Now that you are engaged to get married, it could be tempting to go to a fantasy world and not reality. All while fantasies are nice, you must come back to earth and think about all the costs and issues of life. You must do a full inventory about all the costs for the wedding, your home, insurance, raising a family, college costs for the kids, and so on. Having said this, the following are tips on saving money when you get married:
Saving Money Before Your Wedding Day
There several things you should do before your wedding day, and it’s a lot more than preparing for your dream wedding. For instance, just about every marriage hopes to last forever, but statistics show that it’s roughly 50-50 when it comes to whether a marriage will last. And since you two love each other so much, it understandably seems preposterous that you will stop loving each other one day. Nevertheless, to be on the safe side, both of you should consider getting a prenup. This way, if you’ll eventually get a divorce, you don’t have to worry about losing tons of money.
Also, you and your fiance should discuss possible mortgages, car payments, insurance, having a joint account, savings, CDs, and so forth. With the both of you thinking about all the beauty that comes with the wedding, reception, and honeymoon, you don’t have to have a serious discussion right now. However, you two should, at least, have a good idea from some communications about what each other wants financially and more.
Now when it comes to your wedding, just know that you can have the wedding of your dreams even if you are on a budget. In such cases, you just have to properly plan and prepare. You may be surprised how much money you can say with proper preparation and planning. Many times, you don’t have to use much credit, and you don’t have to borrow money.
However, if you don’t do accordingly, you can run up a huge tab. In fact, recent stats showed that 21% of Americans incurred debt to pay for their wedding, according to Credit Karma. According to a recent Knot survey, $28,000 was the average cost for a wedding in the US. The following table shows more details on costs for a wedding:
|Wedding dress||$1,600 (dress and alterations)|
|Tuxedo (rental)||$200 to $350|
|Flowers||$1,500 to $3,500|
|Reception||$2,000 to $10,000|
|Photographer||$1,150 to $3,000|
When preparing for your wedding, you can cut costs and still have a wonderful wedding. In many cases, however, you still may have to use some credit or get a personal loan, depending on all the things you want for the wedding. If this is the case, you should calculate what monthly payments you can handle to pay this new debt along with the interest rates. You also need to calculate how long it may take you to pay off credit card/personal loan debt. Afterward, you can research to find the right loan or credit card agent for the best options for you.
You also must take several factors into consideration when it comes to saving as much as you came for the wedding. These factors are:
- How much you anticipate your expenditures will be for things, like a photographer, wedding venue, food, flowers, music, and invitations?
- How much have you saved so far, if any, to pay for the wedding costs?
- Will family members assist financially in covering some wedding costs?
And let’s say that you’ve saved all the money you expect to spend on the wedding, you still don’t have to spend it all. You and your spouse-to-be may be savvy in saving $30,000, for instance, for the wedding. However, you can be even savvier by cut corners and saving $10,000 to $15,000 of that money.
Saving such a large amount will help you settle in after the wedding, and it is possible to achieve this. So, you should ask yourself: ‘Is it really important to hire VIP room dancers for a bachelor’s party, or hire a security company for the wedding?’ Also, is it really necessary to have metal garden gates, a custom wedding ring, or the highest prices paid for gold and diamonds?
The following includes ways you can be very cost-efficient for your wedding without compromising elegance, style, and more:
- Reduce the number of guests to invite. Doing so will save money on food, drinks, invitations, the venue, and favors.
- Be innovative when it comes to food options. Instead of the traditional dinner, you can reduce costs by getting food by a local restaurant or by opting for a buffet. And instead of getting an assortment of high-scale liquor, consider choosing only one signature cocktail.
- Choosing an off-peak time to schedule your wedding will save you more money as well. So, instead of choosing a Saturday evening which costs the most, consider choosing Sunday afternoon or Friday evening. Also, instead of having your wedding during highly demand seasons, opt for other times that are less popular.
- Reconsider your invitations. It can cost thousands to buy engraved custom invitations with all the bells and whistles. So, why spend so much money for something that’s going to be in the trash? You can use various digital designs, and there are even some websites where you can get very attractive invitations for a small fraction of the cost.
- DIY is also good in many instances. You, family, and friends could create your own centerpieces, boutonnieres, and bridesmaids’ bouquets. You also can use your personalized playlist for music for the reception, instead of hiring an expensive DJ or band.
