less if you know how to avoid choices that drain your wedding budget or leave you with un-budgeted surprise expenses.
Here’s some smart tips on how to avoid common financial wedding planning pitfalls:
1) Set an Absolute Budget at the Start
A wedding should be something you can 100% afford, either through savings, reasonable loans, or both. This means that there’s always a "too much", and it's unfortunately very easy to go over that line with vendors, add-ons, gratuities, party favors, and fees. Weddings are not easy to plan, and you wind up spending a great deal on many different purchases instead of one very large but very careful purchase.
This means you need an absolute budget and to prioritize the things that are most important to your wedding. Venues and catering take center stage followed by logistics and essential decorations. You can go all-out on table centerpieces, party favors, and package extras when you know what’s left.
2) Track Your Spending Along the Way
Booking the venue, then the bakery, then the caterer, then having your bridesmaid dresses fitted, then buying supplies for party favors; it's no surprise that wedding budgets can spin out of control.
As you spend, make sure every expense is calculated against your final budget. Keep track, keep a spreadsheet record, and keep your receipts.
3) Don’t Invite Distant Relatives Out of Obligation
Don't build your guest list out of obligation. Every guest can multiply the cost of your wedding expenses and, today, virtual guest attendance may be a better way to loop in very distant or medically unable relatives. Instead, prioritize smaller venues with just the people who are personally closest to the bride and groom. Close family members and best friends take priority, along with those relatives you see regularly and love dearly.
No need to inflate your guest list and your expenses, especially at a time when travel and large gatherings may still be a risk. Send everyone else a Zoom link and a small, mailed party favor.
4) Avoid a High-Demand Wedding Date
Venue prices vary wildly based on when you want to get married. Weekends are much more expensive, spring and summer weddings are typically more expensive, and holidays are almost always highly priced. However, cleverly planning your wedding for your venue's off-season and on weekdays can save you a bundle. Just booking on a Thursday or Friday can save thousands, and booking a summer location in the winter can get you some real deals.
5) Use Bundling Services Instead of Hiring Individuals
Look for wedding bundles and compare prices. It’s often more affordable to use the venue's caterer, or to get your wedding cake and reception dinner from the same provider. You can find some amazing almost-complete wedding packages, including tablecloths and drapes in your wedding colors, or an incredible deal on flowers if you allow your florist to suggest beautiful, affordable blooms for both tables and bouquets.
Look for opportunities to save and bundle. Also, always read your service contracts carefully. Do not allow yourself to be snaked into tacked-on fees and plus services that you don't specifically select.
5) Don’t Forget to Calculate in the Little Expenses
Little wedding expenses can stack into thousands of dollars if you're not careful. Party favors, detailed decorations, and logistic costs like transport can be more expensive than you realize -especially when planning for large groups. If you are only budgeting based on the cost of the venue and caterer, then you are likely to realize all too late that your wedding has gone over-budget on smaller expenses.
6) DIY May Not Be More Affordable
Many couples today like to DIY their wedding. This can be a great deal of fun and it has the potential for savings - but DIY supplies may not necessarily be cheaper than the services and decor provided by professionals. For example, hand-carving and painting wedding signs may be less affordable than buying a bulk order of custom signs. Your DIY lanterns could cost more than buying a lantern string. Decorating a non-wedding venue can require more decor than a venue prepared for weddings.
It's all about balancing your budget and the amount of fun you want to have DIY-ing.
7) Forgetting Tips, Gratuities, and "Plus Plus"
Don't forget to budget for tips and tax. Sometimes, gratuities are entirely on you. Sometimes, a venue or catering service will call this "plus plus" on the pricing list, meaning extra fees for taxes, tips, and "plus" choices made during the event - like restocking the bar. Watch out for "Plus plus" and always ask whether gratuity is covered or if you should set a budget aside to tip your serving staff.
9) Going Overboard on Table Decor and Party Favors
Don't go overboard on party favors or table decor. These little details are the most likely to be lost after the wedding and the cost may not be worth the delight. Party favors should be small, difficult to break, and easy to take home. Don't overload your guests with party favors unless you have a boxing and maybe shipping solution. You can also double your party favors as centerpieces, inviting each family to take home personalized centerpiece features unique to their table.
10) Gifts Won’t Pay for the Wedding
Lastly, never assume that wedding gifts will cover the cost of the wedding. You can put cash for wedding and honeymoon expenses on your registry and you can plan to return every crystal punch bowl, but a couple should always plan a wedding they can independently afford. This allows everyone to have a lighthearted time and allows guests to bring what gifts they can afford that share the most meaning with the wedding couple.
Planning a Joyful and Affordable Wedding with mph.bank
Here at mph.bank, we rejoice with every new couple planning their wedding. We also know that marital bliss can hinge on starting your married life without financial burden. An mph.bank account can help you save for your wedding goals, making that special day both joyful and affordable. Go to mph.bank to learn more.
