Planning A Wedding? Follow These Budget-Friendly Tips
June 16, 2022
Wedding planning is meant to be an enjoyable experience for both you and your partner, yet it is easy to get overwhelmed by the seemingly “endless” to-do list. A perfect way to start feeling excited for your special day is by feeling in control of your finances — get started with these budget-friendly tips.
Creating a budget
When planning a wedding, it is always important to start by creating a budget. Begin by evaluating you and your fiancé’s expectations. This could include the guest count, location, and any nonnegotiables you want to include.
After setting these guidelines, it’s time to do your research on what a realistic price range looks like for you. Make sure to also factor in any family or friend contributions to see what would actually come out of your own pocket.
How much of your existing savings could you responsibly and comfortably pull out for this occasion? Based on this answer and determining how much you can reasonably save until the wedding; you should have a solid budget.
Cut where you can
Saving doesn’t have to stop after setting a budget. In fact, there are numerous ways to cut down on your spending without sacrificing your wish list. Keeping an eye out for ways to save in the following categories could make all the difference.
Venues are often the number one expense of a wedding. As Saturdays are everyone’s top choice for booking, try choosing a date that lands on a Friday or Sunday. You might be surprised at how much lower the rates are at many venues.
At no surprise, food and beverages are also a large budgeting factor, with plated dining and open bars being at the top. If this is a negotiable topic for you, there are cheaper alternatives that can still give you the Pinterest-worthy wedding you’re looking for. A stylish local food truck for example, can give guests a memorable experience while also being more budget-friendly.
Lastly, decorations can quickly and unexpectedly add up. There are many ways to get crafty with this, but understanding your flowers is one crucial element. Certain flowers are more costly than others, and looking for more common, in-season species could easily save you more money in this category.
Start saving today
Don’t have a wedding date set yet? No problem! Wherever you might be in your timeline, it’s never too early to start saving for a wedding.
Setting some savings aside as soon as you get engaged is a great start. We even recommend opening a separate wedding savings fund so you don’t get tempted to go over budget.
For additional information on opening an account and our variety of savings options, visit msufcu.org/savings.
Tags: Budgeting, Money Management, Tips and Tricks