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Tying the Knot Without Going Broke: A Financial Guide for Savvy Couples
TLDR: Practical tips for setting a wedding budget, saving strategically through side hustles and smart spending, and creatively cutting costs on venues, flowers, transport and more.
Getting married doesn’t have to break the bank if you can plan for priorities. If you must have a big reception with a dance and a DJ, you should. If you have to have a beautifully tailored dress and bridal party, allocate funds for that purpose. By listing your priorities, you can make sure that those items are fully funded for your enjoyment.
What to do to prepare for your wedding financially
Set up a bank account you can ignore, preferably one that offers high interest. If your family can contribute for your wedding, ask for their contributions early and load the account with that cash so you can earn interest on it.
Start a side hustle and ask your partner to do the same. If you and your partner haven’t talked about merging your finances, now is the time to have a frank and open conversation. Load the funds from your side hustle into your new bank account. Make this bank account easy to load
and hard to empty; don’t get a debit card for this account until you’re ready to start making purchases.
How to get the best deals for your wedding
Consider going off-season. May and June are often popular for weddings, but you may find that your favorite venue is over-booked or quite expensive. Consider also using non-traditional venues.
Find out what flowers are in full season around the date you plan to marry. Seasonal flowers will be cheaper and more abundant; you can use these flowers to decorate your reception space. Save your floral funds for your bouquet and for your bridesmaids to carry.
Limousine rentals can get quite costly. Again, plan early. Check in with your parents friends and your aunts and uncles. Does one of them have a classic car that they would be willing to rent to you or lend you? You may actually be able to ask to borrow a classic car or even a horse and carriage as your wedding gift from a family member or friend.
How you can save money prior to your wedding
If you live on your own, now may be the time to bring in a roommate or even move back home. You and your partner may live together; it may be time to move into a smaller apartment to save money for your big day.
Now is also the time to set up a budget together. Financial stress and conflict can do a great deal of damage to your relationship; financial conflict is actually a big contributor to many divorces. If you and your partner can save up and get through the financial pressure of a wedding, you can manage your next financial challenge with ease!
If you’re in your 20s, you may be just starting out in your career or just out of college. Don’t fall into the trap of easily available credit for new furniture or a new car. You and your partner need to stay liquid until you’re married and ready to build a home life together.
Tips and tricks for saving for your wedding
Make a list of things you want to have done for your wedding. Do you want to lose weight before your big day? Focus your budget and your diet on cheap, filling foods that are low in calories.
Maybe your goal is to have a big family gathering as part of your wedding. While you’ll likely want a caterer for your actual wedding reception, it may make more sense to have a potluck for your rehearsal dinner. If the weather and outdoor space will work, consider putting together a rustic outdoor gathering of hearty salads and grill up burgers and hot dogs.
You can add picnic table coverings in your wedding colors. Get online and look for paper plates and plastic cups that will match your bridesmaid dresses. Clean-up will be simple and you can keep costs low.
You don’t have to have a fairytale wedding with an unlimited budget to have an amazing day. Your grandmother’s dress can be altered to suit your shape and style. Revel in the financial skills you and your partner are building together!
