Engagement Season: Wedding Planning on a Budget
With a huge number of new engagements this season, 2016 is expected to have even more weddings than last year. For many couples, the way you plan and budget your wedding is one of the more important financial decisions you can make. The average cost of a wedding has now exceeded $25,000.
Some of the most significant things that influence the cost of weddings include the venue you choose, the number of guests, the time of the week, the time of the year, and your dress. Here are some financial planning tips to help you create the wedding you deserve on a budget.
What You Need to Know
The most important aspect of saving for the wedding is to make a wedding budget early on. Have a frank conversation with your significant other to work out how much you can afford to spend in total, and plan your wedding with that figure in mind. Given that many expenses are difficult to foresee, it’s normally a good idea to plan for your costs to come at least one-third below your budget.
Companies charge far more to provide services at weddings than to do the exact same thing in a different social context. As a rule of thumb, you should assume that everything will cost much more than you expect until you have definitive quotes from suppliers.
Work Out Expenses in Advance
When planning a wedding, try to remember that many expenses are difficult to anticipate until some way in to the planning process. You should create an itemized budget in order to reduce any uncertainty. The earlier you start to budget, the more you will be able to save. Some of the expenses that are easy to overlook include invitations, gifts for guests, flowers, decorations, and even tables and chairs. Believe it or not, many people also forget to include sales tax in their budget!
Saving Money on Your Big Day
You should get quotes from as many different venues and vendors as possible. The more information you have, the more you understand the market. If you have multiple quotes from competing vendors and venues where you understand all the ins and outs, you will be in a good position to make the best choices for your wedding.
You can save a lot of money by scheduling your wedding carefully. You should expect to pay a premium for a wedding on a Saturday. Mid-week weddings, on the other hand, are enjoying a major increase in popularity. In terms of the logistics, almost everyone can make a certain day of the week if they have many months of notice. You can also reduce your costs by scheduling in the low season, which is in winter.
Centerpieces and wedding flowers are often eye-wateringly expensive. You can reduce flower costs by reusing flowers in different parts of your celebrations or using high-quality artificial flowers instead. High-quality centerpieces can often be rented or purchased cheaply second hand.
Extravagant weddings are rarely cheap, but there are many ways to create the wedding of your dreams at a relatively low cost. The earlier you start to plan, the better you can expect the results to be.
If you have questions about obtaining a loan to accommodate your wedding day dreams, or have any other questions about financial planning, please call 866-348-3435. A Herring Bank representative would be happy to help you!