Weddings and Your Financial Future (5 Things You Need To Do To Save Money On a Wedding)

When you get married, your finances take on a new dimension.

You now have a spouse or partner to look after, and as a result, you need to plan and budget for the future — together.

So how do you start doing that?

Financial planning for a life together is about looking at how your different incomes and financial goals will align over time so that both of your futures are secure.

Think of this alignment as not just an abstract idea — it’s something that can work in real life to help you achieve both short- and long-term goals.

For example, if one of your financial goals is to buy a house one day, then another might be to save up money and budget for retirement so that you can retire with the peace of mind that comes from knowing your future security has been taken care of.

Thus, while it won’t happen overnight, setting up a financial plan including setting up a budget with your partner or spouse can lay the foundation for the future that you want.

The average cost of a wedding in the USA is around $34K.

This figure includes all expenses, including a ring, ceremony, and reception, but excludes honeymoon costs.

When planning a wedding, it's critical to be aware of this number since you want to take care of what you want and need without being surprised by the actual costs down the road.

Why is Wedding Planning So Stressful?

There are a lot of factors that can contribute to the level of stress involved in wedding planning.

Some of the most common sources of stress include: dealing with wedding budget constraints, working with multiple vendors, coordinating large gatherings, the wedding planning process, wedding invitations (including the guest list), wedding decor, wedding flowers, the photographer, and dealing with potential conflict on and leading up to the wedding day.

Another important factor to consider is the amount of time that is required to plan a wedding.

It can take months or even years to coordinate all of the details, and if there are any unforeseen obstacles, the stress can increase exponentially.

Ultimately, the level of stress involved in planning a wedding is based on a variety of individual factors.

If you feel overwhelmed or stressed out, it may be a good idea to seek counsel from a professional planner or therapist.

They can provide some guidance and support as you work through the process.

Who Pays For The Wedding?

A wedding is a very special event.

It's usually a once-in-a-lifetime opportunity to celebrate with your loved ones.

So who pays for the wedding?

Usually, the bride and groom pay for their wedding themselves.

However, some couples may receive financial assistance from their families or friends to reduce their wedding budget.

The Financial Plan For The Wedding

The best approach is to create a wedding budget based on what you can save up until the date of the wedding if you know when it is.

If you already know the date, simply make use of it.

You may still plan for the wedding if you don't know the date, but you can use information about it to create a wedding budget.

How To Save For a Wedding? 5 Things You Need To Do

1. Determine How Much You’re Willing to Pay

Even if (based on your statistics) you may spend $50,000 on a wedding, do you want to?

If you don’t want to spend more than $5,000 on your wedding, that’s okay.

Set up how much you would like to spend and stick to it.

2. Set Up a Savings Account

Make sure that everyone involved in wedding funding deposits money into a savings account.

Then, make sure that they all agree on how the money will be used and by whom.

3. Create the Wedding Budget

Knowing that the average family spends almost $34K on a wedding gives you a hint of how much you can spend on your wedding budget.

If you're among the top earners, you may want to invest more, and if you're among the lower earners, you may want to cut back on your wedding budget.

4. Remember to Buy the Insurance

If an insurance policy covers losses due to natural disasters like hurricanes, you should take it.

You'll be glad you did if a hurricane hits your wedding on the beach.

5. Know How To Cut Wedding Costs

It is not only the cost of the wedding venue that is the most expensive part of a wedding; it is also the clothes and the transportation to and from the wedding location that determine how you dress, the wedding cake, the photo booth, and how much that wedding costs.

Six months or more before the wedding, choose your wedding location so you can save a little and cut costs.

It is also a good idea to find out whether there are any other hidden fees that you need to be aware of which will ultimately be an extra cost.

Planning is the best way to start cutting wedding costs.

Do You Need a Wedding Planner?

Wedding planners can come in many different shapes and sizes, but all of them have one goal in mind- to help you organize and plan your wedding to perfection.

Using a wedding planner will make you less reliant on wedding favors.

Some popular tools include wedding planners, day planners, and wedding checklist software.

Wedding planners are the most popular type of tool and for good reason.

They will assist in keeping track of all the important details of your wedding- from the invitations, and the guest list to the cake flavors.

Day planners are also a popular choice because they allow you to keep track of appointments and events in one place.

Wedding checklist software is another great option because it helps you keep track of all the details of your wedding- from the dress codes to the seating chart.

Whatever tool you choose, make sure to use it to organize and plan your perfect wedding!

How About a Backyard Wedding?

A backyard wedding can be such a beautiful and special occasion.

It's a great way to celebrate your love together and share your special day with family and friends.

You can have a small or large backyard wedding, and it's perfect for any weather condition.

Just be sure to plan and choose a location that will be able to accommodate your guests.

You'll also want to consider things like floral arrangements, food, and entertainment.

A backyard wedding can be truly unforgettable.

Backyard Wedding Costs

A backyard wedding can cost anywhere from a few hundred dollars to several thousand dollars.

The amount of money you spend on your wedding depends on a few factors, including the size and scope of your ceremony, the type of venue you choose, and the number of guests you have.

Conclusion

While it might be fun to throw a huge wedding party (after all, it is your big day!), it can also be financially draining.

A big wedding usually means big expenses and a big wedding cake. Instead of focusing on the financial aspect of your big day, consider doing something small and cozy that you can enjoy on your own.

That way, you can also save money on a small guest list while you're at it!

Now that you know how much you’re willing to pay and how you want to save for a wedding, it's time to figure out where you’ll get married and where the cocktail reception will be.

While there are many beautiful locations around the country to choose from, certain venues offer more value for your money than others which means spending less but getting more value.

The cost of the wedding venue will determine how much you can spend on your wedding.

You may choose to have a backyard or indoor wedding instead of an outdoor one. It will also determine the type of venue you choose.

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