Weddings are more than a chance for couples to demonstrate their unyielding commitment to each other. They are also big business. In 2020, the average cost of a wedding soared to $33,900.
Breaking the wedding budget is easier than you might think. It’s the little things that contribute to the huge cost of getting married in the U.S. today. The same study found the average wedding cost has increased mainly due to additions of food and wedding party photos photography.
Here are some tips to keep your costs down and keep your budget on track.
Create a Clear Vision and Set Your Priorities
Ruined budgets happen when couples have no direction when planning their weddings. You should have a clear vision of what you want your big day to be like. This is defined by you and your partner’s shared values and priorities.
By having a vision in mind, you ensure you only have what’s really important at your wedding.
Come Up With a Firm Figure
For a budget to be successful, you need a firm figure for how much you’re willing to spend. This also plays into where the money is going to come from.
A smart way of guaranteeing that you don’t spend too much is to open up a separate bank account exclusively for your wedding funds.
Track Your Spending
More than two million couples got married in 2019 and the chances are few of them kept track of their spending. Make sure you’re tracking your spending closely with the help of an Excel spreadsheet. Log every expense.
Budgets are difficult to stick to when you’re unaware of what you’ve already spent the money on and what you still need to account for.
Be Willing to Adjust
The dreaded bridezilla is one of the reasons why wedding expenses spiral out of control. Rigid adherence to getting exactly what you want and nothing else doesn’t play into maintaining a budget that holds.
Be willing to make adjustments to the festivities. If you’re running low on funds, consider opting for a DIY DJ instead of the professional one, for example.
Smart couples are flexible when planning their weddings.
Ignore the “Must-Haves”
The wedding industry is a huge business, and they make a living by directing trends and taking advantage of them. Inspiration is good, but don’t let yourself be dictated by the so-called “must-haves”.
Your wedding is about you and your partner. Nobody is going to remember that overly lavish table decoration you bought because you saw it in a wedding magazine or on a Pinterest board. They’re only going to remember what a great time they had.
Always keep in mind what matters.
The Bottom Line
Your wedding is a monumental occasion in your life and one that you’ll remember forever. Don’t allow it to leave a permanent mark on your finances by overspending.
Establish your core priorities, track your spending, and maintain a level of flexibility to ensure you not only have a wonderful day but also an affordable day.