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It’s tempting to spend every penny that you have on your wedding, but that’s not a good idea. Could it help you get the wedding of your dreams? Maybe. But could it also put the rest of your personal finances in a very vulnerable spot? Definitely.
How to Avoid This Problem:
Take a close look at your monthly budget to see how much you can afford to put toward the wedding without disrupting your essential expenses — or leaving yourself vulnerable to emergencies. You’ll want to have enough savings on hand to pay for an unexpected car repair, plumbing fix or trip to the doctor.
If you don’t have enough savings to handle an emergency, you still have some options to handle it. You could put the expense on your credit card, or you could apply for a personal loan online. Personal loans are effective solutions for times when emergency expenses pop up and you don’t have the funds to deal with them right away. Remember: loans should be used for emergencies only — not for wedding-related expenses.
The best way to avoid this entire problem is to shrink your wedding costs so that they don’t drain all of your savings. You can still plan a beautiful day on a tight budget. Here are four ways that you can do this:
1. Go Digital
You might be dumbfounded when you find out the average costs for wedding invitations and RSVP cards. You can save yourself thousands of dollars by setting up a website to announce your wedding date and collect RSVPs.
2. Save the Right Date
The date that you pick will have a big impact on your budget. Picking a date during peak wedding season (late summer to early fall) will be harder to book since it’s the most popular — and expensive — time to plan a wedding. Take a look at the most affordable months for weddings to see what appeals to you the most during the off-season.
Saturday evenings tend to be the most popular days of the week for weddings. Friday evenings and Sunday afternoons are budget-friendly alternatives.
3. Trim the Guest List
The number of guests you have will determine the costs for food, drinks, furnishing, party favors and venue size. So, try to be strict with your guest list. Stick to people that you can’t imagine skipping your wedding. Don’t invite people out of obligation.
4. Rent, Don’t Buy
One way to save money is to rent items for your wedding instead of buying them. Think about it — you only need these things for a single day. Why pay full price for them?
Some examples of items that you can rent:
- Table linens
- Place Settings
- Candle Holders
- Furniture (tables, chairs, benches, etc.)
Renting can also help you cut down the costs of clothing. You can rent well-made wedding dresses and suits, along with outfits for the members of your wedding parties. And don’t forget the accessories! You can also rent wedding jewelry to wear on the big day.
You want to start off your marriage thinking about your honeymoon — not the bills that you have to pay. Follow these tips to shrink your wedding costs and keep your finances in top shape.