Congratulations, you’re engaged! Many people dream of a beautiful wedding but dread the financial aftermath. Wedding costs can quickly mount up, so it’s no surprise that end up spending more than their financial means. The best way to avoid feeling overwhelmed with the cost of a wedding is to consider your financial situation first.
Spending a ton of money on your wedding day will not prove your love for one another, but it will leave your bank account feeling empty. Below are tips on how to plan a stress-free wedding without completely breaking the bank.
Consider Future Finances
It’s no surprise that weddings are costly. Before you start planning your wedding and all the details that come with it, you must consider what expenses you’ll need to save for in the future. These expenses may be paying off debt, saving money for future family planning, or buying a new home after becoming husband and wife if you do not own one already.
If money is tight, and buying a home is your number one priority after your wedding, you should look into an option that will help make the buying process less financially stressful. One type of loan that is noteworthy to consider is an FHA loan. An FHA loan is a great option for first-time homebuyers because it offers lower down payment options and a lower minimum credit score requirement. Even if you have poor credit and financial history such as debt, you can still qualify for an FHA loan.
We all know how stressful it can be to have to plan for a big expense while worrying about other expenses on top of it. To avoid overspending, consider your current financial situation and set a realistic wedding budget.
Set a Budget
Planning a wedding without the willingness to make sacrifices can be hard. Your first step is to sit down and establish a budget, so you can smartly keep track of your finances. Not only will a budget help you do this, but it will also make sure you have the ability to tackle future expenses that come after the wedding. A great step to planning your wedding budget is to look at each category individually rather than as a whole. This might include venue, cake, decorations, music, catering, and entertainment. Dedicating an amount to each category, ranking from highest to lowest priority, is a great way to allocate your money. Once you have an idea of how much you are willing to spend in each category, you can confidentially plan the size of the wedding best suited for your budget.
Cut Down on Guests
It’s no secret, the larger the guest list, the more expensive the wedding. The guest list will ultimately decide how big the venue will be. Sticking to your budget is important, so you may want to consider cutting down on your guest list.
Start by sitting down with your fiancé and parents and creating a must-have guest list of close-knit friends and family members. You would be surprised just how much money you will save by trimming distant friends and family members from the list. If possible, you should also consider a smaller wedding party. By keeping your wedding party and guest list to a small, manageable number, you won’t have to spend as much money on the size of the venue.
Choose Your Venue Carefully
The next step after constructing your guest list is to pick a venue that holds the number of people you plan to invite. If your guest list is minuscule, consider finding a micro wedding venue. A micro wedding is a great idea if you want to have a small, intimate wedding because it tends to be less expensive than a larger venue. This will allow you to spend the money somewhere else, such as a band or DJ, or you can dedicate the money towards future financial goals. If you are not looking to have a micro wedding, consider looking into an outdoor venue that takes up less space. This will allow you to not only have a larger venue, but also not be as costly. Once you have an idea of the kind of venue and size you want to have, you then can start planning the decor.
DIY Wisely
Now that you have a venue in mind, it’s time to think about the wedding decor. Wedding decorations such as centerpieces and flower arrangements can add up, especially when you have a set budget. One way you can save money on decor is to DIY also known as, do-it-yourself. For example, find DIY budget-friendly centerpiece ideas that are creative but not time-consuming. The point of doing it yourself is to save money, but be conscious that you might not be able to do everything yourself because that can bring on more unnecessary stress.
Another way to save money while planning your wedding is to supply the food and beverages for your guests, rather than hiring a company to cater and stock the bar for you. Catering companies are extremely expensive, so by doing it yourself, you will not have to worry about exceeding your budget.
It’s important to remember your wedding is a celebration of the two of you and your marriage. Spending outside your financial means will not make the wedding any more memorable. Not everyone has an unlimited amount of funds to spend on a wedding, so following the steps above will not only help reduce your stress of overspending but will also allow you to plan a dream wedding within your budget.