How to Finance a Wedding: Memorable on a Budget!
Everyone wants to have a beautiful, memorable wedding. With creative planning, you can have one while staying on budget. What’s a budget? Everyone should determine at the beginning of the wedding planning process that they can spend for each item. You can begin with a total number, and then break this number down into parts. Some things will be more important to you than others so you may elect to spend less or even omit an item all together from your budget. Once you have a total that you think you can afford to pay, identify where the money will come from. Savings accounts, parents, 401K accounts, bonuses, tax refunds, etc. Identify each source and date expected to see if your budget is realistic. If you find it’s not, you need to cut back on your wedding expenses. This can be done in two ways: cut down on the number of guests, or cut out some items.
Working with an experienced wedding planner will also help to keep you on target and on budget. They should also have ideas on how to save money. If you feel you can’t afford a wedding planner, do some research yourself online. Find a “wedding planning list” that lists everything in a typical wedding. This will help you to identify items for your wedding that you may not have thought of and develop a plan to pay for it without it becoming a “surprise” at the end. An event manager can step in on the day of your wedding and coordinate your vendors, leaving you free to enjoy your day. Fnding vendors that allow you to customize your payment plan and pay off their service after your wedding will make your wedding dollars go farther.
Two of the most expensive items in a wedding: venue and food. Here are creative ways to save money:
Find alternative venues. You will find that if you use typical wedding venues (halls, hotel ballrooms, historic mansions, etc.) the price can be astronomical. There are many other venues that are more affordable and would welcome your business. Some include: small museums (large museum rentals are also very expensive), civic centers, church halls, community centers, parks, gardens, restaurants, etc. There is also, of course, the Justice of the Peace. In the DMV, courthouse weddings have become very beautiful as agencies attempt to attract more couples. Most hold small numbers of guests (10-20), have flowers and arches, and is as close to free as you can get. You can come dressed in your wedding dress and tux, have attendants, and usually take beautiful photos within walking distance of the courthouse. Leave there and head to your reception (at a restaurant, community center, etc. and finish your day surrounded by family and friends. Keep in mind most places charge more for Friday, Saturday or Sunday so consider an alternate day. Holidays also cost more.
To save money on food, consider a morning or afternoon wedding. Usually brunch or lunch fare is less expensive than dinner. Select a time between lunch and dinner and plan an hors d’oeuvre or dessert reception. Lots of restaurants cater and would love preparing food for your guests. Choose a restaurant that you like and ask the manager about catering options. Some may not have the catering equipment that you would like and you may have to rent it, but it may be worth it. Also keep in mind that if you don’t use a venue’s in-house caterer, you will also have to provide your own table cloths, plates, glasses, silverware, etc. This can add up in costs so you need to be creative here to. Consider using expensive plastic plates (depending on your venue) - some look like real china - or buying plates and glasses at Ikea or the local Dollar Store. You can resell these items later on a site like ebay or keep them for future family events.
Challenges:
Develop a realistic budget – your wedding is an important family event, but it only lasts a few hours. Make sure you leave money in the bank.
Stay on budget – if you must take out something, be brave and make the cut.
Don’t let family members and friends talk you into something that you don’t want for your wedding. This is your day and it should be your way.
Plan your honeymoon! A lot of couples skip the honeymoon or postpone it because they can’t afford it. Adjust your wedding expenditures so that you can go away if only for a few days. It’s important to decompress after your wedding with your new spouse to begin planning your new life together.
For more money-saving ideas, see "Ask Ms. Sidney"!