Saving Money on Your Wedding Day
On your wedding day, the main thing you should do is to relax and enjoy your new spouse. However, that doesn’t mean you have to spend wads of money on champagne, and other things in a celebratory manner. You have enough drinks, food, and dancing at the reception. So, just enjoy what you two already made come true on this special day. And if you are going to an amazing trip for your honeymoon right after the wedding, please be mindful to enjoy each other without the unnecessary splurging.
Saving Money After Your Wedding Day
Many people say that the honeymoon period lasts about a week or two. Then, you two will come down to earth about life. There shouldn’t be much to fuss about if you two prepared accordingly before the wedding as mentioned above. And with strong love, you two should be able to battle whatever storm may arrive. However, through the good, bad, and ugly, it is imperative to remember that you love one another. It is also very critical to keep nurturing your relationship.
If you prepared and communicated accordingly about your finances, your goals, and so forth, then at least you two have established a roadmap. So, any bump on the road or other unforeseen issue on your journey shouldn’t cause much havoc. And if you did a prenup, then you won’t have to worry about all the costs if it comes down to divorce, like moving to another home, or facing bankruptcy. Also, if you planned accordingly where you only had one joint account, then there shouldn’t be much of an issue as well.
No one likes to talk about prenup, but some couples think more with their head and not their heart. They see the statistics about an ugly divorce case. Serious drama erupts even when the couple tries to settle amicably with their divorce attorney. This is especially true when it comes to finances and child custody.
Nevertheless, of course, couples shouldn’t concentrate on the negative which can bring such situations to pass through law of attraction. They should plan and believe in the best. One popular sentiment is to believe for the best but plan for the worst.
So, to plan for the best life possible with one another, it is imperative to do the following besides nurturing your relationship:
- Have Discussions on Financial Priorities
You must be on one accord in your journey together. One main reason why marriages don’t make it is due to serious financial discord.
- Create a Financial Goal List
To ensure you are one accord, you must discuss your goals together. You can discuss whether you want to live in a small house or a lavish one. Would you rather own your home or rent it? Also, do you want to work full time careers, or do you want early retirement?
- Pay off Debt and Build an Emergency Fund
Try to save some money monthly, and put it into savings. You should build your emergency fund for three to six month’s worth to cover expenses. Doing this will help to weather storms, like unemployment, and unexpected expenses. To combat debt, you must make arrangements to pay those balances down. You must do this, or you can risk hiring a bankruptcy lawyer one day.
- Keep Track of Your Joint Budget
When you budget, you will know where the money is going and how much money you are making. Otherwise, it is easy to unwittingly overspend, which will leave you with no money at the end of the month.
So, in creating a budget together, you can examine your current budgets, and adjust accordingly to work out your expenses, what to put into savings, and so forth.
- For Individual Accounts, Update Beneficiary Information
When it comes to opening an investment account or a bank account, the brokerage or bank may ask you to name a beneficiary for the account. the beneficiary is the one to get the money in the account if you or your spouse pass away. Otherwise, the account could transfer to your estate and get locked in probate if you don’t name each other as the beneficiary.
- Establish Health Care Plans
You can obtain an health insurance plan from your employer or from the insurance marketplace. Getting a family insurance plan may be a way for you to save money than if you’ve stay with two individual plans.
- Obtain Life and Disability Insurance
You never know if you or your spouse may become disabled one day. It can happen even if you two are doing everything right. So, don’t risk being left in a vulnerable state if this occurs. Purchasing disability insurance is key to help you financially when you lose your income due to a disability enabling you to work. And even though social security disability can help, it can take years to get, and private disability insurance offers a much bigger benefit to cover your expenses.
When it comes to life insurance, your family can get a lump sum of money if you or your spouse die. The unexpected death of a loved one is extremely difficult. However, you/your spouse can, at least, have peace of mind knowing your family is taking care of.
- Regularly Discuss Your Finances
Even though you and your spouse planned and prepared together before getting married and shortly after, you must have discussions about finances on a regular basis. That way, you two will remain on track of your expenses, the amount of income you have, savings, and so forth. Furthermore, doing this will make your journey much smoother regardless if an unfortunate and unexpected event occurs or not. Also, you two can discuss making adjustments to your budget. Additionally, no one won’t feel blindsided or resentful due to having information hid from the other.
Marrying and creating a life with the love of your life is amazing. And while it is great to elated about it all, it is crucial to do proper preparation throughout your journey. When you do that, you two can weather any storm together.